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Whether you are new to cryptocurrencies or you are already an expert, the necessity of an anonymous online wallet is mandatory. It gives you full control over your money and it brings in convenience and ease of use when doing transactions. Some people may still be anxious about it though. So, what are the benefits of using a reputable wallet?
Discretion
Cryptocurrency purchases are discrete. Unless you decide to make your transactions public, no one will be able to associate them with yourself. Imagine cash and card transactions. Cash transactions can be quite anonymous, while card transactions can be traced.
No fees
Some online wallets come with fees, but most of them are free of charge. You may, however, have to pay some fees for deposits or withdrawals, but these rules apply to classic cards as well. Generally speaking, an online wallet like MyMonero will help you overcome all the massive banking fees coming with classic currencies. Forget about account maintenance or minimum fees for your balance.
Furthermore, if you travel a lot, all those conversion fees or withdrawal fees will be history. The cryptocurrency is the same regardless of the country you are in or the wallet you use.
Autonomy
Autonomy is one of the main benefits of using an online wallet for your cryptocurrency. You basically become your own bank. In theory, you have more autonomy over your money. After all, there are no intermediary institutions, such as banks or governments. On the same note, you could say this is a matter of control over your finances.
No external approvals
Autonomy has more benefits and one of them is the peer to peer focus. You might have faced such issues before. You try to withdraw too much money, send too much money or receive a lot of money. There are acceptance rules, the potential to get rejected and so on. You might end up with some extra verification and procedures as well.
Online wallets will never do that. You can send and receive money to and from anyone out there, regardless of their location – there is no need to have an external authority approve transactions.
Mobile accessibility
Like with all online payment platforms, online wallet users can deal with cryptocurrency from anywhere in the world – they only require Internet access. You no longer need to travel to banks or stores. You may say the same goes for cards or online payment platforms, but when it comes to online wallets, you do not need to share personal information for transactions.
Bottom line, a reputable online wallet will bring in a bunch of benefits, apart from safety and security. Just make sure you choose a quality wallet with good reviews.
Sharukh Khan
Shahrukh writes all things about the blockchain and cryptocurrency. He studies Business and Economic Reporting.
