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5 BENEFITS OF USING CRYPTOCURRENCY AS A PAYMENT METHOD

The crypto market has been experiencing a dramatic rise in the past few years.
They are revolutionizing the way people are engaging in financial activities.
Real money is still the popular payment option, however, integrating
cryptocurrencies as a payment method can bring many advantages to merchants and
consumers. Great control, privacy, security, low fees, and simplicity.

Cryptocurrencies are quite different from fiat currencies as they do not require
an intermediary to execute transactions. It tries to democratize the whole
economic sector to carry out secure and free transactions. Here are some reasons
that encourage people to use cryptocurrencies as a payment option.

 * Fees

Cash was the only option for transactions a few years ago. Hard, cold cash was
used to buy various products and services. Debit and credit cards became popular
after some years. Thus, it became more convenient for people as they do not have
to carry fiat money with them every time. Even though credit and debit cards are
convenient, they charge huge amounts of fees from users. Cryptocurrencies charge
much less than credit and debit cards. Some crypto transactions are completely
free too.

 * E-commerce

Accepting crypto payments is not an easy thing. Some payment processors like
Easy Digital and Woocommerce help to easily integrate crypto payments on your
website. Thus, businesses can cut down about 60-70% of transaction costs. Thus,
e-commerce businesses can save a lot of money.

 * International Use

Cryptocurrencies are not limited by geographical area. So they can be used for
transactions irrespective of wherever you are. Moreover, when using fiat
currencies for international businesses, the fees will be very high.
Cryptocurrencies help to make international trade affordable and faster. With a
stable internet connection and a device, you can buy and sell cryptocurrencies.

 * Safe Mobile Payments

Most payments are made through mobile phones today. Most brands are optimizing
their websites to make them mobile-friendly as people are using mobile devices
to make payments. Mobile payments can be made quicker, easier, and safer with
cryptocurrencies as they are decentralized.

 * Chargebacks Are Impossible

Charge-backs can be extremely frustrating for business owners. Many customers
buy a product and then cancel the payment. Charge-backs are possible when using
fiat currencies. But this is impossible with cryptocurrencies. A payment once
recorded on the blockchain is forever and can never be tampered with. If a
customer wishes to get back their money, the vendor has decided it. Thus,
business owners get better control of the returns of their products. Thus,
customers cannot cheat businesses by not paying the amount after using the
product.

 * Get New Customers

Integrating crypto payments will bring in new customers to a business. Customers
who opt to pay with cryptocurrencies are found to be rich. A study showed that
these customers are ready to spend twice the money as the customers who prefer
credit cards for payments. If they find a positive experience, they will come
back to the business. Therefore, businesses must try their best to incorporate
crypto payments to attract more customers.


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