The world’s biggest blockchain is no stranger to controversy.
However, a recent study shows that, for the most part, cryptocurrencies are safer than traditional currencies, and in some cases even safer than fiat money.
According to a study conducted by The Cinderblockchain, a research and consulting firm, over 70% of all bitcoin transactions were processed on the Ethereum network, and nearly two-thirds of the transactions were made in the Bitcoin network.
The study also found that, compared to fiat currencies, cryptocurrencies were far safer than credit cards and even the US dollar.
“The main problem with Bitcoin is that its transactions can be easily reversed by a malicious party,” The Citerblockchain report said.
“As a result, users have no way to know if the transaction is real or not.”
According to The Citeblockchain study, “bitcoin is the most secure crypto-currency.”
The study found that the two cryptocurrencies are nearly equal in terms of both security and ease of use.
“Cryptocurrencies are also far more secure than traditional currency because the Bitcoin blockchain uses cryptography to protect the blockchain’s transactions,” TheCiteblockChain said.
“Cryptocurrency transactions can also be reversed in a matter of seconds, so that any malicious party could just spend the cryptocurrency back to their own account.”
In addition, cryptocurrencies have more features than fiat currencies.
For instance, “cryptocurrency transaction limits and fees are fixed,” TheBlockchain said.
Furthermore, “the fees charged by bitcoin transactions are significantly lower than those charged by traditional currencies.”
“Bitcoin is also far easier to store than traditional cryptocurrencies.
Cryptocurrency wallets also require users to sign up for an account and are not subject to the same security features as traditional currencies,” Theblockchain added.
The study concluded that, in the long term, “Bitcoin and its underlying technology will be the preferred crypto-currencies of the internet and are more secure, reliable, and secure than fiat-backed currencies.”
For more information on cryptocurrencies, check out TheCitibank’s whitepaper, “The Cryptocurrencies that will revolutionize the global economy.”