Cryptocurrencies, as new money, were born with the goal of bringing advantages that legal tender currencies have never been able to offer. As we have always known, their characteristics have changed transactions and the economy, primarily revolutionizing the way we use money.
When cryptocurrency was first introduced, there were a number of early adopters from within the dark web, but now the scene is different. There are many reasons that support never needing the dollar, the euro or other fiat currencies. Let’s see what they are, and why they should interest us.
- Lower fees – Cryptocurrencies transaction fees are lower than the bank ones and there are no account maintenance costs. The prices are positively overwhelming especially when comparing the high commissions for bank international transfers to those by cryptocurrencies.
- Fraud reduction – A payment made with bitcoin cannot be after reversed. This is different from credit card payments, which can be reversed using chargebacks, a feature often exploited by fraudsters.
- Instant payments – Credit card payments can take days or even weeks to come through. Meanwhile, a cryptocurrency offers instant transfers.
- No barriers – Cryptocurrency makes international trade more accessible by removing barriers and restrictions to trade, ultimately making it easier to accept payments in different currencies.
- Attract new customers – As bitcoin is still a fairly new method of payment, offering it as an option for your customers could help you bring in new business.
- Get ahead of your competition – By being an early adopter of cryptocurrency, you can gain a competitive advantage over your competition.
As cryptocurrency becomes more widely embraced, businesses should be keeping a close eye on how this technology develops and consider how it could be used to their advantage. If you’re new to blockchain, cryptocurrency and bitcoin, take a look at the guide from Sage below on how bitcoin works.
And here comes LIC
LIC is a community-based cryptocurrency with a strength based around the people who choose it and use it to buy and sell products and services. LIC promotes the idea of spendability, where the coin itself forms the main currency for users. Rather than promoting exchanges with other currencies, something that would make it dependent on them, LIC advocates trading and dealing amongst the community itself. Hence, rather than being affected by the trickle-down effect that most altcoins and cryptocurrencies see, LIC’s strength is dependent simply on the attention its users give to it, how much they use it and by the trust in maintaining it.
A strong trust
Even in the most catastrophic moments in the crypto world, LIC has demonstrated the strength of its community. Confidence in the project avoided a mass race to sell and the price remained stable. This trust is earned thanks to the increasing sophistication of the cryptocurrency market and blockchain technology that teaches what really matters in this technology: people dictate the future of every business.