Cryptocurrency is a digital alternative to using credit cards or cash for everyday payments in a variety of situations. It continues to grow as a viable alternative to the traditional payment method, but still needs to become more stable before it is fully met by ordinary people. Let’s look at some of the many benefits of using a cryptocurrency:
Fraud – Any problem with fraud is minimized because cryptocurrency is digital, which can prevent reverse or counterfeit payment. This type of action can cause problems with other traditional payment methods, such as credit card, due to refunds.
Theft of personal data – there is no need to transfer personal information that could lead to the theft of personal data when using cryptocurrency. If you use a credit card, the store gets a lot of information related to your credit line, even with a very small transaction. In addition, credit card payment is based on a transaction when a certain amount is required from the account. When paying with cryptocurrency, the transaction is based on a push, which gives the account holder the opportunity to send only the exact amount, without additional information.
Universal use – cryptocurrency payment can be easily executed subject to certain conditions. A digital contract can be created to make a payment binding for future performance, to refer to external facts, or to 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 who has access to the Internet. It is becoming very popular in some parts of the world, such as Kenya, where almost 1/3 of the population uses a digital wallet through a local microfinance service.
Low fees – you can execute a cryptocurrency transaction without having to pay additional fees and charges. However, if a digital wallet or third-party service is used to hold the cryptocurrency, there will probably be a small fee.
International trade – this type of payment is not subject to fees, transaction fees, interest rates and exchange rates, which allows for cross-border transfers with relative ease.
Adaptability – Of the nearly 1,200 unique types of cryptocurrencies on the global market, there are many opportunities to use a payment method that meets specific needs. Even if there are many options for using coins for daily use, there are those that are designed for a specific use or in a specific industry.