Cryptocurrency is a digital alternative to using credit cards or cash to make daily payments in different situations. It continues to be a viable alternative to traditional payment methods, but it still needs to become more stable before it can be fully welcomed by ordinary people. Let’s look at some of the many benefits of using cryptocurrency.
Fraud – Any fraudulent problem is minimized because the cryptocurrency is digital, which can prevent reverse or counterfeit payment. This type of transaction can cause problems with other traditional payment methods, such as credit cards, due to refunds.
Identity Theft – When using cryptocurrency, there is no need to provide personal information that could lead to identity theft. If you use a credit card, the store provides a lot of information about your credit line, even in the case of a very small transaction. In addition, credit card payment is based on a drawback transaction where a certain amount of money is required from the account. In case of payment in cryptocurrency, the transaction is based on push, which allows the account holder to send only the exact amount of the payment, without additional information.
Versatile use. Cryptocurrency payment can be easily made under certain conditions. A digital contract can be made to make a payment on a future date, 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 with access to the Internet. It is very popular in some parts of the world, for example in Kenya, where almost a third of the population uses a digital wallet through a local microfinance service.
Low Fees – It is possible to make a cryptocurrency transaction without paying extra fees or charges. However, if a digital wallet or third-party service is used to store the cryptocurrency, there may be a small fee.
International trade. This type of payment is not subject to country specific fees, transaction charges, interest rates or exchange rates, which makes cross-border transfers relatively easy.
Adaptability. With almost 1,200 unique types of cryptocurrencies on the world market, there are many payment options available to suit your specific needs. Although there are many ways to use coins for everyday use, there are some that are designed for a specific use or industry.