Cryptocurrency is an encrypted virtual currency that is monitored and organized through the blockchain network. It is used for transactions like buying, selling and transferring. They are decentralized forms of money, and any government or financial institution has no control over them, unlike the legal tenders. Cryptocurrency carries mixed opinions about its scope and usage. Its advantages and disadvantages are vividly discussed, but a majority of the population is still skeptical about its credibility. This article intends to state a few merits of cryptocurrency.

1. Decentralized currency: Cryptocurrencies are controlled by the developers who are using them and those with a significant amount of the coin. The flow of this digital currency is not determined or influenced by any central agency. The decentralization keeps the currency monopoly free and in restraint, which keeps it stable and secure.
2. Self-governed and managed: The miners store currency transactions on the hardware which they get in return for the mining. The miners keep the transaction records accurate and up to date, maintaining the integrity of the cryptocurrency.
3. Cost-effective transactions: The transaction cost of transferring money across borders is negligible and zero because while transferring cryptocurrencies, there is no need for third-party verification like VISA or PayPal. This makes cryptocurrencies a feasible option for sending money across borders.
4. Smooth currency exchanges: It is very convenient and easy to buy cryptocurrencies using other currencies such as the U.S. dollar, Indian rupee, European euro, etc. Cryptocurrency wallets and exchanges easily convert one currency into another by trading in cryptocurrency across different wallets with very few transaction fees.
5. Secure and private: The blockchain ledger works on different mathematical puzzles which are difficult to decode. The blockchain method makes the cryptocurrency safer than other electronic transactions. They use pseudonyms that are not connected to the user account or stored data that might be linked to a profile.
6. Quick transactions: Cryptocurrency transactions are quick and easy because the verification process is very smooth and simple.
7. Protection from inflation: A few cryptocurrencies have a hard cap on the total number of coins that will ever be minted. So, when the increased money supply outpaces the growth in the bitcoin supply, the price of bitcoin ought to increase.

Although cryptocurrencies have a few strong merits, they are not free from demerits and complications which limit their scope and usage. Hence, people will take the time to fully appreciate the concept and use of cryptocurrencies.