Three main advantages of cryptocurrency payments

Many people view cryptocurrency as a long-term and reliable investment that can bring significant profits. However, people forget about the benefits of cryptocurrency payments.

Let's look at the three main advantages of crypto payment integration, which can radically change our traditional financial relationships.

Cryptocurrencies are not subject to inflation

When dealing with cryptocurrencies, many users are simply looking for easy money and do not think about the future prospects for using such money. However, blockchain technology has enormous potential. Smart contracts can become a new stage in the evolution of decentralization of the economy, which began at the end of the 20th century. Cryptocurrencies could become a new form of money that is not affected by inflation, borders or any restrictions.

The future of cryptocurrencies lies in the hands of their supporters, not investors who seek short-term gains. For those who have not yet understood: a new era of real economic freedom is beginning. Digital currencies have a number of important advantages over traditional money and popular assets. Why? But because cryptocurrencies, unlike fiat paper money, are able to solve numerous problems associated with the centralization of financial assets/instruments. There is practically no inflation in the world of cryptocurrencies. However, to some extent it is present, since it is necessary to financially incentivize miners who mine blocks. The transition to the proof-of-stake (PoS) protocol will further reduce inflation and increase the value of cryptocurrencies (a hybrid version of POW / POS is planned to be introduced on the Ethereum network by the end of 2018). The interesting thing is that the inflation rate is known and is not hidden by anyone. In the case of the banking system, the inflation rate is usually not reported to anyone, and central banks can print any amount of money without the consent of the people. This is one of the main reasons why cryptocurrencies are gaining more and more followers.

No boundaries and transparency of actions

Cryptocurrencies are easily transferred from wallet to wallet and there are no borders for them. For example, while in Thailand, you may be working for a US company, in which case it may be very difficult to get money from another country if you rely on regular banks. However, now there is no such problem: cryptocurrencies know no borders and can be transferred from point A to point B in a matter of seconds.

Another positive is transparency. It is impossible to cheat the system or do anything to it without others knowing about it. That is why loopholes in Bitcoin and Ethereum that could once be exploited by hackers were quickly closed by the combined efforts of developers and the community.

Another important factor is the ability to carry out transactions with cryptocurrencies at any time, including at night, on holidays and weekends, when banks simply do not work. The principle of operation of cryptocurrencies is that the operation of the system is decentralized. In other words, it does not depend on any control center or group of people, but is regulated by users. In other words, to make a payment, there is no need to select business days/hours of traditional banks.

Almost zero commissions

If you need to send money to a recipient located in another country, then you will find that cryptocurrency is the best option. Traditional cross-border money transfers are not only expensive, but they also require a lot of paperwork. Compared to SWIFT or SEPA, cryptocurrency transactions are almost instantaneous. Compared to VISA transactions, some digital coins are still slower, but developers are now actively working to solve this problem.

One of the main advantages of cryptocurrencies is the almost complete absence of commissions for payments or their small size compared to other types of financial transactions. Virtual money is not controlled by specific organizations or states, so the rules of its operation are regulated without their intervention. Cryptocurrency exchange services charge fees at their discretion, and the user may or may not accept their terms. However, commissions are usually low, and if you disagree with the terms of some services, there is always the opportunity to find better deals.

Additional features and benefits of cryptocurrencies

The current feature of popular cryptocurrencies is an almost constant upward trend in their prices. The positive price dynamics make them an excellent tool for profitable long-term investments - especially for those who have experience with the Forex and securities markets, as well as for those who know how to monitor the situation on the stock market.

Another advantage of cryptocurrencies is their high divisibility, due to which it is possible to carry out operations even with hundredths and thousandths of coins, while successfully completing transactions.

And the last important advantage of cryptocurrencies is their high degree of security, which is ensured by modern encryption technologies, thanks to which outsiders simply cannot gain access to someone else’s wallet without having a complex cryptographic key in their hands. This ensures reliable and effective protection of existing savings with minimal risk of theft.

Thus, at the current stage of development, popular cryptocurrencies really have huge advantages. Therefore, you should not be surprised if in the next 10 years they completely replace outdated payment systems and become the main means of payment in the global economy.

Recognition does not come overnight, and it will take a long time. However, there is already a constant influx of new people into the cryptocurrency market. And this is good. Hacks have and will continue to happen, but blockchain networks are constantly improving to withstand potential attacks. Coin thefts have occurred even in Bitcoin, but the network itself can and will handle such problems.