Skip to main content
All CollectionsGeneral information about blockchain and cryptocurrencies
What are the benefits of using cryptocurrencies?
What are the benefits of using cryptocurrencies?

What are the advantages over using, say, Dollars, Euros or Pounds?

Gabriel avatar
Written by Gabriel
Updated over 3 years ago

Cryptocurrencies have multiple advantages to traditional payment rails, which include:

  • Transaction speed – Unlike credit card payments & wire payments that can take days or even over a week to settle, cryptocurrency payments are settled nearly instantly.

  • Transaction cost – Cryptocurrency transactions are processed at a fraction of the cost associated with credit card payments or sending a wire.

  • Accessibility – Easily accessible globally, all that’s needed is an internet connection. No need to set up a bank account or deal with third-party intermediaries.

  • Transparency – All crypto transactions are recorded on the public blockchain ledger, enhancing transparency and reducing the potential for fraud.

  • Security – Cryptocurrencies run on a decentralized network meaning that it doesn’t have a central point of failure in the way centralized institutions do.

Did this answer your question?