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 become more stable before it is welcomed by ordinary people. Let’s look at some of the many advantages of using cryptocurrency:
Fraud – any problem with fraud is kept to a minimum because the cryptocurrency is digital which can prevent a reversed 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 – there is no need to give out personal information that can lead to identity theft when using cryptocurrency. If you use a credit card, the store is given a lot of information related to your credit line, even for a very small transaction. Also, the credit card payment is based on a pull transaction where a specific amount is requested from an account. With a cryptocurrency payment, the transaction is based on a push basis, which gives the account holder the option to send only the exact amount due without extra information.
Versatile use – a payment for cryptocurrency can easily be made to meet certain terms. A digital contract can be created to make a payment subject to completion at a future date, reference to external facts, or obtain third party approval. Even with a special contract in place, 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 growing very popular in some parts of the world, such as Kenya, which has almost 1/3 of the population using a digital wallet via the local microfinance service.
Low fees – it is possible to complete a cryptocurrency transaction without having to pay extra fees or charges. However, if a digital wallet or third-party service is used to hold the cryptocurrency, there is likely to be a small charge.
International trade – this type of payment is not subject to country-specific taxes, transaction charges, interest rates, or exchange rates, which allows you to complete cross-border transfers with relative ease.
Adaptability – with almost 1200 unique types of cryptocurrency in the global market, there are many opportunities to use a payment method that corresponds to specific needs. Although there are many options to use the coins for everyday use, there are also those intended for a specific use or in a particular industry.