Cryptocurrency expert Angelo Babb explains some of the benefits of cryptocurrency

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The debate over the validity of cryptocurrencies like Bitcoin continues. However, for those who understand the concept, the financial value offered by digital currencies is enormous. Angelo Babb, a cryptocurrency expert, explains some of the top reasons why consumers should consider the legitimacy of digital currencies.


With Bitcoin, you are your own bank. But by doing so, you do not pay any account opening fees, monthly account maintenance fees or false expenses like it happens in a bank. You don’t even pay for credit cards. Having a wallet is free and with it you can store all the Bitcoins you want, as well as send Bitcoins anywhere on the planet without anyone stopping you.


Bitcoin is extremely secure. It is the heart of one of the most secure cryptographic systems available. This system is more powerful than that used by banks and other crucial services that we use every day.


Because it is distributed, it is immune to network attacks and crashes. No other computer system has been operational for more than eight years.


Babb explains, Even in the face of a solar storm, Bitcoin, unlike other systems, would resist. Indeed, some of its nodes are located in bunkers from the Second World War, protected underground and even with a triple security perimeter.


The cost of a transfer anywhere in the world via your bank can cost you dearly. When you do it in Bitcoin, the cost is cents or free. Consider micropayments: using a bank, paying someone from Chile $0.30 in thanks for a tweet or similar is impossible. However, with Bitcoin it is a reality.


You can send cryptocurrency to any country in the world. Like the Internet or e-mail, it has no borders. This makes Bitcoin the first truly global, borderless currency that works.


In an age of constant information theft, corporate and corporate espionage by governments and computer criminals. Also, with the emergence of advanced Big Data techniques, it is more important than ever to take care of our privacy, managing to keep it at a very high level. Most cryptocurrencies have this concept very internalized. They are not completely anonymous, but are private, adds Babb.


With cryptocurrency, unlike the credit card, a payment cannot be reversed (chargeback). Chargebacks generate an annual cost of $42 billion in fraud since anyone can make a payment and call their bank saying the charge is invalid. However, with cryptocurrencies, chargebacks are impossible.


Moreover, another advantage of Bitcoin is that it is free to set up and has negligible transaction costs. With this and more, many merchants offer a discount on the product price if a customer pays with Bitcoin.


Cryptocurrency transactions reduce commission fees. Payment gateway fees range from 2% to 3% and include a minimum cost per transaction. This skyrockets even more with PayPal, with numbers like 3.4% + $0.50 per transaction. Contrary to this, with Bitcoin, transaction fees are almost free, no matter how much you send.


A merchant no longer needs to add to the price of his products the additional cost generated by multiple and variable credit card scams. In exchange for this, you can put a discount on payments with Bitcoin. Also, there is no way to counterfeit Bitcoin, unlike cash.


In stores, the more payment platforms they offer, the more conversion possibilities they have. Therefore, if we include Bitcoin in its various forms of payment, conversions will increase.


Another advantage of bitcoin is that no one can access money without your consent. Thus, reducing the risk of theft. In addition, you will save expenses (since you do not need a safety deposit box, or a safe, or companies that transport your money to a bank), you will speed up the speed of payments and improve the quality of employee work. They won’t have to waste time counting money, or be overwhelmed with dedicated management and maintenance tasks.


That a profession includes novelties is very well seen by the target audience. The more technologies and improvements you provide, the more the customer will appreciate it and the more they will visit you. Bitcoin makes the business stand out.


Finally, there will be no errors of any kind when verifying payments. These are done automatically and quickly.


Companies are already betting on Bitcoin and its technology. There are now tens of thousands and even a few countries that recognize the commercial value of Bitcoin. This list will only grow longer.


About Angelo Babb


Angelo Babb is a cryptocurrency and blockchain legal consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of businesses to ensure that cryptocurrency efforts substantially meet their obligations. When he’s not bolstering his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.

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