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There are many places where you can pay using virtual currencies. A wide range of payment processors has supported cryptocurrencies in recent years so that companies can reach new customers and avoid paying fees from credit and debit cards. There are also other advantages that must be taken into consideration.
Although the criptos have lost some of their value in recent months, they can still be used as a means of payment in many stores and different places. One of the most important things to note is that cryptographic payments are much cheaper in terms of commissions than debit and credit cards.
Banking institutions tend to pay fees for ATMs, checking accounts, paper expenses, checks, transfer fees and more. Every single service has a cost associated with it. However, payment gateways such as Bitpay or Coinpayments will charge between 0.5% and 1% per transaction. Furthermore, cryptographic wallets are free and cryptographic rates tend to be minimal if payment processors are not involved.
Another thing to take into account when analyzing why encryption payments are cheaper and cheaper than traditional payments is the fact that financial institutions and retailers require a lot of information from customers. Users must provide their name, address, net worth, investments and additional information to use different services.
cryptocurrency the transactions are different. It is not necessary to provide all the information required by other institutions. If users do not link bank accounts or credit cards to a Bitcoin or Altcoin wallet to use these virtual currencies. Transactions between cryptographic portfolios require no further information in addition to an address and the amount of funds that will be transferred.
A third thing worth mentioning is the fact that cryptocurrencies are a means of seamless exchange that allows instantaneous and economic transactions all over the world. You do not need to wait or pay taxes and no limitation on how much money can be sent or received.
You can always use virtual currencies anywhere in the world in case you need it without bringing large amounts of money around and paying higher commissions with credit cards. In addition, some places may have limits for credit and debit card payments.
Using virtual currencies online is also something very positive. Merchants who sell online can start accepting Bitcoins or other altcoins in a very simple way. Payments can be processed immediately only by using a plugin in WordPress or similar sites. In addition, international buyers do not need to pay in their local currency or pay exchange fees for other currencies.
Without using virtual currencies, you can request a refund. This means that a seller has sold an item, a customer could use it and return it and request payment. Traditional financial institutions allow these practices because payments are not instantaneous. Instead, using virtual currencies this can not happen. Once the transaction has been sent, you can not go back.
Clearly, the seller can still return the funds if a product was not ok or was in poor condition. This means that customers will not request a chargeback when they receive an item in perfect condition and the payment has not yet been processed.
It works similar to money. Once the buyer provides the funds to the seller, he can still request a refund but the fraud is reduced.
Virtual currencies can be used in a much simpler way than other available payment options. Although there are several NFC and POS terminals that accept card payments, they still have a lot of information about the user and the customer. This is why having virtual currencies in the phone is a good substitute that is cheaper and without having to provide any private information about the person using this service.
Furthermore, there is an important industry linked to cryptographic payments. Many companies are entering space and processing billions of dollars in transactions. This is the case of Bitpay, one of the most successful payment gateways on the market. It works in 200 different countries and integrates with BitTorrent. There are 100 million users able to pay using Bitcoin and other virtual currencies.
Finally, there are about 20 million people around the world who have virtual currencies. Many others have heard of it and could enter the market in the future. Square, a recognized credit card payment processor that operates with merchants competes with Paypal and increases profits realized through BTC sales.
There are several countries like Turkey, Venezuela or South Africa that have different ones cryptocurrency users ready to start using their own criptos to pay for different goods and services. Only a few days ago, a KFC store in Venezuela began accepting virtual currencies as a means of payment. Furthermore, in Denmark, there are 1,500 restaurants that accept virtual currencies.
According to some reports, 80 percent of Australians would like to make cryptocurrency payments.
At the moment it is possible to buy cars, houses, objects and many other things using virtual currencies like Bitcoin and many others.
In the future, virtual currencies could increase in value. There are some experts who believe that a fund traded on the Bitcoin Exchange (ETF) could be approved by the US Securities and Exchange Commission (SEC) something that could trigger a new bull market, or at least allow the new institutions to enter the market.
Moreover, with the so-called Lightning Network (LN), Bitcoin would be able to execute millions of transactions at virtually no cost and instantly. There are several companies that are working with this technology and could be implemented in the coming years. Bitcoin has encountered some downsizing problems at the end of last year, when people traded Bitcoin and used it as never before.
With the Lightning network, Bitcoin can be used as a means of payment without any problem and could help companies to receive new customers.
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