Cryptocurrency is a digital alternative to using credit cards or cash for everyday payments in a variety of situations. It continues to grow as a viable alternative to traditional payment methods, but still needs to become more stable before ordinary people will fully welcome it. Let’s take a look at some of the many benefits of using cryptocurrency:
Fraud – Any issues with fraud are minimized because cryptocurrency is digital, which can prevent chargebacks or counterfeit payments. This type of operation can be a problem with other traditional payment methods such as credit card due to chargebacks.
Identity Theft – There is no need to provide personal information that could lead to identity theft when using cryptocurrency. When you use a credit card, the store receives a lot of information related to your credit line, even for very small transactions. In addition, credit card payment relies on a withdrawal transaction when a certain amount is requested from the account. When paying in cryptocurrency, the transaction is based on push payment, which gives the account holder the option to send only the exact amount without additional information.
Versatile use – Payment in cryptocurrency can be easily made according to certain conditions. A digital contract can be created to make a payment to be made in the future, to refer to external facts, or to obtain the approval of third parties. Even with a special contract, this type of payment is still very fast and efficient.
Ease of Access – Cryptocurrency usage is widely available to anyone with access to the Internet. It is becoming very popular in some parts of the world, such as Kenya, where almost 1/3 of the population uses a digital wallet through a local microfinance service.
Low Fees – One can complete a cryptocurrency transaction without having to pay any additional fees or charges. However, if a digital wallet or third-party service is used to store cryptocurrency, a small fee will likely apply.
International Trade – This type of payment is not subject to country-specific fees, transaction fees, interest rates or exchange rates, making cross-border transfers possible with relative ease.
Adaptability – With nearly 1,200 unique types of cryptocurrencies on the global market, there are many opportunities to use a payment method that fits specific needs. While there are many uses for coins for everyday use, there are also those that are designed for a specific use or in a specific industry.