Some of the biggest discoveries or developments of the early 21st century are no doubt blockchain technology and Bitcoins (BTC). In 2009, Satoshi Nakamoto released the first blockchain network, and the world has not looked back since then. In about ten years down the line, the number of cryptocurrencies has grown steadily to hit 6000. More parties, including banks and governments, that were initially skeptical, are also adopting blockchain and cryptos.
As more people join this road of cryptos and blockchain, the biggest question you need to ask is, “is it the right time to start using them?” In this post, we highlight the main advantages that come with using crypto coins. Check them closely to make an informed decision to start using cryptos.
What are Cryptocurrencies?
Cryptocurrencies are digital coins developed using cryptography to make it impossible for people to tamper with or change. The coins only exist in their native blockchain networks, such as Ethereum or Bitcoin. So, you have to be part of the respective blockchains to be able to use them.
Unlike the traditional coins and notes, cryptos are not minted or printed. When you buy some crypto coins, only a string of codes is sent to your crypto wallet. This code signifies the coins you hold in the respective blockchain network. So, make sure to keep the private keys of your coins safe and secret because revealing them to other people makes it easy for them to siphon the coins away.
Why You Should Start Using Crypto Coins Right Away
The development of cryptocurrencies and blockchain technology was in response to the challenges people faced dealing with traditional banks. So effective has been the technology that it is now being adopted by more governments, companies, banks, and individuals. So, here are some of the reasons why you should also start using cryptocurrencies.
- They Make it Possible to Send Value without Involving Third Parties
Sending money through a bank or other traditional money remitting services involves so many third parties. There is no secrecy at all. From the cashiers to the financial system leadership in your country, your particulars will be known to all. Now, cryptos make it possible to remove all the third parties because transactions are completed on a peer-to-peer basis. All that you need to send value is enough coins in your wallet and the right public keys of the recipient.
- There are Many Ways to Make Passive Income with Cryptocurrencies
When you acquire cryptos, they provide you with a new avenue to generate passive income. The commonest method of making returns is crypto staking. This means locking your coins to the respective blockchain network so that they can help with validating transactions. In return, you are rewarded with a percentage of the fees that people pay to use the network. Other means of making passive income include yield farming and buying & holding.
- You Help to Support the Development of Blockchain Networks
As we indicated earlier, blockchain technology and cryptos are relatively new. To grow and deliver the maximum benefits that people have been yearning for, more people need to join and start using them. Therefore, buying the coins is an indication of the support you provide to the new industry.
When you buy coins or participate in activities such as staking, the cryptos become crucial in the governance of the selected network. For example, your selected node will be called in to vote when major decisions about the blockchain network are being made. What an excellent way to know that you are a vital party pushing forward the technology that will define the next generation of finance services?
Using cryptocurrencies and blockchain is an excellent way of taking advantage of the emerging technologies in the world of finance. They help you to re-imagine the financial services you get from banks by providing a cheaper and more convenient way to enjoy them. Indeed, the crypto world is only getting started, and you are bound to reap more as the demand grows. Make sure to have an expert on your side when using cryptos because they can be pretty risky and complex, especially for beginners. hi.com was created to help simplify the process of buying, selling, and earning from cryptos. You can make as high as 40% from your coins through hi.