7 Advantages of Cryptocurrency

Cryptocurrency is a digital alternative to using credit cards or cash to make everyday payments in various situations. It continues to develop as a viable alternative to traditional payment methods, but still needs to become more stable before it can be fully welcomed by ordinary people. Let’s take a look at some of the many benefits of using cryptocurrency.

Fraud – Any problem with fraud is minimized because cryptocurrency is digital, which can prevent reverse or counterfeit payment. This type of transaction can cause a problem with other traditional payment options such as credit card due to chargebacks.

Identity theft. When using cryptocurrency, there is no need to provide personal information that could lead to identity theft. If you use a credit card, the store is given a lot of information about your credit line, even for a very small transaction. Additionally, credit card payment is based on a pull transaction where a certain amount is required from the account. When paying with cryptocurrency, the transaction is push-based, which allows the account holder to send only the exact amount of the payment without additional information.

Versatile use. payment in cryptocurrency can easily be made to meet certain conditions. A digital contract can be created to make a payment at a future date, refer to external facts, or obtain third-party confirmation. Even with a special 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 gaining popularity in some parts of the world, such as Kenya, which has almost 1/3 of the population using a digital wallet through a local microfinance service.

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

International trade. this payment type is not subject to country-specific duties, transaction fees, interest rates or exchange rates, making cross-border transfers relatively easy.

Adaptability. With nearly 1,200 unique types of cryptocurrencies on the global market, there are many opportunities to use a payment method that fits specific needs. Although there are many options for using coins for everyday use, there are also those that are designed for a specific use or a specific industry.