Cryptocurrencies have attracted millions of users since the launch of Bitcoin in 2009. Some are here to utilize the positive sides of crypto payments. Others are investors who expect a certain return on investment when the bull market hits the bull’s eye.
And yet, cryptocurrencies and blockchain technology are still somewhat controversial topics. People who don’t quite understand how this entire system works are highly likely to dismiss it. This article is here to underline the top four underrated benefits of using crypto and help people comprehend its advantages.
1. Cutting-Edge Transaction Options
Cryptocurrencies are embraced by business owners who need almost immediate online transactions. Even though some non-crypto modern payment providers enable fast online transactions, their fees are usually pretty high.
Traditional banks typically spend more time checking the sender and the recipient, with special ingredients from national and international institutions clearing such transfers.
Cryptocurrency as a payment method is a practical and economical way to dodge such complications. One person pays the agreed amount of money expressed in crypto to another person and voila, the assets get transferred immediately.
This functionality is available for some commercial purposes, not only for P2P payments. For instance, gamers can buy Steam gift cards using crypto, while iGamers can debit their casino accounts this way. In fact, according to Pride Kazunga, many iGaming platforms that accept cryptocurrencies enable swift payouts and offer significant bonuses for new payers (source: https://readwrite.com/gambling/casino/bonuses/).
Based on current affairs and the growth of the crypto market, the commercial value of these currencies will keep growing in the near future.
2. Institution-Free Advancements
Cryptocurrency isn’t under the jurisdiction of any single government, bank, or financial institution. Is that good or bad, one might ask.
Deregulation is neither positive nor negative. Banks and similar financial institutions are regulated by certain legislation, either domestic or international. All the organizations and individuals that enter any kind of financial or legal agreement with regulated financial enterprises are subject to such laws.
Crypto, on the other hand, is completely unbanked, meaning that there’s no particular board of directors behind it. Coined and kept on a decentralized blockchain network, cryptocurrencies are basically code kept within single blocks of mutually linked data. Each block (hence the blockchain term) comes with a unique transaction number, hash, and number. The hash serves as an identifier of the block and the payment details within it.
As a string of such blocks is formed through coding and mining, building a digital ledger of past transactions, there’s no single platform where this information would be stored.
3. Upgraded Anonymity
Carrying out online payments or investing in crypto is beneficial for people who’d like to stay anonymous or enhance their privacy protection on the Web.
Online bank transfers and digital wallet transitions both require user registration and the submission of personal and financial data. For instance, PayPal is more than handy for payment recipients when filling out an invoice because they can enter only their email address; a significant time-saver. However, every payment recipient or receiver using such digital wallets must provide their accurate personal data in advance.
Paying with crypto doesn’t require that the relevant parties submit such information. Since computers communicate with other computers, the human users behind those payments may remain anonymous. No matter if you want to register for some new offshore casinos without revealing your personal data, or stay anonymous for personal safety, crypto is more than useful.
4. Earnings Potential (Served with a Grain of Salt)
The highest value of Ethereum was a bit more than $4,700. Bitcoin has reached its historical peak at $73,000 in 2024. Binance Coin managed to get to $717.
However, the volatility of the crypto market is incomparable to any other financial field. For instance, Bitcoin was as low as $7,200 at the beginning of 2020, only to surpass 28000 at the end of that year.
The bottom line is that investing in crypto is another hidden benefit of this asset; as long as you don’t put all your cards on this investment and make it only one of numerous items in your investment portfolio.
