Cryptocurrency is being discussed as one of the most innovative and game-changing technologies to enter society in many a year. For those who truly believe in it, it represents nothing short of a financial ideal, a world where regular people can handle their finances on their own without having the need for institutions like banks and credit card companies looking over their shoulders. And many people are pointing to the way that cryptocurrency is an excellent way to shield personal information when a financial transaction is made as a huge benefit.
It is in this facet of cryptocurrency where the notion of push versus pull comes into play. Transactions made with credit cards are a “pull”, while those made utilizing cryptocurrency are a “push.” The “push” is a much more beneficial arrangement for the individual, which is one reason why some many people are finding ways to invest in cryptocurrency. A brief explanation of the whole notion of push versus pull should help you decide whether cryptocurrency is right for your own life or if you’d prefer to leave it alone.
The Pull
When you make a transaction using a credit or debit card, the receiving machine is essentially taking your information and processing it so that the transaction can be recorded. The problem with it is that, in order for that to happen, the machine must take the entirety of your information. That means that, if you have an account with 10,000 dollars or whatever other currency inside it, and your transaction only requires paying 20 dollars, the machine still takes in the information about the 10,000 dollars. As a result, if someone gets a hold of that information, like a thief or hacker, they can steal all of that money.
The Push
Now compare that to a cryptocurrency transaction. When you make a purchase using cryptocurrency, you are sharing none of your personal information and only the amount of money needed to make the purchase. So, using the example above, only the 20 dollars would be at stake. Thieves or hackers could not possibly get at the rest of the $10,000. The transaction allows you to “push” only the amount you wish to the recipient, leaving the rest safe.
The Verdict
In this day and age, it is absolutely critical for personal and financial information to be protected. There are many people who have the technological wherewithal to steal this precious material if given an opportunity to do so. That is why cryptocurrency is such a valuable asset for people to try and acquire. When you make that purchase using some sort of digital coins, you can rest assured that the things that you want to hold back from the recipient, including personal information and the bulk of your finances, will indeed be held back.
This brief explanation of the whole dichotomy of “push” and “pull” when making transactions is a further illustration of the value of cryptocurrency. If you needed any more convincing, this should help do the trick.
