Why Cryptocurrency?And the same goes with
RealPointCoin.
Fraud:
Individuals cryptocurrencies are digital and cannot be counterfeited or
reversed arbitrarily by the sender, as with credit card charge-backs.
Immediate Settlement: Purchasing
real property typically involves some third parties (Lawyers, Notary), delays,
and payment of fees. In many ways, the bitcoin/cryptocurrency blockchain is
like a “large property rights database,” says Gallippi. Bitcoin contracts can
be designed and enforced to eliminate or add third party approvals, reference
external facts, or be completed at a future date or time for a fraction of the
expense and time required to complete traditional asset transfers.
Lower Fees: There
aren’t usually transaction fees for cryptocurrency exchanges because the miners
are compensated by the network (Side note: This is the case for now). Even
though there’s no bitcoin/cryptocurrency transaction fee, many expect that most
users will engage a third-party service, such as coinxpro.com, creating and
maintaining their bitcoin wallets. These services act like Paypal does for cash
or credit card users, providing the online exchange system for bitcoin, and as
such, they’re likely to charge fees. It’s interesting to note that Paypal does
not accept or transfer bitcoins.
Identity Theft: When
you give your credit card to a merchant, you give him or her access to your
full credit line, even if the transaction is for a small amount. Credit cards
operate on a “pull” basis, where the store initiates the payment and pulls the
designated amount from your account. Cryptocurrency uses a “push” mechanism
that allows the cryptocurrency holder to send exactly what he or she wants to
the merchant or recipient with no further information.
Access to Everyone: There
are approximately 2.2 billion individuals with access to the Internet or mobile
phones who don’t currently have access to traditional exchange, these people
are primed for the Cryptocurrency market. Kenya’s M-PESA system, a mobile
phone-based money transfer, and microfinancing service recently announced a
bitcoin device, with one in three Kenyans now owning a bitcoin wallet. (Let me
repeat that again. 1/3)
Decentralization: A
global network of computers use blockchain technology to jointly manage the
database that records Bitcoin transactions. That is, Bitcoin is managed by its
network, and not any one central authority. Decentralization means the network
operates on a user-to-user (or peer-to-peer) basis. The forms of mass
collaboration this makes possible are just beginning to be investigated.
Recognition at universal
level: Since cryptocurrency is not
bound by the exchange rates, interest rates, transactions charges or other
charges of any country; therefore it can be used at an international level
without experiencing any problems. This, in turn, saves lots of time as well as
money on the part of any business which is otherwise spent in transferring
money from one country to the other. Cryptocurrency operates at the universal
level and hence makes transactions quite easy.
There
is no other electronic cash system in which your account isn’t owned by someone
else.
Take
PayPal, for example: if the company decides for some reason that your account
has been misused, it has the power to freeze all of the assets held in the
account, without consulting you.
It
is then up to you to jump through whatever hoops are necessary to get it
cleared, so that you can access your funds. With cryptocurrency, you own the
private key and the corresponding public key that makes up your cryptocurrency
address. No one can take that away from you (unless you lose it yourself, or
host it with a web-based wallet service that loses it for you).
Overall,
cryptocurrencies have a long way to go before they can replace credit cards and
traditional currencies as a tool for global commerce.
Fact
is, many people are still unaware of cryptocurrency aka Digital Currency.
People need to be educated about it to be able to apply it to their lives.
Businesses need to start accepting it They need to make it easier to sign up
and get started.
The
future appeal of cryptocurrencies lies in allowing you ultimate control over
your money, with fast secure global transactions, and lower transaction fees
when compared to all existing currencies.
When
used properly and fully understood it would be the initiator of many emerging
systems that will fundamentally change our global economic system.