In a world where decentralised digital coins have become one of the biggest investment vehicles, many people purchase crypto for the purpose of trading and earning a profit. However, many don’t realise that there are several advantages that can come with using cryptocurrency to make everyday purchases.
Despite being a fairly new payment method, there are certainly a few reasons why you might want to consider trading fiat currency for crypto when buying things online.
What are the benefits of paying with cryptocurrency?
Initially created to be a new and innovative currency for the ever-changing digital world, the main focus has definitely shifted for many users. However, there are still some great things that can come with paying via crypto.
- Crypto is fast, secure and cost-effective
- Cryptocurrency offers far more transparency, thanks to the blockchain
- You have full control over your money
- Cryptocurrency can offer a higher level of privacy
- Your digital coins can be accessed anytime, anyplace
To give you a better idea of why investing in crypto and using these coins for everyday transactions could be worthwhile, here’s a closer look into each of the points mentioned above and how they can benefit you.
Better security, speed, and more
Based on blockchain technology, there are a number of benefits that crypto has over fiat currency. Better encryption, for example, allows for safer transactions. Most of the time, whether you’re buying or selling, you’ll find that payments will be completed in next to no time at all across the globe, as well as the generally lower transaction fees. For the most part, we can all agree that these are factors that are well worth keeping in mind when deciding whether or not to start using crypto.
A more transparent way of making payments
Another one of the major benefits that come from blockchain technology is the transparency that it offers. For those who don’t know much about how it all works, each transaction is verified and stored within the blockchain, which is visible to everyone. Your transaction will have a timestamp and be linked to the last, creating a ‘block’ of data. One advantage of this is that third parties won’t be able to manipulate payments without a clear record of foul play.
The cryptocurrency you buy is all yours
For many individuals, one of the major plus sides that come with using crypto over fiat money is that you can store your coins in your own digital wallet. With fiat money, once your money is put in a bank account, you become a creditor and they manage your money on your behalf. You simply have to trust that the bank will act as you expect them to. While this isn’t always much of an issue, it can be nice to have full control over your money and know that you have it stored safely and securely.
Anonymity and privacy
It’s no secret that making payments through banks requires quite a bit of personal info in most instances, which is something that you can often avoid when making transactions with crypto. While certain exchanges and sites may ask for different information, you can generally enjoy higher levels of privacy with cryptocurrency. This has long been one of the deciding factors for individuals who have chosen to switch to crypto and it’s still a valid reason to this day.
The ability to access crypto from anywhere
With the evolution of cryptocurrency, it’s now easier than ever to make your payments with these coins. You’ll generally have multiple options when it comes to storage; a digital wallet which can be accessed whenever you have an internet connection, or a hardware wallet, often in the form of a USB stick. You can even store crypto on certain credit cards, which only helps to make it more accessible to a range of individuals.
There are plenty of places to buy and sell with crypto
Finally, the fact that there are so many websites available that make it easy for you to use your cryptocurrency when making transactions online is an excellent bonus. Over time, the market has expanded with more digital coins, more platforms and generally more attention. Even though many people use these currencies for investments, there are still many sites that allow you to buy and sell without any fuss.
With a platform like www.bitpace.com for example, you shouldn’t have to worry when buying or selling things for crypto. They have several supported coins and features that can make life easier for you, so whether you want to deposit, withdraw, or even invest in crypto, Bitpace could be an excellent option.