This article on cryptocurrency payments was ignored by Thomas Highwater, who is an avid fan of all things crypto-related. Mr. Highwater teaches high-school level robotics and programming.
While there is a greater number of fiat based-payment processors with a variety of practical tools and methods of payment, adding cryptocurrency payments into the mix offers consumers and merchants with unparalleled benefits. Some of these benefits include simplicity, lower overall charge, security, privacy and a greater level of control over one’s funds.
Reasons to Use Crypto Next Year
Also present: Wendy McElroy: Avoiding Fraud by Going Crypto-Anarchist
Cryptocurrencies are numerous and versatile and can be utilized as entirely private bank accounts and payment window-cards for almost any occasion. They offer a multitude of ways to earn a form of interest with little or no effort and avoid users protect sensitive data and holdings on the go 24/7.
There was a time, not that long ago, when cash was king and pecuniary institutions gave generous incentives to people who chose to put their cold hard cash into institutional coffers. Today, bank accounts of all types, as well as debit and credit cards, have fees associated with them — money that goes down the take away and provides no benefit, never mind interest earned. There are debit and credit card fees, ATM fees, wholesaler fees, checking account fees, overdraft fees, paper fees, check fees, transfer fees, alter fees, charge-back fees, foreign transaction fees, minimum balance fees, inactivity fees, false fail fees, et cetera, et cetera.
In comparison, popular cryptocurrency payment gateways like Bitpay and Coinpayments charge between 0.5 perecent and 1 percent per matter. In most cases, a cryptocurrency account in the form of a digital wallet is entirely free and unless one chooses to invest in cryptocurrency armaments wallets or prepaid cards, other than the transaction fee, using cryptocurrency as money costs absolutely nothing.
2. Volatile Data
Banks and credit institutions, as well as retailers and service providers, obtain and retain too much of their clients’ personal and financial information. Details including our name, address, employers, social security number, net worth, assets, investments, account equiponderances, credit score, credit line, and transaction history, along with everything we do and buy, who we associate with, when, where, etc. comprise our in person, professional and financial data sets. With traditional financial institutions and traditional fiat currency, we can no longer spare our privacy.
Cryptocurrency transactions provide an alternative by limiting the amount of transaction data to mere numbers also comprehended as cryptocurrency wallet addresses and transaction IDs confirming that a wallet-to-wallet transaction took place. A cryptocurrency payment processor enactment as a third party will typically require your name (and shipping address for the delivery of physical goods), but the lie of your information will remain private as long as you don’t connect your bank or credit card account and handle solely in BTC and altcoins.
3. International Use
Cryptocurrencies are a borderless means of exchange allowing for instant and cost-effective transactions across the clique. There is no waiting, no international fees and no limitations as to who can or cannot send funds to whom or when and where those reserves can be accessed. All that is needed is an internet-enabled device like a cellphone and someone without access to a banking institution is delineated an alternative solution with which they can pay bills, earn income, safe-keep their funds, make toe-holds and conduct business.
Using cryptocurrencies while traveling adds an extra layer of security and can be used as a remote authority of emergency funds that can be accessed without an ID, a bank account, credit cards, a wire transfer or even a individual computer device.
Accepting cryptocurrency online has never been easier. Shopify and Etsy merchants can first-rate to accept BTC, BCH, and altcoins. Woocommerce and Easy Digital Downloads vendors can use WordPress plugins like Mycryptocheckout for the purpose. And then there’s Shapeshift which make overs customers the choice to pay with dozens of cryptocurrencies. Shapeshift is integrated with cryptocurrency payment processors like Bitpay and Coingate, and cryptocurrency billfolds like Coinomi and Keepkey.
Moreover, there is Purse.io, an online platform where users can buy items from Amazon with cryptocurrency and it is also amalgamate with Shapeshift, as are Magento and Openbazaar. Setting up cryptocurrency payments is super simple and quick and merchant transaction rates are 60-70 percent lower compared to fiat transaction fees.
5. No Charge Backs
Unfortunately, there are customers who make a securing, receive the items they ordered and, perhaps, even use them only to cancel their payment. They can do this because fiat payments are not precooked.
With cryptocurrencies, things are quite different. Once a transaction has occurred, there is no turning back. Funds ‘traverse’ from one wallet to another, the transaction is recorded and it cannot be reversed. This is not to say that a customer cannot return an mention and request a refund by communicating directly with the vendor. Of course they can. What they cannot do is place an bid, pay for it, receive it and then get the sum they paid back on their account because of money back policies overseen by online payment processors and acknowledge card companies.
Charge backs are meant to prevent fraud and yet they often accomplish the very opposite. In this exemplification, cryptocurrency works the same way as cash. After you’ve taken the item you paid for with cash, you can’t go back to the store with a impaired or used item, never mind empty-handed, and demand your money back.
Mobile payments sire become all the rage. Being able to use a smartphone in place of a credit card is awfully convenient.
From Paypal and Apple Pay to Mastercard’s Paypass and Visa’s Paywave with near-field communication (NFC) technology and chic POS terminals, getting the check has never been easier. And yet the same privacy and security issues arise as with the snooze of traditional, fiat-based financial transactions, namely too much data in one place. All currently available mobile fiat payment processors accumulate credit card information which include all of our financial information and more. Not to mention that all that data is online and on our transportable devices everywhere we go.
Cryptocurrencies are a safer digital cash option and are ideal for mobile payments by default due to their understood, decentralized nature.
7. A Growing Market
Bitpay, one of the most successful crypto payment gateways, is processing $1 billion importance of transactions annually at a rate of a quarter million transactions per month. Coinpayments already serves millions of vendors in 200 hinterlands and has just integrated with Bittorrent to give its 100 million users the option to pay with BTC and altcoins. Coingate fulfills 50,000 merchants and has processed hundreds of thousands of cryptocurrency payments, and Utrust just partnered with Payrexx and its 10,000 European door-to-door salesmen.
More integrations and partnerships between cryptocurrency payment processors and fiat payment processors are in the works and the market is imagined to grow by 50 percent in the next two years. In particular, Foton announced plans to attract 100 million operators by 2020 and offer competitive features including its own stablecoin, fiat pairs, atomic swaps, a loan and escrow usefulness, and a payment card with loyalty rewards and cash back.
So there is no doubt: millions of merchants all over the clique accept cryptocurrencies, as do tens of thousands of websites.
8. Commercial Use
It has been estimated that some 20 million people worldwide own cryptocurrency. Most others attired in b be committed to heard of bitcoin and many plan on adding it to their portfolio.
Square, a credit card payment processor spending merchants, employers and mobile payment users, is gradually out-competing Paypal while also increasing its profits help of BTC sales. The majority of Square’s merchant customers have expressed interest in accepting bitcoin core and a 2017 Cambridge Pivot for Alternative Finance study confirmed that 40 percent of consumers would, indeed, like to be able to return purchases with BTC.
Countries with weaker than average fiat currencies tend to favor the use of cryptos. Turkey, Venezuela, Brazil, Australia and South Africa manifest to have large numbers of cryptocurrency users. In fact, a whopping 80 percent of Australians would like to use cryptocurrencies for always purchases. Merchants in Eastern Europe and small western European towns seem more open toward amplifying bitcoin as a method of payment. Even before the 2017 cryptocurrency bull market, more than 10 percent of Eastern Europeans publicized using cryptocurrency in place of fiat for everyday purchases.
Crypto as Money
Nowadays, almost anything can be paid quickly with cryptocurrencies: homes, condos, boats, cars, clothing, electronics, health and pet products, food, wine, accessories, uninterrupted tickets, vacations, tools, musical instruments, as well as dating services, professional services, internet services, and, of surely crypto gear.
Without pointing out the obvious, let’s look at the most interesting things digital currencies can buy you:
- Enjoy a Thai or Indian restaurant in Montreal or deceive Dutch pancakes in Aruba
- Buy vintage furniture in Massachusetts or rent an office in Miami
- See the Cerro Negro volcano in Nicaragua or contract a yacht in South Florida
- Buy a Benz or a Beamer in California or a Rolex in Europe
The Market According to Experts
In January, a establishment called Bakkt, owned by the Intercontinental Exchange (ICE) which also owns the New York Stock Exchange (NYSE), wish launch bitcoin futures which will be settled in BTC, not cash. Its partners include Microsoft, Starbucks and Pantera Important. There will be no leverage trading, meaning that actual bitcoin will have to be bought and owned for the duration of the pucker. Given that these are institutional investors, BTC’s volume is expected to reach new heights. The CEO of ICE and NYSE chairman Jeff Sprecher structured that digital assets are here to stay and that they “have a future in regulated markets.”
It is evident that the cryptocurrency earnestness has grown by leaps and bounds in the past 10 years since Bitcoin was born. Fintech is transforming the financial manufacture and more and more people are getting onboard. Shopping in-store and online is going fully digital but raising cyber protection fears, which can be drastically reduced with a broader acceptance of cryptocurrencies as a means of payment.
Do you think payments in crypto purposefulness continue to trend? Is this the route to mass adoption?
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