What are the benefits of using cryptocurrencies as payment? It’s a fact that running a successful business in today’s fast-paced world requires you to adopt technology and advances that give your business a competitive advantage. The business dealings go beyond the local markets, bringing a payment challenge when dealing with customers from different regions.
Cryptocurrencies are helping businesses to standardize payments across the globe, making it easier for customers to complete transactions. Accepting cryptocurrency as a currency eliminates the need for debit or credit cards. Customers can make payments directly from their cryptocurrency wallet to your business’s wallet.
Here are some benefits of using cryptocurrencies as payment:
Better payment security
With fraud cases becoming more common, there is a need for businesses and individuals to adopt safer methods of transactions that protect against data theft. The security aspect is the major reason why most people opt for cryptocurrency. Cryptocurrency as payment is a safer alternative to debit and credit cards, which are susceptible to fraud. It does not require third-party verification or keeping the transaction data in a centralized hub. The transaction data remains in the crypto wallet, making it difficult to steal a user’s identity.
Lower transaction fees
The challenge most customers experience when buying from merchants is higher transaction fees charged by third-party payment processors. With some payment processors charging up to four per cent per transaction, cryptocurrency with its lower fees is a welcome alternative to most regular buyers. One of the benefits of cryptocurrency as a mode of payment is the convenience of accepting international payments. Businesses and customers do not have to worry about international payment currency fees or processing wait periods, as cryptocurrencies do not have a country of origin.
Accepting cryptocurrency as a payment protects your business against charge-backs that occur with credit cards, which can be fraudulent as it does not involve both parties. With cryptocurrency, you have peace of mind knowing there must be an agreement between the customer and business before a refund occurs. They also rely on blockchain technology, making it impossible to double spend.
In a traditional payment setup, an individual gives the stewardship of their funds to a third party, who determines when and how you can use or access your funds. Third parties can close the accounts without notice. With cryptocurrency payments, you are in charge of the corresponding public and private keys, giving you the full authority of your payments.
The convenience and flexibility of cryptocurrency give you the freedom to make investment decisions. Nobody takes your money or invests it for you. Nonetheless, you should learn the best ways to invest in cryptocurrency to get the best value. Dan Hollings The Plan provides beginners with a guide to digital cash to help you understand the market and the best trading strategies.
You can adapt the role of money with cryptocurrencies. Sometimes you may want to hide your details, which is impossible with bank or credit card payments. Banks and credit cards log every transaction in a statement, making it impossible to make discrete payments. Most cryptocurrencies are ephemeral, allowing you to use them on payments you would not like to appear on your payment history.
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