Cryptocurrencies are soaring high like never before. As compared to fiat currencies, cryptocurrencies are marking their own set of popularity. Despite the volatile nature of the crypto-market, trading with the cryptocurrencies greatly benefits customers and business people alike. The cryptocurrency market is performing well and is also seen as a prospectus for long-time investment.
Here are some valid reasons you might wish to consider to choose cryptocurrency as a payment mode–
* Lower transaction fees
While transacting with fiat currencies and its traditional modes like debit card, card-card, or net banking, a specific transaction fee is charged. Earlier, there used to be none when these digital modes didn’t seize to exist, but today using them comes with a cost. With cryptocurrencies, that is not a worry as the fee is almost 60-70% lesser than that of cards.
* Cross border usage
Fiat currencies come with a certain expense and time when dealt with offshore trading. With cryptocurrencies, the cost levied is small. All that is required is a mobile phone and a cryptocurrency wallet.
* E-commerce Advantage
Keeping cryptocurrencies as a payment mode for traders too is advantageous. Accepting cryptocurrencies would cost 60-70% lower fees than fiat currencies. This will obviously mean that a trader will have more in their pocket.
* No chargeback
Customers often demand money back after using or damaging an item. This is a loss situation for the trader. But with cryptocurrency, the customer will have to directly interact with the seller for a money-back scenario. There is no e-commerce site involvement.
* Safe payments
Cryptocurrencies are paid via mobile phones. It is extremely accessible and user savvy. Blockchain technology ensures that the payment has very less scope of any faults or theft. Once a transaction is sent to an account, it cannot be retrieved. All personal details are not asked for over a cryptocurrency wallet except for a name. Traditional banks had much more information with very less discretion leaving out chances of any data mishandling. The above reasons are enough for one to instill their trust in the cryptocurrencies. Payment methods must evolve with time to suit the customer needs. The crypto is a way ahead in that aspect. Cryptocurrencies are the next big switch! With the changing scenario in the world economy, cryptocurrencies can prove to turn out to be a game-changer.