In recent years, the crypto exchange market has boomed. Well-established crypto brands and newer coins are emerging every day. The market has met consumer demand. Stores, common money applications, and even ATMs offer products, services, and cash in exchange for cryptocurrency. What does this mean for you? You may be curious as to why so many people are using cryptocurrency instead of Canadian dollars. What is the big deal? Is it worth looking into? The short answer is yes. Cryptocurrency is decentralized, meaning it is not controlled by any country’s central banking system. The Canada crypto exchange is also simple to use. Cryptocurrency is a big deal, and it is worth looking into. Here are the top seven reasons why crypto is better than the Canadian dollar.
1. It is Not a “Trend”
When the first cryptocurrency was first released, many consumers, investors, entrepreneurs, and merchants assumed it may be a passing trend. Over a decade later, cryptocurrency is here to stay. It has gained traction and continues to gain traction. Stores, online platforms, banking applications, investors, businesses, and consumers all are using the crypto exchange market. In some cases, you can even use the ATM to withdraw your funds. More ATMs are now offering crypto exchange as they become updated to meet consumer demands.
2. Privacy
Cryptocurrencies have gained popularity because they help users to conceal their transactions and identities. While complete anonymity is very difficult to achieve due to public ledgers, some privacy-oriented cryptocurrencies offer enhanced security features. These features work to keep transactions and their users’ identities concealed. For example, a cryptocurrency on a Canada crypto exchange may offer features such as stealth wallets and ring signatures. Some of these features come at a higher transaction fee than typical exchanges. However, unlike credit or debit card transactions, you have the option of security features that offer privacy and anonymity.
3. New Digital Economy
In the past year, inflation has greatly affected the prices of goods and services. The value of the Canadian dollar has continued to plummet. In February 2022, a litre of regular gasoline cost Canadians approximately 1.77 Canadian dollars. Fast forward to May 2022, the average cost of a litre of regular gasoline costs Canadians approximately 2.17 Canadian dollars. In addition to gasoline, the costs of other products and services continue to increase while wages stay the same. Cryptocurrency is not dependent on a central banking institution. The value of each cryptocurrency fluctuates on different factors including media coverage, demand, availability, and speculation. The fluctuation allows for investors to make tremendous profits. People have the liberty to control the cost and the market rather than a centralized banking institution or government.
4. Ease of Business
Have you ever tried to buy a product or goods from another country? Was it difficult to figure out how much the product costs in Canadian dollars? Did you have difficulty using an application to transfer Canadian dollars to the currency in that country? Transactions are much easier and user-friendly with cryptocurrency. Many cryptocurrencies have global acceptance. If the online store accepts the cryptocurrency, you can make a purchase with your cryptocurrency rather than figuring out how to transfer your Canadian dollars into their local currency. Cryptocurrency removes and eliminates online shopping boundaries due to local government currencies.
5. No Third Parties
When you transfer money from one account to another, third parties will more often than not take a percentage. If you decide to exchange one currency for another, there will also be a fee. These fees are significant. For example, when you use a credit card, you may be charged interest and a “convenience service fee” by the seller. The service fee is because the credit card company charges the business a fee to use their machines. The credit card company is making millions simply through transactions. The best cryptocurrencies are person to person. This means there is no third party taking a cut out of the transaction. The person-to-person transaction is convenient, safe, and secure through the use of keys and wallets.
6. International Forms
When you transfer money internationally, you must fill out forms. These forms help the government to track incoming and outgoing monies. When you use cryptocurrency, you do not have to fill out a form to purchase the goods or products. You can simply send the money from your wallet to the seller’s wallet. The seller may have to fill out forms to ship the physical product to your home, but as the consumer, you will find it is much easier using cryptocurrency than physical Canadian dollars.
7. The Government Cannot “Print” Cryptocurrency
Users can mine cryptocurrency to make money. However, one of the best attributes of cryptocurrency for many users is that the government or a central authority cannot “print” cryptocurrency as it can physical dollars. No centralized authority can cause inflation by devaluing the coin. The value of the coin is dependent on the supply and demand, not the government’s politics or decisions.
Source: Plato Data Intelligence: Platodata.ai
