The benefits of cryptocurrencies are:

• Fees – They reduce the fees that one must pay to transact. Because, as we have discussed, transactions are paid based on how much size they take up, rather than how much money you transfer, they can significantly reduce the cost of transnational transactions.
• Control – When you hold money in a bank, they control your assets. They can and frequently do tell you what you are allowed to spend your money on and who you are allowed to send it to. They can freeze your account and limit your access to your assets. They take the assets and lend them out to others in the form of loans and mortgages. With cryptocurrencies, you are in control of your assets. No bank, government or other entity can restrict your access to your funds. If you hold the funds, then you alone can decide where and when to transfer them. You can also lend your assets out and earn interest for doing so, without the need of a bank.
• More confidential transactions – Under cash/credit systems, your entire transaction history may become a reference document for the bank or credit agency involved, each time you make a transaction. At the simplest level, this might involve a check on your account balances, to ensure that sufficient funds are available. For more complex or business-critical transactions, a more thorough examination of your financial history might be required.”
• Protection against fraud – Identity theft is an issue for the traditional banking system, where one only needs to create fake bills and ID to gain access to someone’s account. Cryptocurrencies protect against this by using a system of keys that we will look at in the coming section.
• Secure – Banks and financial services gather many people’s wealth into a single area. This can make a very tempting target for hackers. By keeping your wealth individually, anyone who wanted to gain access to this would have to individually gain access to each wallet.
• Flexible – Cryptocurrencies are essentially programs running on a distributed network. They can be programmed to have all sorts of attributes. Many cryptocurrencies have been made for a wide variety of different purposes, some to automate the transfer of funds, some to provide high levels of privacy. They are very flexible in their uses.
• Transparency – In cryptocurrency, every transaction recorded on the blockchain. All information is only added to and never removed. When an address is used to move assets, it is publicly visible. It is not immediately obvious who owns the address, however. This makes activities like auditing more transparent and easier to perform.
• Easy to carry – Rather than carrying large amounts of cash or assets with you when you travel, cryptocurrencies can be transported on your phone, on a small device or even just by remembering a key phrase.