Pros Of Paying In Cryptocurrency Online – By TeQBlogs.com
The Starting Point
Have you ever given thought to the benefits of paying in cryptocurrency online? Why most of us must consider crypto as an effective payment method?
For this, it is vital to understand how cryptocurrency is getting into the mainstream.
A Bit About Cryptocurrency
Various cryptocurrencies are decentralized networks that have blockchain technology as their base. For those who don’t know, it is a distributed ledger that has been enforced by a network of computers.
- The highlighting feature of cryptocurrency is that it is not issued by any central authority.
- The above features make it theoretically immune to manipulation or government interference.
- Many experts have got convinced that the related technology and blockchain have the potential to disrupt various industries, which includes law and finance.
Now, we are going to ponder over some main advantages of cryptocurrencies as an online payment method. Let’s get straight to the first one!
PROS OF CRYPTOCURRENCY
1. Offers better payment security
With the advent of the pandemic, there has been a surge in credit card fraud. In the study of April 2020, the volume of attempts of fraud transactions rose to 35% as compared to April 2019.
- It is no surprise that the fraud reports of payment methods in 2020 were credit and debit cards. For this, small businesses were the main targets.
- For example, cryptocurrency can be used as a payment method on Coingate for purchasing eBay gift cards for any goods or services from all over the world, and you can get assured that your payments will be secured.
- This currency is a much safer way as compared to credit or debit cards.
- It is secure because cryptocurrencies do not require any kind of third-party verification.
- For those who pay with cryptocurrency, their data do not get stored in a centralized hub. Rather than this, the information gets stored in their crypto wallet.
- For this, a general blockchain ledger is used for recording and verifying each transaction, which makes it impossible for anyone to steal the information.
2. Transaction made through cryptocurrencies are irreversible
You need to keep in mind that cryptocurrency transaction is for permanent use and can be a double-edged sword for businesses that are small.
- Every business that accepts bitcoin should be prepared for the possibility of any customer asking for a refund. Therefore, tracking all the transactions that customers are performing must be ensured.
- On the contrary to the above, irreversibility on cryptocurrency helps business owners to make a better management of cash flow.
- In case of refund, retail is the one who is responsible for paying back to customers. Under this situation, the team is forced to keep immaculate records.
- The above process creates inefficiency for every business operation.
3. You will be required to pay lower fees
One of the best things about cryptocurrencies is that they charge extremely low fees.
- There are some Bitcoin exchanges that offer fees under 1%.
- If your business also serves customers overseas, then cryptocurrencies are there to help you in avoiding any kind of international currency payment fees.
- The reason behind the above is that cryptocurrencies are not linked to any kind of bank or country of origin.
4. Easy transfer of funds
This currency has always kept itself as an optimal solution for transactions.
- Here, no matter if the transaction is national or international, transactions take place fastly.
- It takes less time because verification takes less time because there are only a few barriers.
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