Cryptocurrency Is The Most Secure And Private Platform To Invest
Easy Money Transfer
The most well-known benefit of cryptocurrency is the ability to send and receive payments at a low cost and at a high speed. For example, a million Litecoin (LTC) transaction took only two and a half minutes to process and cost the sender at low transaction fees. If this money transfer had gone through a financial intermediary the fees would have been much, much higher and the transfer would have taken several days, or longer if this was a cross-border transaction.
The low fees associated with transactions using digital currencies such as Litecoin (LTC), stellar (XLM) or bitcoin cash (BCH) make them excellent payment systems for international money transfers.
Privacy-centric digital currencies such as Monero (XMR), Zcash (ZEC), and PIVX (PIVX) enable users to make anonymous financial transactions.
That means individuals can make money transfers without having to explain to a bank why they are sending a large sum of money, what the sources of the funds are and who they are sending it to, which can delay the transaction and involve unnecessarily processes.
Understanding Bitcoin Ability
Bitcoin works with an unprecedented level of transparency that most people are not used to dealing with. All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user’s wallets.
However, once addresses are used, they become tainted by the history of all transactions they are involved with. Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous. As the blockchain is permanent, it’s important to note that something not traceable currently may become trivial to trace in the future. For these reasons, Bitcoin addresses should only be used once and users must be careful not to disclose their addresses.
Many improvements can be expected in the future to improve privacy. For instance, some efforts are ongoing with the payment messages API to avoid tainting multiple addresses together during a payment. Bitcoin Core change addresses might be implemented in other wallets over time. Graphical user interfaces might be improved to provide user-friendly payment request features and discourage addresses reuse. Various work and research are also being done to develop other potential extended privacy features like being able to join random users’ transactions together.