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 viable alternative to traditional payment methods, but should still be more stable before it is fully welcomed 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 refunds or fraudulent payments. This can be a problem for other traditional payment options, such as credit cards, due to refunds.
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 will give you a lot of information about your credit line, even for a very small transaction. Also, credit card payment is based on a pull transaction that requires a certain amount from the account. Transactions with cryptocurrency payments are carried out on a push basis, which allows the account holder to send only the exact amount to be paid 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 later date, refer to external facts, or obtain 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 a third of the population uses a digital wallet through a local microfinance service.
Low commissions – it is possible to complete a cryptocurrency transaction without additional payment or fees. However, if a digital wallet or third-party service is used to store the cryptocurrency, it will most likely be a small payment.
International trade – this type of payment is not subject to country-specific fees, transaction fees, interest rates or exchange rates, which allows cross-border transfers to be completed relatively easily.
Adaptability – There are many opportunities to use a payment method tailored to your specific needs in the global market with about 1,200 unique types of cryptocurrencies. While there are many options for using coins for everyday use, there are also those designed for a specific use or a specific industry.