Cryptocurrency is a digital currency that has taken the world by storm. The bitcoin, which is the most popular type of cryptocurrency experienced immense growth last year. However, it is essential to point out that the governments do not regulate the cryptocurrencies.
This is why many governments discourage their citizens from trading in them. The advantages of the cryptocurrencies no doubt outweigh its disadvantages. This read looks at some of the amazing benefits of cryptocurrencies.
One of the concerns of many merchants is the sincerity of most of their clients. Some deliver some goods only for some of the clients to reverse the payments. Many businesses have run into massive losses and have had to close as a result of the chargebacks.
If you are a merchant and you are looking for a safer method of receiving cash without the danger of reversals then look no further. You will deplete the chances of being robbed by adopting the cryptocurrency as your mode of payment as far as the online transactions are concerned. Once the client has completed the transaction, he cannot reverse the payment.
One of the most common issues with online businesses is identity theft. Some hackers obtain information from the merchants and use the identity of some of the customers for fraud. Cryptocurrency has helped in preventing identity fraud.
It allows customers to create a proxy ID which means that the malicious individuals cannot access the personal information of the clients. The transaction is typically unique even when the parties involved are the same. The client is in control of what information he can share and which one he cannot.
Technology has opened up the world by breaking the traditional geographical barriers that exist. People can pay for various services across the board thanks to technology. One of the setbacks of international trade was the currency to be used since not all the online payment platforms were available in all the countries.
Most of the cryptocurrencies are not discriminative as the traditional online payment solutions. It has, therefore, made international trade a success especially for traders and clients in the country whereby some of the traditional online payment methods was unavailable.
Last but not least, when you choose to trade with the cryptocurrencies instead of the traditional online payment solutions, you will enjoy lower fees. The credit card companies, for example, charge hefty fees on every successful transaction.
This is unlike the cryptocurrencies whereby the transaction fee is negligible or zero. This is because the miners are usually adequately compensated by the companies.