Just as the internet has caused major disruption to established industry sectors like news media and high-street shopping, now it is the turn of banking institutions to find ways to survive amidst technological change. The digital gold rush is in full effect, with names like Bitcoin and Litecoin becoming regular discussion points in news articles and headlines. If you’re looking at ways to integrate cryptocurrency into your finances, then your first step is learning just what the benefits are, and that’s the key to deciding whether to invest in digital finances. Once you get past the difficult-to-process techno terms, then the benefits speak for themselves.
The blockchain is a global database that anyone can use. In an age where we are seeing our personal data used to manipulate, people are beginning to realize just how important that personal data can be. That’s why the anonymity of cryptocurrency offers a superior alternative. Such anonymity means that your online transactions cannot be monitored or traced back to you. While this may have been the reason why some early adopters of Bitcoin and its alternatives used the currency for nefarious reasons, there’s a growing sense that our personal data is important enough to justify learning about crypto finances and make use of those same perks.
Using the International marketplace
You can use your Bitcoin no matter where in the world you are, as long as you have your phone and an internet connection, so it’s of particular benefit to those that travel widely and often. In some countries, you can even pay your taxes via Bitcoin, and with countries like Russia and Venezuela opting to create their own versions of cryptocurrency, it’s clear that the technology is here to stay. Whether it will be adopted in a mainstream fashion has yet to be seen, but there’s little doubt that banking and the management of our finances is going to look very different in the future. If you’re looking for ways to transform your finances, then now may be the perfect time to look into just how crypto finances could benefit you in the long-term.
Before you get started with your cryptocurrency use, you’re going to need a wallet, and there are two types to make use of. The first is the basic hot wallet, for which you’ll need to use the services of companies like Wirex, who not only offer wallet services, but also peripheral tools as well like the Wirex App or card. However, it’s a good idea to make use of a cold wallet as well, which is a memory stick or a computer that hasn’t been connected to the internet. If need be you can take an old laptop, and restore it to its factory settings in order to protect yourself further. This gives you a storage capability that is impossible to hack into, giving you greater protection against criminals and gives you more control over your money.
It may be tempting to try and ignore what many are calling the financial revolution, but the important thing to remember is that cryptocurrency is not much different to more traditional forms of currency. Paper money and digital transactions are acceptable simply because we have used them for a long time, and e-finances are simply the next logical step.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.