Cryptocurrency is a digital alternative to using credit cards or cash to make daily payments in a variety of situations. It continues to grow as a working alternative to traditional payment methods, but still needs to become more stable before being fully welcomed by ordinary people. Let’s look at some of the many benefits of using cryptocurrency:
Fraud – any problem with fraud is minimized because the cryptocurrency is digital, which can prevent back or counterfeit payments. This type of action can be a problem with other traditional payment options, such as credit card, due to refund payments.
Identity theft – it is not necessary to provide 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, credit card payments rely on a withdrawal transaction where a specific amount is charged to an account. When paying with cryptocurrency, the transaction is based on a targeted basis, which gives the account holder the opportunity to send only the exact amount due without additional information.
Universal use – cryptocurrency payments can be easily made to meet certain conditions. A digital contract can be created to make the payment subject to completion 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 still very fast and efficient.
Easy access – the use of cryptocurrency is widely available to anyone with Internet access. 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 additional fees or charges. However, if you use a digital wallet or a third-party service to hold the cryptocurrency, there will probably be a small fee.
International trade – this type of payment is not subject to country-specific levies, transaction fees, interest rates or exchange rates, which makes it possible to make cross-border transfers with relative ease.
Adaptability – with nearly 1,200 unique types of cryptocurrencies on the world market, there are many opportunities to use a payment method that meets specific needs. Although there are many possibilities for using coins for everyday use, there are also those designed for a specific use or in a specific industry.