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Dan Cormac

Freelance Financial Journalist

Dan Cormac knows how to make his money go further. A freelance financial journalist, Dan is passionate about personal finance. Whether you hope to escape the chains of debt, to save for a house, or to retire within a decade, Dan explores the most effective ways you can achieve your financial ... more

Simpler Payments: The Age Of Cryptocurrency

Date: Thursday, April 5, 2018 11:57 AM EDT

It is difficult to avoid the subject of cryptocurrency these days. With headline news on a regular basis and your tech-minded friends on social media praising or condemning the new financial revolution, digital currency is becoming more and more prolific. With large, established businesses looking at taking advantage of the benefits of cryptocurrency, it’s clear that the technology is not going away anytime soon. You may think that the whole concept of digital currency is beyond you, but you couldn’t be more wrong. Taking the time to learn about the pros and cons of bitcoin and the other options available, could end up saving you money and making your online transactions much easier to manage and control.

More control of your money

Your money may feel safer when it’s in a bank, but with that perception of security comes a price. Exorbitant banking fees from basic monthly costs to transaction charges, are the main reason why bitcoin is gaining traction, especially among the younger generations who are more likely to adopt the technology. For those who have grown up with online purchasing as a standard part of the shopping experience, cryptocurrency offers a way to manage your finances without the need for any third-party fees. Your money is yours to spend and manage as you please, all without the monthly bills provided by your bank.

Bitcoin is going mainstream

Bitcoin is the largest of the current alt currencies available, and has grown in use at an incredibly rapid rate. Even a few years ago, the very notion of digital currency was the sole preserve of tech industry experts, but that is no longer the case. You know that when companies such as Expedia, Virgin, and Subway are already using digital currency payment options, then the technology is now mainstream. The flexibility and control offered by altcoin payment transactions has created a worldwide payment system that can be used by anyone willing to invest a little time on some research.

Security

Because cryptocurrency uses encryption to protect users and regulate payments without the need for banks, security is one of the major benefits. The technology that provides the backbone of all e-currency is known as the blockchain, and its security levels are good enough that even the US military believe that it could be the future of online security. For the average user, the best way to ensure your online security is through a bitcoin wallet, which not only grants you greater control over your online banking, but also gives you extra protection against the cybercriminals who prey on those not experienced enough to recognize phishing scams or prevent against hacks.

No matter your opinions on the future of bitcoin and other altcoin options, the fact is that they are growing in popularity and allowing people around the world to manage their money more securely whilst providing them with an increased level of access to a global market, meaning that as more big businesses take advantage of the benefits, so too should you.

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