It is fair to say you have probably heard of cryptocurrency by now – in fact, it’s likely that you’re hearing more about it now than ever before. Cryptocurrency has gradually been gaining in popularity, and it’s now exploded onto the scene with stories about new cryptos seemingly popping up every other day. What’s fuelling that rise in consciousness and popularity? Here are just a few of the reasons why questions from how to buy Bitcoin to what blockchain holds for the future are on everyone’s lips.
- International Usage
If you have ever had to deal with the annoyance inherent in currency exchange rates, the appeal of cryptocurrency should be immediately apparent. Say goodbye (and good riddance) to worrying about the relative value of the Canadian dollar to USD, the pound, euro, yen, ruble, and other forms of currency. Bid adieu to having to pay fees for changing currencies abroad. With cryptocurrency, your money is equally good anywhere in the world. This theoretically allows you to do business with anyone anywhere without having to suffer from a currency-based disadvantage.
- Decentralized Currency
One of the most attractive elements of crypto is its promise of decentralization. Internationalism in the marketplace and our social circles means greater decentralization. Gone are the days when your social circle, fellow employees, place of work, bank, shops, and home would all likely be located in the same tightly-knit geographical area. The world is far more fragmented and decentralized today, and cryptocurrencies fit that tendency perfectly. Its servers are decentralized, meaning that unlike a bank, with its centralized operations and concrete locations, you can access your cryptocurrency anywhere. That said, with decentralization of any kind comes a potential lack of trust. As such, while you can theoretically buy from anyone, an essential lesson for how to buy Bitcoin or any cryptocurrency is that you should only purchase it from accredited dealers with good track records. Canada has begun to track crypto dealers, and government sites as well as established cryptocurrency websites and communities can help you find a trustworthy dealer near you.
- Faster Transfers
Once upon a time, transferring money internationally was something comparatively few people did outside of the jet set and world of big business. Today, with the increased interconnectivity of our modern Internet age, international deals aren’t just more common – they’re quickly becoming the norm. As such, fast monetary transfers between parties in different countries are quickly becoming an essential part of Internet business. Where a bank might take a few days to approve a transfer, cryptocurrency can theoretically do so in seconds.
- The Potential of Blockchain
A huge factor in the surge in value for cryptocurrency is the potential of blockchain. For those not in the know, this technology is what’s at the core of crypto’s potential and popularity, as this is what allows it to be decentralized and accessible across the globe. What’s more, blockchain has the potential to make crypto safer than traditional banks insofar its decentralized servers are self-checking. This theoretically means that no single hack can result in you losing data or money, since the self-checking servers would immediately see something is off with the hacked server and stop the transaction.
- Paying Employees with Crypto
Looking for a way to pay international employees without the hassle of international exchange rates and taxation? Crypto can help you do just that. It won’t let you skirt national tax laws in Canada, which have begun to regulate crypto trade, but it’s still an option for employees who are interested in taking this leap forward with you.
- The Potential for Investment
Let’s be honest – a lot of those cryptocurrency stories you’ve been seeing recently are probably at least in part about crypto investors bragging about how much money they think they’re going to make. While their braggadocio can start to feel a bit grating after a while, crypto is arguably the most intriguing investment opportunity since the Dot Com Boom. Everything from the decentralization and self-checking servers to the boundary-breaking nature of Bitcoin and other cryptocurrencies have caused their value to soar recently. If that trend continues, who knows how much cryptocurrencies may be worth soon.
You should always invest responsibility, but there is no denying that cryptocurrency is one of the hottest investments at the moment.
