Switching to cryptocurrency can make one apprehensive at first. When we are unaware of a system, it often makes one reluctant to try. Traveling on an untraversed land always makes one uncomfortable.That is why we are here to throw light and guide you along the way. To start using cryptocurrency and send bitcoin payment can help you save quite a lot of transaction fees if you are making frequent transactions every month.
Let’s break it down piece by piece and understand cryptocurrency and its benefits. Cryptocurrency is the digital cash that is not available in physical form like paper money. It is a digital currency that comes under Blockchain Technology and managed through the use of cryptography. The systems use advanced encryption making various cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc. safe to use. The unit of cryptocurrency is called coins.
From exchanging funds, sending money, paying for goods and services to investing money for buying real estate, and increasing assets – there is a lot you can do with cryptocurrency without adding a third party. It helps you save money as there is no middle man for the transactions and leads to immediate settlement. You can exchange these coins for virtual money as well.
Unlike paper money, where the central government has full control over the banks that is a traditional setting, no one has authority over cryptocurrency. It means that the central government cannot operate or make decisions on the money you own.
Unraveling the ten surprising benefits of using cryptocurrency from the business point of view:
1. Confidentiality! No More Fear of a Compromise
One of the best features of using cryptocurrency is that there is full confidentiality of the funds you receive or transfer. Unlike traditional payment gateways where the bank is involved in making transactions, your payment history is available for the bank and the credit bureaus to see. When you use a crypto payment gateway, only you and the other party involved know the transaction and no one in between. It is called a “push” transaction. You send the amount, and the other party receives it. No middle man or third party is involved in making the transaction. In this way, no information, payment history, or credit reports are allowed for anyone to see except you. Your privacy will never be at the risk of being open, making your account transactions to be safe and secure.
Cryptocurrency is global, and even those who do not have access to traditional bank account systems on their phones can make the use of digital currency and receive payments quickly. Being universal, it is free from third party fees, transaction charges, or any other fee levied as in the case of bank transactions. We can say that digital currencies have a bright future in the upcoming years.
3. International Trade Fair and Square
One thing that is attracting the users for adopting cryptocurrency is that it is not under any government. There is no authority of one specific country exercising it. Cryptocurrency is global and comes under the Blockchain. With cryptography that makes the transactions fair and square and easy to track, it enjoys being universal.
As a result, it is free from the international charges on exchange rates and is free from the fluctuations that are frequent in the paper currency. It makes international trade easy, fair, and square. Accurate, to the point and with no third-party involvement, trading is becoming beneficial and lucrative more than ever.
4. You are the owner of your funds:
When you decide to carry out your business using cryptocurrency, which means you are now taking charge as the genuine owner of your funds. How so? From freezing accounts to setting tax limits and whatnot, the government can exercise its control over your funds in the bank. It can make amendments anytime that can end up for a person to lose money.
Unlike keeping funds in the bank where the central government can exercise control over it at any time, in case of cryptocurrency, it can never happen.
5. Encryption end to end! Decentralization
Cryptocurrency offers end to end encryption, which means the decentralization system of sending payments. There can never be any third party in between for sending or receiving money. There are global networks that form the Blockchain technology that keeps checking on every transaction that you will make. It means there is no central authority over it and is end to end encrypted.
6. Reduce Risks, Frauds & Theft
It is not new when a bank fails if that happens, the government seals the bank and freezes the money. Not only can one lose money in this process, but also the endless worries is another scenario altogether. So it reduces risks of the government taking control over the banks and your funds.
Also, sending money through channels that accept crypto payments, you eliminate the risk of theft. The cryptography technology is quite thick and offers better protection than that of bank transactions between two parties. Though at the moment, cryptocurrency cannot replace the importance of bank and paper money – for those who are gambling big, cryptocurrency is one way to stay secure.
7. Low to No Transaction Fee
Sending bitcoins, or any cryptocurrency that you use will have no transaction fee whatsoever. But, if you use a medium to send money that is the secure wallets for cryptocurrencies, those companies can charge some percent of the transaction fee. Compared to the bank transactions, sending the crypto invoice is going to be in your benefit. You will be paying comparatively a low percentage of what your bank may charge.
8. Asset Transfers with Immediate Settlement
Buying assets, real estate, and more are so smooth with cryptocurrency that it cutbacks the lawyer fees, notary stamp fees, third party involvement, and much more. Blockchain technology is the full proof ledger that works as a “large property rights database”. It helps in quick asset transfers with an immediate settlement without any delay of payments or any fee levied by a third party. As you are in charge of your funds and accounts, you can set the terms and send money quickly. All transactions stay between you and the party involved. There is no wait!
9. Straightforward Transactions
As digital currencies are universally accepted, you can make straightforward transactions without letting anybody in to make it for you. There are now big brands joining in to accept crypto payments. If you own cryptocurrency, you can make any purchase where the currency is accepted with no transaction fee at all (except for the transaction fee by the wallet you use).
10. Takes away the Worry!
It does take a lot of worries away when we know that nobody can manipulate our money or take charge of our funds. Using a crypto payment gateway assures safe and secure transactions.
No matter how small or big your transaction may be, sending a crypto invoice is the best way to track payments and be sure that money is in the right hands. As it is global, there is no more worry to take care of dollar rates or check when is the right time to send or receive money in trying to save transaction fee charges.
Though we cannot eliminate the frauds and thefts in the cryptocurrency market entirely, if you are using a secure platform, it assures cybersecurity ten times compared to the bank transactions.
Cryptocurrency is worth billions! It leaves you with the choice to change your cryptocurrency into paper money as and when you want. The worth of owning one bitcoin is in thousands of dollars. For an investor, using cryptocurrency can change the business scenario in several ways.