7 advantages of cryptocurrency

Cryptocurrency is a digital alternative to using credit cards or cash for everyday payments in various situations. It continues to grow as a viable alternative to traditional payment methods, but it still needs to become more stable before it is fully accepted by ordinary people. Let’s look at a few of the many benefits of using cryptocurrency:

Fraud – any problem with fraud is minimized as cryptocurrency is digital which can prevent voided or forged payment. This type of transaction can be a problem with other traditional payment options, such as credit card, due to chargebacks.

Identity theft – no need to provide personal information that can lead to identity theft when using cryptocurrency. If you use a credit card, the store is given a lot of information related to your credit line, even for a very small transaction. Also, paying by credit card relies on a withdrawal transaction where a certain amount is requested from the account. When paying in cryptocurrency, the transaction is based on a push basis, which gives the account holder the ability to send only the exact amount of the debt without additional information.

Versatile use – cryptocurrency payments can easily be made in accordance with certain conditions. A digital contract can be created to make a payment subject to completion at a future date, referencing external facts or obtaining third-party approval. Even with a separate contract, this type of payment is still very fast and efficient.

Easy access – the use of cryptocurrency is widely available to anyone with access to the Internet. It is becoming very popular in certain parts of the world, such as Kenya, where almost 1/3 of the population uses a digital wallet through a local microfinance service.

Low Fees – It is possible to complete a cryptocurrency transaction without paying any additional fees or charges. However, if a digital wallet or third-party service is used to hold the cryptocurrency, there will likely be a small fee.

International Trade – This type of payment is not subject to country-specific taxes, transaction fees, interest rates or exchange rates, making cross-border transfers relatively easy.

Adaptability – with almost 1200 unique types of cryptocurrencies on the global market, there are many opportunities to use a payment method that suits specific needs. While there are many options for using coins for everyday use, there are also those designed for a specific use or in a specific industry.