Introduction
How many times have you sent bitcoin or other cryptocurrencies, but the transaction never arrived at its destination? How much money was wasted in vain, and how much time did you waste explaining to your partner that you simply forgot to take care of it? Bitcoin cash may be the solution for all these cases that could be embarrassing or even costly at times. If you are new to cryptocurrencies like me, this article will help you understand how bitcoin cash has saved me from various embarrassing situations, and why I am now convinced that it’s the best option when it comes to sending money over long distances.
Cryptocurrencies are meant to move money around but sometimes they can disappear into thin air
I experienced disappointment when the money I was supposed to receive did not show up in my wallet. I have also experienced inefficiency when my cryptocurrency transfer did not go through and there wasn't anything I could do about it. Bitcoin cash, a couple of times had saved me from situations that otherwise could have been embarrassing. For example, the time my wallet accidentally canceled a transaction or sent money to the wrong person. Crypto space needs to work on efficiency and standardization as it has some privileges over fiat currencies which we don't have in many parts of the world.
How did this happen?
It all started when I was in a coffee shop and wanted to order a coffee. I pulled out my debit card and put it up with the cashier, but there was an error message on their machine. The cashier told me they couldn't take my card electronically and asked if I could use cash instead. That's when I remembered I only had small bills on me so I needed to go outside to get some more money. This would have been normal if not for the fact that outside of my wallet, everything else was electronic. My bank account, credit cards, and public transit pass: are all digital. So what was going to happen next?
What happened in my case?
I had tried to buy a service online with cryptocurrency, but the seller was having issues with their financial system. I sent them Bitcoin cash to help them out because they could get paid in USD and avoid any other delays. It was really nice of them to be so understanding about it and I will definitely come back for more if I need some assistance again.
What steps can you take so this doesn’t happen to you?
-If you are using a third-party application to send crypto, make sure it can do what you need it to do. There are many apps out there that don’t allow for transfer with other coins.
-Do your research before sending money to an exchange or wallet. Make sure they are reliable and trustworthy. Scammers have been known to take people’s information and ask for ransom in order to release funds. If this happens, report them right away!
-Be aware of how much information you put out on social media and when you put it out there. If scammers know where you live, they will try their best to get in contact with you and take advantage of your situation if possible.
Cryptocurrency exchanges are similar banks but with one big difference
Cryptocurrency exchanges are similar to banks in terms of safety and security but with one big difference. Instead of a bank account, you own your own private keys which enable you to send and receive cryptocurrencies. This means there are no third parties involved and no one can take your funds without access to your private keys. The only time this may not be true is if the exchange gets hacked or get shut down by regulators. But even then, as long as you have a backup of your private keys, everything should be fine.
This article was originally posted on read.cash