Cryptocurrency has quickly gained ground as a currency that can be used to trade and pay for goods and services. Not very long ago, the only crypto people were aware of was Bitcoin. Cryptos are numerous as well as versatile and are great for carrying out business transactions.
There are many benefits to using cryptocurrency as a form of payment especially in 2019. These benefits include ease of transaction, security and various ways to earn interest. Trybe brings you a few reasons why you should transact using cryptocurrency in 2019.
Reasons to Transact Using Cryptocurrency
There will come a time when cryptocurrency will be the main method of transacting business and paying for services as well as trading on the stock market. Here are the top 8 reasons why:
Transacting in cryptocurrency does not cost as much as fiat payments. The fee may be as low as 1% of the amounts being transacted while with fiat currency; the fee may be as much as 10%.
Money in the bank attracts all sorts of charges such as overdraft and minimum balance fees. With cryptocurrency payment, transactions are charged at 0.5% for every transaction. Your digital wallet attracts no fees.
As a user, you are not required to reveal your identity. Therefore, you can carry out your transactions under the cover of anonymity. With banks, you will be required to reveal your name as well as your identification details.
Users can transact anytime and anywhere instantly and cost-effectively. There are no international fees to be concerned about and you are not limited in the amounts you can transact.
From your Smartphone, you can transact any amounts of money and also keep track of your funds. Banks may have limitations on how much you can withdraw and your country may have stringent laws on how much you are allowed to have on your person.
A Stronger eCommerce
Online transactions can only get better with cryptocurrencies. Paying for goods purchased from online platforms and online stores will be so much easier. Moreover, you can also run your own online hustle without experiencing the usual hurdles that online money transactions present.
No Charge Backs
Cryptocurrency transactions are instant. Business owners will no longer experience the tricks of unscrupulous customers who cancel payment once they have their goods as often happens with fiat currency. Once the payment is done, it cannot be reversed.
Crypto payments can be executed on any internet-enabled device. Transactions conducted via the Smartphone instead using your Visa Card come with great benefits such as privacy and security.
Cryptocurrency is a Growing Market
Cryptocurrency platforms have billions of dollars being transacted every month. It has become such a lucrative market that financial institutions are joining in. Popular exchanges such as Coinpayments serve over 200 countries and handle incredibly huge amounts of funds on a daily basis.
Use in Commerce
Tens of millions of people in the world use cryptocurrencies. Others are informed about it and even more are getting curious about the various cryptos on offer. Cryptocurrency is, therefore, gaining quite a following in business use as some companies have accepted it as an alternative payment.
Evidently, cryptocurrency is growing and gaining users every day. Being accepted as a form of payment means that it has gained recognition as a currency that can not only transact but also create and grow wealth. As such, everyone should be on board in 2019 not to be left out of experiencing the awesome benefits.