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 a 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.