Use of cryptocurrencies

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Use of cryptocurrencies

The use of cryptocurrencies is currently a hot debate topic. One group criticizes their anonymity and the risk of illegal activities; the other mention their features and advantages compared to the traditional fiat currency. The use of cryptocurrencies in today’s world is simply extensive.

Investment tool

The price of a cryptocurrency grows with its popularity and number of users, and there is much room for profit. Conversely, if user confidence declines, such as after a successful hacker attack, the value of the cryptocurrency falls. As a result, some people buy cryptocurrencies as a long-term investment; others trade at short intervals and make money on sharp price increases.

Cryptocurrency as a means of payment

The original intention of the cryptocurrencies was to create a functioning free and secure currency, means of payment and system. Some projects are now used for regular payments.

You can now pay by cryptocurrencies in many online or traditional stores, in case of PlatonCoin also on Platon Store.

Fast payments worldwide

Cryptocurrencies can also be transferred in minutes or even seconds virtually worldwide. So you no longer have to wait a few days for a bank transfer, for example, to one of the African countries and count with a high fee. Instead, cryptocurrencies allow making this transfer in a few minutes, for a minor fee, 24 hours a day, seven days a week. They can also be used for microtransactions and to simplify and secure payment servers.

Conclusion

Critics of cryptocurrencies usually point out that they primarily fund illegal activities, e.g. purchase of weapons, drug trafficking or support for terrorism. However it was proven that these activities are financed mostly by fiat money, laundered in traditional banks.

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