6 advantages of cryptocurrency

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Cryptocurrency is a digital alternative to using credit cards or cash to make daily payments in a variety of situations. It continues to grow as a viable alternative to the traditional payment system, but it needs to become more stable before it can be fully welcomed by the general public. Let’s take a look at some of the many benefits of using cryptocurrency:

Fraud – Any problem with fraud is kept to a minimum because cryptocurrency is digital which can prevent a reverse or counterfeit payment. Such a move can be a problem with other traditional payment options, such as credit cards, due to charge-backs.

Identity Theft – There is no need to provide personal information when using cryptocurrency which can lead to identity theft. If you use a credit card, the store provides a lot of information about your credit line, even for very small transactions. Also, credit card payments depend on a pool transaction where a certain amount is requested from an account. With a cryptocurrency payment, the transaction is made on a push basis, which gives the account holder the option to send only the exact amount without any additional information.

Versatile use – a payment by cryptocurrency can easily comply with certain terms. A digital contract may be made to be completed at a future date, subject to external information or payment subject to approval by a third party. Even with a special contract, such payments are still very fast and effective.

Easy access – The use of cryptocurrencies is widely available to anyone with access to the Internet. It is becoming very popular in some parts of the world, such as Kenya, where about 1/3 of the population uses digital wallets through local microfinance services.

Low Fees – It is possible to complete a cryptocurrency transaction without additional fees or charges. However, there may be a small charge if a digital wallet or third party service is used to hold cryptocurrency.

International Trade – This type of payment is not subject to the country’s specific tariffs, transaction charges, interest rates or exchange rates, which makes it relatively easy to complete cross-border transfers.

Adaptability – With around 1,200 unique cryptocurrency types on the world market, there are plenty of opportunities to use a payment method that meets specific needs. While there are plenty of options for using coins for everyday use, there are also those for specific use or in a specific industry.

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