Cryptocurrency is a digital alternative to using credit cards or cash to make everyday payments in a variety of situations. It continues to grow as a viable alternative to traditional payment methods, but it still needs to be more stable before it can be fully embraced by ordinary people. Let’s take a look at some of the many benefits of using cryptocurrency:
Fraud – any problem with fraud is kept to a minimum because cryptocurrency is digital and this can prevent chargeback or fraudulent payment. This type of action can be a problem with other traditional payment options such as credit cards due to chargebacks.
Identity theft – when using cryptocurrency, there is no need to provide personal information that could lead to identity theft. If you use a credit card, the store is given a lot of information about your credit line, even for a very small transaction. Also, credit card payment is based on a pull transaction where a certain amount is requested from the account. With cryptocurrency payment, the transaction is done on a push basis, which allows the account holder to send only the exact amount due without additional information.
Versatile use – payment with cryptocurrency can be easily made to comply with certain conditions. A digital contract can be created to make a payment that must be completed at a future date, refer to external facts, or receive third-party approval. Even with a special contract, this type of payment is still very fast and efficient.
Easy access – the use of cryptocurrency is widely available to anyone with access to the Internet. It is becoming very popular in certain parts of the world, such as Kenya, where about 1/3 of the population uses a digital wallet through a local microfinance service.
Low fees – it is possible to complete a cryptocurrency transaction without any additional fees or charges. However, if a digital wallet or third-party service is used to store the cryptocurrency, there will likely be a small fee.
International trade – this type of payment is not subject to country-specific fees, transaction fees, interest rates or exchange rates, allowing you to complete cross-border transfers with relative ease.
Customization – with nearly 1,200 unique cryptocurrencies on the global market, there are plenty of opportunities to use a payment method tailored to specific needs. While there are many options for using coins for everyday use, there are also those designed for a specific use or a specific industry.