Cryptocurrency is a digital alternative to using credit cards or cash to make everyday payments in a variety of situations. It continues to develop as a viable alternative to traditional payment methods, but it still needs to become more stable before it is fully accepted by ordinary people. Let’s take a look at some of the many benefits of using cryptocurrency:
Fraud – Any issue of fraud is minimized as cryptocurrency is digital, which can prevent reverse or counterfeit payment. This type of action can be a problem with other traditional payment options such as credit card due to chargebacks.
Identity Theft – You don’t need to give out personal information that could lead to identity theft when using cryptocurrency. If you use a credit card, the store receives a lot of information related to your credit line, even for a very small transaction. Also, paying with a credit card relies on a withdrawal transaction that requires a specific amount from an account. When paying in cryptocurrency, the transaction is push-based, giving the account holder the option to send only the exact amount due without any additional information.
Versatile use – payment can easily be made with cryptocurrency to meet certain conditions. A digital contract can be created to make a payment that is executory at a future date, to refer to external facts, or to obtain approval from a third party. Even with a special contract, this type of payment is very fast and efficient.
Ease of access – the use of cryptocurrency 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 nearly 1/3 of the population uses a digital wallet through the local microfinance service.
Low Fees – It is possible to 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 hold the cryptocurrency, there will likely be a small fee.
International trade – this type of payment is not subject to country-specific levies, transaction fees, interest rates or exchange rates, making it possible to make cross-border transfers with relative ease.
Adaptability – with nearly 1,200 unique types of cryptocurrency on the global market, there are many options for using a payment method that fits specific needs. While there are many uses for the coins for everyday use, there are also those designed for a specific use or in a certain industry.