Why We Will See An Increase In Crypto Payments This Year

The fact is, there are several cryptocurrencies which are versatile and can be utilised as whole private bank accounts and payment cards for nearly every occasion. There is a growing number of fiat-based payment processors, sure, but cryptocurrency payments provide the consumers and merchants with almost unlimited benefits.

Worldwide

There is a international usage when it comes to cryptocurrencies. They are borderless which means that instant and cost effective transactions are available. There is no waiting or any limits to this. As reported by Bitcoin.com, “all that is needed is an internet-enabled device like a cell phone and someone without access to a banking institution is given an alternative solution with which they can pay bills, earn income, safe-keep their funds, make purchases and conduct business.”

Data

Banks and other financial institutions obtain and keep a lot of the clients information, especially financial information. Your name, address, place of work, account balances and more are in the history data for these institutions around the clock, getting updates when needed. Cryptocurrency transactions provide an alternative option by limiting the the amount of transaction data to just numbers which is also known as cryptocurrency wallet addresses.

“A cryptocurrency payment processor acting as a third party will typically require your name (and shipping address for the delivery of physical goods), but the rest of your information will remain private as long as you don’t connect your bank or credit card account and transact solely in BTC and altcoins.”

Fee

In today's world, bank accounts of all shapes and sizes have fees associated with them, including debit and credit cards. There are ATM fees, merchant fees, overdraft fees, chargeback fees, transfer fees and like we say, debit card and credit card fees.

On the other side of things, when it comes to cryptocurrency payment gateways like Coinpayments and Bitpay, the transaction fees are mostly between 0.5 percent and 1 percent for every transaction. For most cases, a cryptocurrency account such as a digital wallet is completely free unless you decide to go with a crypto hardware wallets or prepaid cards other than the transaction fee. By using cryptocurrency as actual money, this costs you nothing.

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