Cryptocurrency has taken the concept of digital money one notch higher. With the introduction of Cryptocurrency in the market, there are many things that have been achieved, which could not have been thought of earlier. It makes it possible for consumers to not divulge their transaction with either a third part or the government. This was unthinkable before Satoshi Nakamoto introduced Bitcoin. Many investors have dived into the pool of Cryptocurrency. If you want to be one of them, page is here to help.
Let us analyse in detail 5 reasons why businesses should start accepting Cryptocurrency as a mode of payment.
Low Transaction fees
Whenever there is a third party involved, there has to be an extra fee invariably. However, with the decentralized form of Cryptocurrency, the third party is removed. The question of paying extra fees is entirely dissolved. Thus the transaction fees involved remain minimum. The sooner business owners realize it, they will start accepting Cryptocurrencies and deal in them. Cryptocurrency investors will be encouraged to invest in more of those as a result.
Sensitive Data is protected
Since literally any other mode of payment involves the bank, other than paying in notes, with every transaction we make, our data becomes available to everyone. While making online transactions, even the financial institutions are privy to our transaction details. It is only with the help of Cryptocurrency that sensitive data regarding our identity, transaction, and the person we are transacting with can be kept a secret. Even the currency notes can be tracked down. For many, Cryptocurrency is a great weapon.
Security remains uncompromised
With the protection of sensitive data comes the obvious relief. There can be no breach in security. Blockchain Technology lies at the very basis of Cryptocurrency. It works in such a manner that it is regulated by the investors themselves. The public ledger contains all the details of transactions. Any discrepancy or violation in the ledger will be
instantly visible to the stakeholders. Thus, the security guaranteed by Blockchain Technology is incomparable.
Instant Transactions Across Borders
Usually, it takes a few days to get money transferred from one bank to the other within the same state in third world countries. Imagine how long it will take to make transactions across the border. Such a problem can be easily solved with the help of Cryptocurrency. Transaction of Cryptocurrency takes place within seconds, no matter how distant two people are located in the world.
With the emergence of the Cryptocurrency, making international payments has become exponentially easy. Previously, it was not something one could imagine. In today’s world, it is happening. Accepting Cryptocurrencies as a mode of payment would be a great step towards opening the business for international trade.
No Third Party Involvement
As it has been expanded on before, the involvement of a Third Party comes at a cost, sometimes in terms of money and sometimes in the form of breach of privacy. The complete elimination of the Third Party involvement is a feature that places Cryptocurrency both ahead of its game, and also in the bad book of Governments. There are countries that have already started banning Bitcoins and the likes. China is one of them. But the non-existence of a Third Party makes Cryptocurrency an interesting option for most business owners.
Conclusion
There will always be hindsight to everything. But what is important is if it outweighs the other side of the story. In the case of Cryptocurrency, one need not mention the various benefits that investors and Crypto users reap out of it.
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