Cryptocurrency is a digital alternative to using cash or credit cards to make payments. Its use is growing day after day as an alternative to traditional payment methods. It, however, took time before people accepted and welcomed it into the market. Below are some of the advantages of using cryptocurrency.
Fraud is kept at minimal with cryptocurrency because it is digital, cases of counterfeit or reversed payments are reduced. This has been a huge challenge with traditional payment methods.
You are not required to give personal details when using cryptocurrency. This reduces cases of identity theft. When you use a credit card, for example, the store gets so many personal details. This is so even with small transactions. On the same note, credit card transactions require a pull of transaction where money is drawn from another account. Cryptocurrency works on a push basis. This is where the holder is given the option to send the exact amount without transaction fees.
It is easy to make cryptocurrency payments comply with certain terms. For instance, a digital contract can be created to make future payments, get third party approval or reference external factors. This type of payment is efficient and fast even with special contracts.
The use of this currency is available to anyone with access to the internet. Cryptocurrency is growing very popular in some parts of the world. Kenya is among them. About 1/3 of the population is using digital wallets through local microfinance services.
A cryptocurrency transaction can be completed without charges or extra fees. However, if you are using a digital wallet or third party services, a small fee applies.
Payments with cryptocurrency are not subject to country’s levies, interest rates, transaction charges or exchange rates. This makes it possible to complete transactions across borders with ease.
There are about 1200 types of unique cryptocurrency. This makes it possible to use the payment method which matches your needs. Well, we can use coins for everyday transactions, but we have types which can only be used for a specific purpose or particular industry.
The above are the advantages of using cryptocurrency. If you have had doubts about it, you can start using it with confidence. The discussed are not the only benefits of using cryptocurrency. We highlighted the major ones. To learn more about this currency, click here.