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 still needs to be more robust before it can be fully enjoyed by ordinary people. Let’s look at some of the many advantages of using cryptocurrency:
Fraud – any issue of fraud is kept to a minimum because digital cryptocurrency can prevent a reverse or counterfeit payment. This different action could be a problem with other traditional payment options, such as credit cards, due to back-charges.
Identity theft – no need to provide personal information that could lead to identity theft when using cryptocurrency. If you use a credit card, the store is given a lot of information related to your line of credit, even for a very small transaction. Likewise, credit card payments rely on a withdrawal transaction in which a certain amount is demanded from an account. In cryptocurrency payments, the transaction is based on a push basis, giving the account holder the option to send only the exact amount without additional information.
Versatile use – a payment via cryptocurrency can easily be made to comply with specific terms. It can be a digital contract to make a payment that is completed on completion at a future date, discussing testimonials, or obtaining third-party approval Even if there is a special contract in place , this type of payment is much quicker and more efficient.
Easy access – the use of cryptocurrency is widely available to anyone with internet access. It is growing very popular in some parts of the world, such as Kenya, with almost 1/3 of the population using a digital wallet through a local microfinance service.
Low fee – it is possible to complete a cryptocurrency transaction without having to pay additional fees or charges. However, if a digital wallet or third party service is used to hold the cryptocurrency there may be a small fee.
International trade – this type of payment is not subject to appropriate country taxes, transaction fees, interest charges, or exchange rates, making it possible to complete cross -border transfers with ease.
Adaptation – with nearly 1200 different types of cryptocurrency in the worldwide market, there are many opportunities to use a payment method tailored to specific needs. Although there are many options to use coins for everyday use, there are also those intended for a specific use or a specific industry.