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A lot has been said about cryptocurrency recently. And it’s becoming a very solid option. But for those people who have some savings with real money, is it a worthwhile option? Here’s why cryptocurrency is very hot right now, and why it’s something you should consider as part of your savings.
Saving On Bank Charges
When it comes to looking after your savings, you need it stored in a bank account so it can accrue interest. But for those who struggle financially and are constantly living in their overdraft, the bank charges alone can cause more than its fair share problems at the end of the month. Thinking about something like Bitcoin, which is a decentralized currency, this needs a lot more clarity and transparency to how it’s monitored. It has lower transaction fees than banks, meaning that if you can buy Bitcoin, you don’t have to pay as many charges as you would with a standard bank account. Buying Bitcoin is relatively straightforward now, you can buy Bitcoin in the UK easily, but you can buy Bitcoin anywhere now. And when you enter into a Bitcoin transaction, you can see that there is very low, or in fact, zero fees!
It’s Widely Accessible
You can buy Bitcoin anywhere in the world, but it’s also very easy to use. Cryptocurrency has a process to make you able to invest in different coins. Assessing the system is straightforward, and has little hassle, as opposed to trying to access money from a bank. You can also transport money easily. Instead of the typical concerns you have with moving a large amount of physical money, you can store virtual currencies like Bitcoin on a memory card, so nobody feels like they’ve got a hefty wad of cash stuffed in their pocket!
You Can Use It (Almost) Anywhere
Cryptocurrencies are fast becoming accepted everywhere, and the great thing about cryptocurrencies that there’s no exchange rates, transaction charges, or interest rates exclusive to a certain country. As a result, you are getting more bang for your buck, and it’s an easier process when it comes to transactions. Lots of online retailers accept cryptocurrency now, so if you are savvy enough, you could buy everything through cryptocurrency. Retailers like Amazon accept Bitcoin, and as time goes on, we will see more retailers accepting Bitcoin and cryptocurrency. You might even see your local high street retailer accept it!
Of course, with cryptocurrency, it’s something that isn’t tangible. So to an extent, it’s not that easily monitored. This can bring up worries as far as the security of your online currency is concerned. Although there is a process called cryptography which helps add a layer of security to any transaction. The other problem with cryptocurrency being so hot right now is that everybody’s jumping on the bandwagon. As a result, using cryptocurrency as a way to save your finances might not be completely foolproof, as people are jumping on it like the gold rush back in the 1800s, but on the other hand, being savvy and knowing exactly what you are dealing with will put you ahead of the curve. So it’s not just the only way to make a saving, but it’s something you can do in addition to saving physical money. The more currencies you have, the more you can play the market!
