Crypto-currency 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 needs to be even more stable before it is fully welcomed by ordinary people. Let’s look at some of the many benefits of using cryptocurrency:
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Fraud – Any problem with fraud is minimal because it is a digital cryptocurrency that can prevent a reverse or counterfeit payment. This type of action can be a problem with other traditional payment options, such as your credit card, due to chargebacks.
Identity theft – There is no need to provide any personal information that could lead to identity theft when using cryptocurrency. If you use a credit card, the merchant provides a lot of information related to your line of credit, even for a very small transaction. Also, credit card payment is based on a pull transaction where a specific amount is required from an account. With a cryptocurrency payment, the transaction is based on a push basis, which allows you to send the exact amount to the account holder only without additional information.
Versatile use – cryptocurrency payments can be easily made to meet certain requirements. A digital contract can be created to meet a payment at a future date, to refer to external events, 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 widespread for anyone with Internet access. It is growing in popularity 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.
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Low fees: It is possible to make a cryptocurrency transaction without having to pay additional fees or charges. However, if you use a digital wallet or a third-party service to maintain your cryptocurrency, there may be a small charge.
International Trade – This type of payment is free of country-specific taxes, transaction costs, interest rates, or exchange rates, which makes cross-border transfers relatively easy.
Suitability – with nearly 1,200 unique types of cryptocurrencies in the global marketplace, there are many options for using a payment method that meets specific needs. Although there are many ways to use the coin for everyday use, there are also some that are designed for a specific use or for a specific industry.