Introduction

People often wonder what the benefit of cryptocurrencies are, and if you are one, look no further.  I’m sure you know that the world as we know it, is speedily transforming into a world powered by cryptocurrencies, and you shouldn’t wait for the change to be completed before you hop on the crypto boat. People have benefitted from crypto more than you can imagine, and I am just here to show you the benefits you may have been missing out on. Trust me when I say this, you are in the best place to learn about the benefits of cryptocurrencies in Canada.

As usual let’s make a list for those of us here who just need us to get to the point.

Here are the benefits enumerated here 

• Transparency & Security
• Fast Transactions
• Worldwide Accessibility
• Decentralization
• Complete Ownership 

Transparency & Security

Ever heard the word unhackable? Cryptocurrencies are unhackable to some extent

Are you surprised?

You shouldn’t be.  Here’s how it works. Let’s say that a blockchain is made up of 1,000,000 blocks. To successfully hack the blockchain network, you need to have simultaneous access to 500,001 blocks(above 50% of the total blocks available) of the network at the same time which is practically impossible. This is just the layman’s way of putting into perspective, the level of security obtainable with cryptocurrencies.

So if you ever have the feeling that you could lose your crypto, think again. It takes you and you alone to cause loss of your crypto.

Fast Transactions

Cryptocurrencies offer blazingly fast transfer speeds depending on the particular currency involved. Some cryptocurrency projects boast of transactions being competed within split seconds while others base their interest on improved security rather than speed. However, location is not a factor. Canadian citizens and others from all around the globe, enjoy the same level of speed and accuracy of crypto transactions.
Where cryptocurrencies completely destroy the current financial structure, is in the transfer of huge amounts. When transferring huge amounts t1hrough the banks, it could take hours or sometimes days depending on the amount in question. But with cryptocurrencies, this is not the case. 

Worldwide Accessibility

The introduction of cryptocurrencies in the finance industry is a game-changer. Seeing how easy it is to transfer cryptocurrencies from one user to another, you are sure to forget about things like theft on your journey anywhere in the world or some issues with carrying paper currencies that merchants would gain massively from. Don’t get me wrong, merchants are making money off their exchange business, they do, but imagine having to do international transactions without the services of a merchant, i know you love that idea of having to save more money. Cryptocurrencies practically throw out the need to have that middleman.

 By acquiring cryptocurrencies like bitcoin and ethereum, we would soon have people travel cashless and comfortably because these currencies would be accepted everywhere you go within the nearest future. We can already observe it happening.

Decentralization

No one person controls all the cryptocurrency we have now, which shows that cryptocurrencies are decentralized. This means that it doesn’t have its control from one central regulator. It’s just like having shares in a company, where everyone’s opinion matters in making decisions that affects the company. 

In essence, you as a user can totally control your value in cryptocurrency, no central body does that for you. Great right? Well, there you have it.

Complete Ownership 

Unlike keeping your money in the bank where it is being used at the bank’s discretion, with cryptocurrencies, you have total control over your assets. Banks on one hand use your assets trade and acquire wealth while leaving a figurative value for you to view at all times. 

The gold-per-fiat principle that posits that for every fiat note you carry, gold is stacked up in the bank in place of it, has been debunked years ago. This is the reason why factors such as inflation can affect fiat. 

With cryptocurrencies, this is not the case. You own every unit of crypto without having another fake asset representing your currencies. This is why Fiat can never under any circumstance compete with cryptocurrencies.

In conclusion, we have learnt first hand what the benefits of the utility of cryptocurrencies are. Now go get yourself some. Search for our How to buy crypto safely in Canada post to learn how to purchase cryptocurrencies legally, and without hassle.