While the cryptocurrency market as a whole has evolved exponentially since this time a few years ago, there are several reasons why you should use cryptocurrency payments in 2019. Today, fiat currency payments are still the most popular form of payment, but adding cryptocurrency payments into the equation provides consumers and merchants with unique benefits. Some of these benefits include simplicity, low fees, security, privacy, and greater control.
Cryptocurrencies are different than fiat currencies in that they allow consumers to transact without the need of a third party such as a bank or credit union. It democratizes the economic field and allows people to transact freely and securely. Below are five reasons why you should use cryptocurrency payments in 2019.
A long time ago, cash was the primary way of transacting. People would buy and sell everything using cold, hard cash. After that, debit and credit cards became popular. People no longer needed to carry around cash and instead could buy using a card that conveniently fit in their wallets or purses. While debit and credit cards are great, the fees associated with these cards can be exorbitant. From debit and credit card fees, merchant fees, checking account fees, etc., these fees can very quickly add up.
For cryptocurrency, the fees associated are a lot less than those associated with debit and credit cards. In some cases, transacting using cryptocurrencies can actually be completely free.
- International Use
Cryptocurrencies have no border, meaning cryptocurrencies can be used to trade no matter where you are in the world. In addition, the fees incurred when doing business internationally can be very high when trading with fiat currency. Cryptocurrencies allow you to trade internationally quickly and affordably. All one needs is access to the internet and a device that allows you to buy and sell cryptocurrencies.
As a business, accepting cryptocurrency has never been easier. There are certain payment processors, such as Woocommerce and Easy Digital, that make it easy to integrate cryptocurrency payments into your website. But, as a business owner, why would you want to accept cryptocurrency? Well, there are a variety of reasons, but as mentioned in reason #1, the fees associated with accepting cryptocurrency are 60–70% less than the fees associated with accepting debit or credit cards. This means more money in your pocket.
- No Charge-Backs
As a business owner, charge-backs can be one of the most frustrating things. Customers will often buy a product, sometimes use it, then cancel the payment. With fiat currencies, charge-backs are possible. With cryptocurrencies, this is not possible. All payments recorded to the blockchain are final and can’t be tampered with.
If a customer wants to get his or her money back, they have to talk directly with the vendor. This gives the business owner better control of the product returns that occur within his or her business. This prevents customers from getting their money back after having damaged or lost the product.
- Safe Mobile Payments
Payments are becoming increasingly more mobile. As brands optimize their websites to be even more mobile-friendly, more and more payments are taking place on people’s mobile devices.
Cryptocurrencies allow users to conduct mobile payments quicker, safer and easier due to their decentralized nature.