Reasons, why is the world replacing fiat cash with Cryptocurrency
3 min readTable of Contents
The world is moving quickly, and people want reliable, secure, and, most importantly, quick things. The evolving economic environment has spiked the cryptocurrency market as it aligns with the technological advancements compared to fiat currency. Cryptocurrency is solving numerous issues resulting from the use of fiat currency, and some of these are discussed below.
– Confidentiality:
Cryptocurrency uses blockchain technology, significantly reducing the risk of hacks in digital payments since outsiders cannot easily view your personal information. On the contrary, debit/ credit cards pose a high risk of financial and personal invasion since hackers can exploit card information easily.
– Accessibility:
Cryptocurrency is accessible anywhere in the world. Since it has a universal value and is not government-owned, it doesn’t change in price in different countries and has no conversion fees. Using BTMs, the transactions are instantaneous and can be made anywhere in the world.
– Convenience:
having a universal value, Cryptocurrency is unaffected by changes in interest rates, inflation, or exchange rate. Owners of Bitcoin do not have to worry about loss of value due to changes in government and can easily carry out financial activities uninterrupted by changes in the political climate. Fiat currency has to go through several checks during an international exchange and results in a loss of resources and time, all of which can be bypassed using Cryptocurrency
– Authority:
Cryptocurrency gives users complete authority over their assets without a third party involvement. Fiat currency is stored in banks mostly that have control and access to the customer’s account and can choose to make changes if they notice any glitch. However, Cryptocurrency redirects that authority to the owner of the assets.
– Cost-effective:
Cryptocurrency is cost-effective as you save up on a lot of money that goes away in fees of using a bank account such as merchant fees, charge-back fees, transfer fees, foreign transaction fees, and ATM fees. Cryptocurrency is mostly stored in a digital wallet that is free compared to a credit card with hefty annual fees. Moreover, the transaction fee is minimal compared to charges employed by bank accounts.
– Security:
Since Cryptocurrency is in digital form, it protects your assets from being invaded by natural disasters or physical theft.
– Irreversible:
Payments made using crypto are irreversible, and no one can demand a charge-back. Unlike fiat currency, where payments are not settled immediately, Cryptocurrency cannot be influenced by a third party like a government body or a bank.
In the light of the benefits of Cryptocurrency and its growing popularity, BITCOVAULT has stepped in the game by providing Bitcoin ATMs for sale and top-notch software online. The company aims to provide access to Cryptocurrency to everyone and has a diverse pool of customers that work as partners in BITCOVAULT. BITCOVAULT is already making a name in the industry through its experienced professionals who provide customized plans to clients based on their deep understanding of the market and resources.
About BITCOVAULT bitcoin ATMs manufacturer
BITCOVAULT was founded in 2017, and since the time of its birth, it has installed 350 Bitcoin Teller Machines (BTMs) in the US Market. The company offers a wide range of financial services to FinTech businesses, the kiosk industry, retail self-service applications, bill-payment landscape, and manufacturing state-of-the-art BTMS and intelligent software.
The company has successfully built its name in the crypto-verse by becoming an online vendor for buying BTMs and its proprietary software that enables smooth and instant transactions. Apart from installing BTMs for cryptocurrency businesses, BITCOVAULT has consultants who advise new startups to launch their business efficiently.
BITCOVAULT works on a mission of expanding the horizon of Cryptocurrency by becoming the largest BTMs provider in the USA. They excel at it by being a brand that provides convenience, reliability, and security to its clients on their fingertips. With a team of experienced professionals who have profound knowledge of the market trends, BITCOVAULT is getting a reputation backed by positive feedback from its customers that brings them closer to their mission.
