At the beginning of the journey of cryptocurrencies like Bitcoin, the cryptocurrencies did not have a positive reputation. In contrast to reality, it came in the eyes of the government and authorities in a negative light. However, since that time, cryptocurrency has earned its well-deserved position and legitimacy.
Today, cryptocurrency has revolutionized the world in a number of ways. A number of industries have now turned towards cryptocurrency because of its decentralized system. Now various businesses, big and small have begun accepting Bitcoin and other cryptocurrencies in Hong Kong.
The reason behind this acceptance is the number of advantages bitcoin offers. Let us have a look at some benefits that come along with bitcoin and cryptocurrency:
It is completely owned by the account holder
In some way or the other, banks or other institutions can freeze your assets. Furthermore, in many such cases, you must accept their decision to some extent. However, with bitcoin and other cryptocurrencies, such incidents cannot happen. With Bitcoin, the account holder is the only one who has access to the coins. Hence, in the case of cryptocurrencies, its owner is the person who possesses it.
Has Lower Fees
Another added benefit that comes with cryptocurrency is that it has exceptionally low transaction fees. The concept of blockchain which backs cryptocurrency eliminates the intermediary institutions like banks. Hence, the only person involved in the transaction is you and the other sender or receiver. There are certain rapidly emerging exchanges like PCEX that charge only 0.05% as transaction fees.
Cryptocurrency offers business opportunities in Hong Kong
Cryptocurrency has opened a number of doors for the business world. In today’s world, earning opportunities in the cryptocurrency have gone beyond mining and trading. Now, cryptocurrency offers business opportunities as well. For instance, exchanges like PCEX allows you to become a part of their platform. You can associate with them as a sub-broker and utilize their well-developed infrastructure to expand the horizons of your own business.
Cryptocurrency can not be controlled by any Government
Blockchain technology is the skeleton of cryptocurrency. It has a high level of encryption which makes it resistant to any theft or fraud. Moreover, because of blockchain, it is completely decentralized. Therefore, unlike fiat currency, no government can hamper the value of cryptocurrency.
Decreased number of Frauds
You might have heard that because cryptocurrency is online and virtual, it is more prone to fraud and theft. However, it is its virtual presence that keeps it safe and secure. Bitcoin and all the other digital currencies are completely digital from its existence to its payment.
The companies and businessmen in Hong Kong accepting cryptocurrencies cannot take any coin from you without your complete consent.
Bitcoin and other cryptocurrencies have unlocked the doors to the future. It has revolutionized not only the financial world but also the world of business. With time it has found respect and acceptance in a number of countries and is climbing the stairs of success.