This is because the intense scrutiny by regulators and governments is keeping the digital coins in a tight spot. Not only this, their events of heist and hacking cases as well have also provided them a powerful spotlight.
In Spite of all these facts, the cryptocurrencies have some unique benefits where it offers freedom to do things that you previously couldn’t. Let’s see how:
Low-Cost Transactions In Quickest Manner:
When we are required to transfer funds across nations through regular transaction modes then it obviously costs us very high. Moreover, the transaction procedure is usually long and complicated as well in the existing foreign exchange mechanism. However, Crypto Platform has already been proved as the most economical and easiest as well where transactions can be executed in an instant manner. Although if there is involvement of a bitcoin digital coin, the transaction might take up to 10 minutes for completion.
Now if you switch to crypto payment transfers, then you certainly are not required to pay the additional fee that is charged for international money transfers and moreover high transaction charges as well. Here you can consider a real life fact where a recent Litecoin (LTC) transfer took place worth $99 million which was completed in duration of a few minutes with the minimum transaction fee of $0.40.
Decentralized finance (DeFi):
It is one of the most discussed benefits of using cryptocurrencies which are completely decentralized in nature. The crypto marketplace mainly operates on a blockchain system which is absolutely not governed by any central authority. Moreover there is no intermediary at the centre for controlling all the transactions.
The crypto platform simply works in the form of decentralized finance (DeFi) intending to provide a permisionaless, open-source, transparent as well as a participatory ecosystem where it can literally operate without the involvement of any central authority. On this digital currency platform, it is only the users who can control the ownership of their digital assets. Not only this, here the users can always make their own choice about how they want to interact with the ecosystem which includes decentralized applications (DAPPs) and other peer-to-peer transactional procedures as well.
Asset Tokenization and ICO (Initial Coin Offering):
The primary idea behind launching cryptocurrency in the form of virtual coins was to provide you a platform where you even use your physical assets to operate as a currency. Do you want to know how? Here, let's take an example. For this, you need to choose a blockchain network where you can list any of your physical assets being a piece of real estate or any other. Further, provide every relevant information related to your real estate property along with disclosing the basic set of rules if it is the case of Initial Coin Offering (ICO).
Now following the same example, let’s assume the value of your real estate property is worth $10 millions. In this case, you can release one million digital tokens for $10 each. Once you have issued your coins, the crypto investors will start buying your coins on the same platform and you will be able to arrange funds against your listed real estate asset.
Gaming With NFT:
NFT also known as Non-Fungible Tokens. These tokens can be mainly considered as a unique character in a game or maybe a piece of art as well which are exclusively available on a blockchain network. Although they are not available exactly in the form of cryptocurrencies yet you can treat them as cryptocurrency derivatives.
Here with the help of the Non-Fungible Tokens scheme, the art creators can simply use the blockchain networks for storing their artworks. The main significance of storing their artwork on the blockchain network is that this network is based on encryption technology which assures them no one can copy or steal their art. Not only this, here the artists can also sell their artworks on this blockchain network because their artworks can also be tokenized like other physical assets as well.
Blockchain Network Real Life Applications:
This is the last one but absolutely not the least one. Here we are talking about the blockchain network’s real life applications where it is certainly going to be a part of your life very soon. As we know that Land records in India as well as in most parts of the world follow the principle of presumptive land-titling. This simply means when you sign a real estate agreement for buying a new property then those registration documents are mainly considered in the form of a record of that agreement.
Now as per the suggestions of blockchain network experts it has been proposed that an online distributed ledger should be created for real estate properties where general people will be able to sell their lands just like selling their shares in the stock markets.
Conclusion:
Here we have provided you with the top five ways where digital currencies are literally offering you a great sense of freedom to do things which previously couldn’t do with the traditional exchange system. So, go through all these ways and associate yourself with the crypto coins now.