Traditional currency is losing its appeal because the future now is cryptocurrencies.
When compared to all existing traditional currencies cryptocurrencies allow you ultimate control over your money, with fast secure global transactions, and lower transaction fees. Those are just some of the reasons why traditional currency is losing its appeal.
Since cryptocurrency is not bound by the exchange rates, interest rates, transactions charges or other charges of any country; like the traditional currency. Cryptocurrency operates at the universal level and hence makes transactions quite easy.
Therefore it can be used at an international level without experiencing any problems. This, in turn, saves lots of time as well as money on the part of any business which is otherwise spent in transferring money from one country to the other.
Also traditional currency doesn’t provide for access to everyone. There are over two billion individuals with access to the internet or mobile phones who don’t currently have access to the traditional exchange.
These people are primed for the Cryptocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer, and micro-financing service announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet.
And when you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. This is because credit cards operate on a “pull” basis with the traditional currency, where the store initiates the payment and pulls the designated amount from your account.
Cryptocurrency uses a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information.
Traditional currencies are also likely to charge high fees whereas there aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network. And individuals cryptocurrencies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.