7 Advantages Of Using Cryptocurrencies As A Means Of Payment

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The value of cryptocurrencies is not in a physical asset but is of the fiduciary type that is. It is based on the trust of the people who transact with them and the more transactions there are, the more trust there will be.

Here is a list of some of the main advantages of using cryptocurrencies as a means of payment with the help of CFD trader. In this way it will become a real approach to the meaning of cryptocurrencies and their current value in society that goes beyond the monetary value to become in an advance in the way of seeing the global economy.

Transactions are faster than traditional bank transfers

Unlike conventional bank transfers and operations, cryptocurrency transactions work more transparently and quickly. Although the time of each transaction varies between each type of cryptocurrency, in the end it ends up being less than the "average time" of traditional bank transfers.

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Fees and taxes are minimal

Normally, transactions that are carried out internationally have high fees, some of them even have to pay certain taxes, and there are also cases of other digital payment systems that have significant costs. In the case of bitcoin and other cryptocurrencies, the transfers that are made have a minimum cost (which is around 1% approx.). Which is lower compared to other online payment methods on the market (for example PayPal charges a transaction fee of 5.4% plus USD 0.30 if money is received for goods or services).

There are no intermediaries in the transaction

Each operation you carry out with cryptocurrencies only occurs between the initial user and the end user.

Transactions are completely private and secure

The identity of the user is always hidden, unless he himself wants to reveal it. When dealing with cryptocurrencies, only one source and one destination wallet address are handled. No personal data is needed from any of the users involved in the transaction, which generates more confidence in this methodology.

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The way to make the transaction is very simple

If someone wants to make a payment with cryptocurrencies, they only need to know that is the digital wallet to which they are going to transfer, place the amount and authorize the transaction. In a matter of seconds, minutes or hours (depending on the type of cryptocurrency) the Money will reach the destination wallet in a secure and verifiable manner.

Cryptocurrencies are completely decentralized

This means that there is not a single company or business behind the operations. There is a block chain network in which everyone can participate and everyone is responsible for the security of the money that operates there.

Minimizes the possibility of fraud

Transactions that have been made with cryptocurrencies cannot be reversed and the "ledger" in which they are registered (the block chain) is always available to everyone. That is, at any time they can be consulted but cannot be modified, because the security protocol implies that for a transaction to be completely valid. It must be approved by several entities in the chain and must contain minimum parameters that are linked to each other. This makes it almost impossible for any data to be altered to increase or decrease records.

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Advantages of accepting Bitcoins

Still not convinced to accept Bitcoins in the sale of your products? Find out below the main reasons for changing your mind.

Pioneering

There are several lines of action in which no establishment accepts Bitcoins yet. Being the first can mean a significant differential. It is an optimal way to get spontaneous means of communication to spread your brand.

New customers

As we mentioned earlier, many have virtual currencies but don't know how to use them. Therefore, it is possible that by becoming aware of the possibility of paying for a certain service with Bitcoins, they will become new customers simply by practicality.

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How will these users know your business? Sites offer listings of services that accept payment with cryptocurrency, since there are always those who search for those establishments.

Ease and price

You may be wondering why start with this virtual currency story instead of just accepting a traditional online payment. The advantage of using Bitcoins is that it is not necessary to install an e-commerce system (which is expensive) or pay a commission, as in intermediary services such as PayPal.