Cryptocurrency is a digital alternative to using credit cards or cash in different situations. It continues to grow as an effective alternative to the traditional traditional payment system, but still needs to become more stable before the general public can fully appreciate it. Let’s take a look at some of the benefits of using cryptocurrency:
Fraud – Any issue with fraud is kept to a minimum because cryptocurrency is digital which can prevent any reverse or counterfeit payments. Due to the charge-back, such a move could be a problem for other traditional payment options, such as credit cards.
Identity Theft – No need to provide personal information which can lead to identity theft when using cryptocurrency. If you use a credit card, the store is given a lot of information about your credit line, even for very small transactions. Also, credit card payments depend on a tight transaction where a certain amount is requested from an account. With a cryptocurrency payment, the transaction is made on a push basis, which gives the account holder the option to send the exact amount without additional information.
Versatile use – Payment by cryptocurrency can easily comply with certain conditions. Digital contracts may be created for payment to be completed at a future date, to cite external information or to obtain third party approval. Even with a special contract in place, this type of payment is still very fast and effective.
Easy access – The use of cryptocurrencies is widely available to anyone with access to the Internet. It is becoming very popular in some parts of the world like Kenya, where about 1/3 of the population uses digital wallets through local microfinance services.
Low Fees – It is possible to complete any cryptocurrency transaction without additional fees or charges. However, if a digital wallet or third-party service is used to hold cryptocurrency, a small amount is likely to be charged.
International Trade – This type of payment is not subject to a specific country, a specific transaction charge, interest rate or exchange rate, which makes it possible to complete cross-border transfers with relative ease.
Adaptability – With nearly 1,200 unique cryptocurrency types on the global market, there are plenty of opportunities to use a payment method that matches certain currencies. While there are plenty of options for using coins for everyday use, there are also options for specific use or for specific industry purposes.