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In recent years, there has been an increasing amount of interest in cryptocurrency. Despite this, many people still struggle to understand the appeal of this alternative to fiat currency, which continues to serve us well for most purposes.
However, there are several compelling reasons to consider using cryptocurrency for online payments. Below are some of the top benefits to keep in mind:
Transaction speeds
Sending money across the globe via a traditional bank transfer means the transactions can sometimes take several days to complete. One of the main reasons for these delays is the different fraud prevention procedures that are used by the banks involved in the transaction.
Consumers are increasingly drawn toward payment methods that are faster and more convenient. Cryptocurrency provides this, as transactions can be completed in minutes, making the funds available to use almost instantly.
Improved security
Blockchain technology, which supports cryptocurrencies, is one of the safest and most secure technologies of the current day. It allows retailers and individuals alike to avoid the security risks associated with methods of payment that rely on fiat currencies.
Increased accessibility
All that’s needed to use cryptocurrency is a mobile device or smartphone and an internet connection. Setting up a cryptocurrency wallet is far quicker and simpler than opening a traditional bank account, as background checks and ID verification aren’t required. As a result, individuals can access financial services and make payments without having to use a traditional financial institution.
According to Sepa Cyber, there are more than 1 billion unbanked or underbanked adults in the world. By offering payment methods that accept cryptocurrencies, retailers and online service providers can reach a wider audience and new demographics.
Privacy
Since you are not required to open an account via a centralized authority to use cryptocurrency, you are able to maintain a higher level of anonymity. Pseudonyms are used to identify transactions on the blockchain, but these don’t have to include any personal information. Although all transaction data is available to the public, there is no way of ascertaining who made the transaction.
Reduced costs
When retailers integrate payment methods such as e-Wallets, debit or credit cards, or bank transfers into their website, they incur a fee with each transaction. For example, PayPal charges around 3% per transaction.
While setting up a cryptocurrency payment method involves upfront financial outlays, the costs of managing crypto payments are far less than those associated with other payment methods.
Instant Access
When using cryptocurrencies, you have almost immediate access to your funds. For industries such as the online casino sector, this means players can withdraw and deposit funds far faster than if they were using fiat currencies. An increasing number of online casino platforms are offering cryptocurrencies as a payment method. The most popular choices are Bitcoin, Ethereum, and Ripple. For example, Jackpot City in Ontario supports Neteller as a payment method, an e-money transfer service that supports cryptocurrencies.
The more payment methods you offer, the wider your potential customer base. Introducing cryptocurrencies offers a more seamless payment experience by providing consumers with a frictionless payment option.
