In all facets, the world is fast turning into a digital world thanks to the power of the internet. Just to give you a glimpse of how digital the contemporary world is, communication has gone digital thanks to the power of social media, shopping has gone digital thanks to e-commerce, gaming has gone digital thanks to online gaming and transacting has also gone digital thanks to online payment providers. In reference to the latter i.e. transacting, the world has moved from using paper money into using plastic money. However, the revolution is still ongoing as there is another new entrant which promises a lot more than the current i.e. digital currencies otherwise known as cryptocurrencies.
Cryptocurrencies have largely grown in prominence over the past few years as a result of the exponential rise in the value of top cryptos such as Bitcoin. Despite this however, cryptocurrencies have largely been used by gamers at a number of places thanks to sites such as blackjack.org. Shoppers are still a bit skeptical about digital currencies. In light of this, this article seeks to impart shoppers with important reasons on why they should start to consider using cryptocurrencies for their day to day transactions.
Instant Settlement
One of the challenges that shoppers face when using conventional currencies is that some transactions take long to process. Before authorization, the transactions have to be verified by banks and in some cases by central banks and governments (checking for money laundering). This therefore makes shoppers to wait for the transactions to process for several minutes and in some cases even hours! This is however the exact opposite when you use cryptocurrencies. Cryptocurrencies run on the Block-chain technology whose main feature is ease of use. This means as long as you have an active internet connection, you can transact instantly at any place and for any amount.
Accessibility
Plastic money is good but it has its own shortcomings namely, the requirement to visit banks before you receive your credit/debit card. Even for those banks that may not require you to visit their physical branches when opening an account, you still have to provide information such as proof of residence. This is different however when you opt to use cryptocurrencies. With digital currencies, you open your wallet online without any hassle. This therefore means shoppers only need an internet connection to get their cryptocurrency wallet and start transacting.
Fraud Proof
Perhaps the most important reason why shoppers should opt for cryptocurrencies is that cryptos are virtually fraud proof. The ‘transaction blockchain’ verifies all transactions before processing (this is a very fast processing taking less than a second). As ‘transaction block-chain’ verifies transactions, it ensures that the person performing the transaction is the owner of the coins. Due to this, it makes it virtually impossible for fraudsters to rip you off. The public ledger which records all the cryptocurrency transactions identifies coin owners and their identities are encrypted so as to ensure the legitimacy of record keeping. This therefore means the coin owner has all the control of his coins and can use them whenever and wherever he wants securely.
Conclusion
No matter if you decide to opt out for Cryptocurrency or pay outright, use card, always remember that it is always more beneficial to save as much as you can, limit your spending because too much spending can cost you a lot of money maybe not now but for sure in the future.
