Every day, millions of crypto transactions take place. Consider Ethereum, for example, which is processed more than 1.1 million times a day (Statista). On top of this, you also have other popular cryptocurrencies like Bitcoin, which is traded over 400,000 times a day (Statista).
Clearly, there must be a reason why so many crypto transactions are taking place. And the truth is quite simple: crypto transactions are much safer compared to traditional currencies like the British Pound and US Dollar.
If you don’t know much about crypto, then this might come as a shock to you. Don’t worry, though, as this article is going to explain five specific reasons why online crypto transactions are safer.
After reading about them, you might want to start investing in different cryptocurrencies, which you can do using a crypto exchange or brokerage!
1. Privacy and Anonymity
One of the main attraction points of crypto is this: you can make private (and anonymous) transfers.
This is because there’s no personal information – such as names and addresses – attached to your crypto. Hence, you can make as many transactions as you like without having to worry about snoopers knowing all about your business.
Remember, before you invest in any cryptocurrency so that you can start making transfers, you should check the Cryptocurrency prices at okx.com. This will allow you to discover which cryptos are trading at high prices and which are trading at low prices. Sometimes, if you want to make a healthy profit, it’s worth investing in low-priced cryptocurrencies that have the potential to grow.
2. Cryptos are Public
Cryptos are public, which means all transactions are available for the public to see. As mentioned before, though, the parties involved in transactions remain anonymous. This makes it increasingly difficult for people to cheat the system, as there’s no information for them to hack into and look at. All they can see is that a transaction has taken place – there are no personal details or information linked to them.
Cryptos are decentralized, which means no third parties – such as a governments – that control and dictate them.
For example, once you own Bitcoin, nobody can take it away from you or dictate how you use it. Instead, you have complete and total freedom when it comes to transactions, which makes everything much safer.
4. Cold Wallets
When you don’t plan on making any transactions for a while, you can transfer your cryptocurrencies to a cold wallet. This is a type of crypto wallet that operates offline, i.e., there’s no internet connection. This makes it impossible for hackers to break into the wallet and steal your crypto. So, for people who feel protective of their assets, make sure to use cold crypto wallets to your advantage.
5. Low Transaction Fees
In these current economic times, people don’t want to keep getting hit by large bank transaction fees. This is why cryptocurrencies are so great – most of them charge extremely low transaction fees that enable you to have peace of mind. Essentially, you don’t need to worry about losing large chunks of your coins due to the fact you’re making frequent transfers to people!