Cryptocurrency is a new payment method that is becoming very popular day by day. It is based on blockchain technology. An increasing number of companies around the world use Bitcoin and other digital activities for a series of investments, operational, and transactions. Here I’m showing you 14 crypto payment benefits.
Why Consider Crypto
Over 2,300 U.S. entrepreneurs were accepting crypto by the end of 2020, and that does not include bitcoin ATMs. A growing number of businesses around the world are using cryptocurrency and other digital assets for a variety of investment, operational and transactional purposes.
Using cryptocurrencies to conduct business presents a number of opportunities and challenges. As with any border, there are both unknown dangers and strong incentives. This is why companies that venture to use cryptocurrencies in their business should have two things: a clear understanding of why they are taking this step and a list of the many questions they should be asking themselves.
Here I’m sharing my knowledge about crypto payment benefits:
Benefits of Cryptocurrency
Here I’m sharing some points why companies are using cryptocurrency:
- Cryptocurrencies can provide access to new demographic groups. Users often represent a more avant-garde clientele who values transparency in their transactions. A recent study found that up to 40% of customers who pay with cryptocurrencies are new customers to the business, and their purchase amounts are double that of credit card users.
- Crypto payment is low cost and fast.
- If you want to send money from USA to India it will take 3-4 days through bank, but crypto payment will take only few minutes.
- Cryptocurrency is a digital currency and it stored in digital wallet. You can access to your digital wallet from anywhere in the world through smartphone or PC.
- You can also keep your digital currency to your credit card.
- It is your own property as long as you know the password of your digital wallet. The coins are completely under your management and ownership. No one can use your digital currency.
- Crypto coins work differently. You can do business immediately with others without the intervention of a bank or third party. Transactions with crypto coins or digital currencies are peer to peer transactions or person-to-person transactions.
- Nearly 2 billion people don’t have any bank account in this planet. Many of them have smartphone. Blockchain technology and crypto coins allows these people to do financial transactions.
- Crypto coins come with new investment opportunities.
- Coins or tokens provides some options simply not available with regular currency.
- More and more companies are finding that major customers and suppliers want to engage in the use of cryptocurrencies. As a result, your business may need to be positioned to receive and distribute cryptocurrencies to ensure smooth trading with key stakeholders.
- To complete a transaction through a bank, you need to provide a lot of personal information. For cryptocurrency payments, you do not have to provide any personal data and transactions are carried out anonymously.
- Each dealing within the blockchain is verified by a suburbanised network of devices (called nodes), regular and connected to the previous transaction, making a statistic of transactions. The log of those subsequent, irreversible transactions (also called the blockchain) is ceaselessly synchronic and updated across all devices collaborating within the blockchain network. This prevents a 3rd party from manipulating the payment or the sender from canceling the payment.
- In your cryptocurrency wallet, you can create as many account numbers or addresses as you want. Let’s say we have $1000 worth of Bitcoin. You can leave it at a bitcoin address, but if you want to pay with your mobile, it is useful to use an application on your mobile to create a separate bitcoin address or an account number to transfer to for example $100. You can therefore spend up to $100 in Bitcoin via your mobile phone. You can also create your own account numbers for fixed expenses, groceries, vacations or for children.
Crypto coins are becoming very popular day by day as there are a lot of benefits. Here I have shown some of them. Increasing crypto accounts are the strongest evidence of crypto payment benefits. If you don’t have a crypto account, you should have an account and start your crypto transaction.