Note: I like to publish articles of all types to give you all angles of investing ideas. As with any investments, always do your research to make sure you understand what you’re investing in.
When most people think of cryptocurrencies, they will undoubtedly think of them being a digital currency which they can use to buy products and services from selected places online. They may even see cryptos such as Bitcoin as an investment opportunity after hearing of how some users became rich overnight thanks to the money invested into Bitcoin. But cryptos and crypto payments can also save people money too.
Something that many do in their lifetime is buy a property. However, as people will know, buying a property costs a lot of money, and so does the actual transaction too. Well, thanks to cryptocurrencies and the technology behind them, there is in fact huge savings to be realised when buying or selling property.
With any deal which involves a lot of money, there will always be middlemen involved along the way, and of course, they must be paid. If both parties were to use Ethereum smart contracts however, the deal would be completed for much less money, and done quicker too. With smart contracts all parties must agree and adhere to specific conditions being met before a transaction takes place, making it perfect for property buyers and sellers.
Using cryptos to buy property will also save the user money too, as they won’t be required to pay out for the huge bank transfers required. Fees in general is another area where crypto payments and the use of cryptos are a godsend for those to make savings. It doesn’t cost to send or receive money when using cryptocurrencies, and this is fast becoming one of its main draws, as the general public look to move away from paying transaction fees they feel they’re charged unfairly.
It also doesn’t cost to store cryptocurrencies either and this is proving to be another huge advantage for several reasons. By storing cryptos in reputable wallets such as the Luno Bitcoin wallet, users know they will be keeping their funds in a place where they won’t be charged. Both personal bank account holders, as well as business account holders, are now being charged in some way, shape or form for storing their own money, but thanks to cryptos, they no longer have to incur those charges.
It’s also become apparent over the last few years that governments are now looking to impose more and more taxes, especially on the wealthy, and those with big assets. This again has seen cryptocurrencies and the advantages they bring to the table come to the fore. Those who are looking to not pay what they deem as unfair taxes on their assets are now turning to cryptocurrencies to keep said assets out of reach of the government.
With cryptos also providing anonymity, this also allows users to store their assets anonymously, so the government or any financial authorities cannot link stored assets to the owner. And neither will those who then choose to move assets around incur any fees along the way either.
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