Cryptocurrency is developing into a mainstream monetary resource that everyone will one day use to carry out transactions. Powered by the resilient and secure blockchain technology, cryptocurrency has gotten applications in every aspect of the global economy. Here are the top 10 reasons why you should consider shifting to cryptocurrency payments in 2019.
1. Incredibly Low Fees
Cryptocurrency payments are associated with incredibly very low fees compared to fiat currency payment platforms. Fees payable for fiat money transfers can go up to 10 percent of the portfolio transferred. With cryptocurrencies, however, transaction fees are generally reduced.
Consider a fiat money transfer involving $600 million. With existing services such as SWIFT charges can up to $30 million. On the other hand with cryptocurrencies transferring $600 million across the world attracts only a $1 transaction fee.
Cryptocurrency transactions do not require users to declare their identities. Transactions can be executed anonymously. Unlike transactions involving banks, with cryptocurrency, there is no need to register and verify your national identity card and other sensitive biodata.
Governments tend to tax all financial remittance to a country irrespective of how small the transactions might be. With cryptocurrency transactions, these unnecessary charges can be offset. Keeping privacy information during monetary transfers is vital to some individuals who prefer high levels of anonymity.
For transactions requiring physical deliveries of goods or services, the customer can provide just the address. This still saves you a big deal of problem associated with sharing your entire biodata like its done in banks. However, to make this kind of arrangement anywhere near possible, the customer must use Bitcoin or altcoins.
3. No International Boundaries
Cryptocurrencies do not obey any borders. Instant cost-effective transactions can be executed virtually from any part of the world and at any time. Unlike banks and fiat currencies, cryptocurrencies do not attract any international fees nor does it attract any limitations on transaction amounts.
Using cryptocurrencies does not come along with the long list of the annoying requirements banks want from new customers. Basically, an internet-enabled smartphone is enough to wire millions of dollars across the world instantly. On the other hand, cryptocurrencies provide a good way to keep your money while traveling.
It is expensive to save money in an international bank account and many nations limit the amount of cash you can carry around your briefcase legally. Cryptocurrency comes handy when you want to purchase a property abroad and don’t want to spend a good part of your money in taxes.
4. Enhanced eCommerce
Buying and selling on the web has never been easier thanks to cryptocurrencies like BTC, BCH, and Altcoins. Traders selling items on platforms such as Amazon, Shopify, and Etsy merchants can choose to accept cryptocurrency payments. Although Amazon does not support cryptocurrency itself, there is Purse.io a platform where users can buy anything off amazon in cryptocurrencies.
There are other very amazing platforms out there that bridge the gap between cryptocurrency payments and online stores. Some of these platforms include Magento and open bazaar. The advantage with cryptocurrencies s that there are super simple to use and transactions fees are generally very low compared to its fiat counterpart.
5. No Charge Backs
The nature of fiat payment system allows some customers to intentionally cancel their orders after the item is delivered. This is simply because fiat payments are not instant. Worst yet the customer might have used the item somehow before canceling the order and returning the item to the store.
Cryptocurrency transactions are unchangeable meaning that once the transaction occurs there is no turning back. Funds ‘travel’ from one wallet to another, the transaction records and cannot reverse it. This is not to say that a customer cannot return an item and request a refund by communicating directly with the vendor.
Of course, they can. What they cannot do is place an order, pay for it, receive it and then get the sum they paid back on their account. Because money back policies are overseen by online payment processors and credit card companies.
Meanwhile, Chargebacks mean to prevent fraud, they often accomplish the very opposite. In this instance, cryptocurrency works the same way as cash. After you’ve taken the item you paid for with cash, you can’t go back to the store with a damaged or used item, never mind empty-handed, and demand your money back.
Cryptocurrencies keep running on a blockchain, an arrangement of advance record that is partaken in a distributive system. Crypto exchanges can execute from cell phones, tablet PCs or PC which are very convenient. Cryptocurrency exchanges have become extremely popular. Having the capacity to utilize a cell phone instead of a Mastercard is outrageously advantageous.
From Paypal and Apple Pay to Mastercard’s PayPass and Visa’s Paywave with close field correspondence (NFC) innovation and present-day POS terminals, getting the check has never been simpler. But a similar protection and security issues emerge likewise with whatever remains of customary, fiat money exchanges, in particular, an excessive amount of information in one place.
All as of now accessible portable fiat installment processors store charge card data which incorporate the majority of our money related data and that’s just the beginning. Also that everyone of that information is on the web and on our cell phones wherever we go.
Cryptocurrencies are a more secure advancing money alternative and are perfect for crypto exchanges naturally due to their virtual, decentralizing nature.
7. A Growing Market
Leading cryptocurrency exchanges like Bitpay handles billions of dollars worth of crypto transaction annually. It reports that the cryptocurrency exchange handles more than a quarter million dollars in transaction volume monthly.
Another popular exchange, Coinpayments serves more than 200 nations and recently purchased BitTorrent a move that added another 100 million customers to their clientele. Exchanges like Coingate handles more than 50,000 traders and handles millions of crypto transactions.
Recently the cryptocurrency payment processor Utrust formed a partnership with fiat money payment company Payrexx to provide crypto services to more than 10,000 European shippers.
This briefly how big the cryptocurrency market is. Many more cryptocurrency platforms are partnering with fiat money companies. This is a positive move for further expanding the cryptocurrency industry as a whole.
8. Business Use
Research shows that more than 20 million people around the world use cryptocurrencies. An additional 10 million people have known cryptocurrencies for some time and would consider owning it any time in a nearby future. Cryptocurrencies are rapidly gaining business use cases.
Companies Square uses cryptocurrency in a similar way as credit cards operate. Square, an eminent competitor of PayPal uses Bitcoin as an additional payment option. According to recent research conducted by the Cambridge Center for Alternative Finance, more than 40 percent of shoppers agree that they would happily adopt bitcoin as a payment means.
9. A Good Investment
Bitcoin is one of the best investments for a number of years. Since Bitcoin has a limited supply, which is in a perpetual decline, and at the same time its demand continues to increase, its price tends to naturally appreciate.
For example, bitcoin was worth around $1,000 at the start of 2017. As of Nov 2018, bitcoin is worth $3600 representing a profit of around 400% for those who invested in bitcoins at the start of the year. Since bitcoin is still in its infancy, it is still growing at a rapid rate. Despite the high volatility associated with any new investable asset, it offers a tremendous investment opportunity and is one of the answers to why bitcoin is rising.
10. Offers Safety in an Unstable Global Economy
The has experienced some really tough economic times already. The worst of the most recent one being the financial downturn of 2007-2008 which brought the Eurozone crisis, the Greek Debt crisis, and the Italian banking crises.
Despite the fact that the global economy is slowly stabilizing, it is still very raw to assume that another crisis won’t hit in the next decade. Should the worst come to the worst Bitcoin could offer a safe haven against losses of fortunes. This is because Bitcoin does not directly tether to the global economy.
In case we forgot to add any other amazing reasons why you should use crypto payments in 2019. Do not hesitate to add your point in the comment section below.
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