While the cryptocurrency market as a whole has decreased exponentially since this time last year, there are still several reasons why you should use cryptocurrency payments in 2019. Today, fiat currency platforms are still the most popular form of payment, but adding cryptocurrency payments into the mix provides consumers and merchants with unique benefits. These benefits include simplicity, low fees, security, privacy and greater control.
Cryptocurrencies are different than fiat currencies in that they allow consumers to transact without the need of a third party, such as a bank or credit union. It democratizes the economic field and allows people to transact freely and securely. Below are five (5) reasons why you should add cryptocurrency payments to your mix in 2019.
A long time ago, cash was the primary form of transacting. People would buy and sell everything using cold hard cash. After that, debit and credit cards became popular. People no longer needed to carry around cash, and instead could make purchases using a card that conveniently fit in their wallets or purses. While debit and credit cards are great, the fees associated with these cards can be exorbitant. From debit and credit card fees, to ATM fees, merchant fees, checking account fees, interest, etc., these amounts can very quickly add up.
For cryptocurrency, the fees are a lot less than those associated with debit and credit cards. In some cases, transacting using cryptocurrencies can actually be completely free.
Cryptocurrencies have no border, meaning cryptocurrencies can be used to trade no matter where you are in the world. In addition, the fees incurred when doing business internationally can be very high when trading with fiat currency. Cryptocurrencies allow you to trade internationally quickly and affordably. All one needs is access to the internet and a device (cell phone, Coin Cloud ATM, etc.) that allows you to buy and sell cryptocurrencies.
As a business, accepting cryptocurrency has never been easier. There are certain payment processors, such as WooCommerce and Easy Digital, that make it easy to integrate cryptocurrency payments into your website. But, as a business owner, why would you want to accept cryptocurrency? Well, there are a variety of reasons, but as mentioned in reason #1, the fees associated with accepting cryptocurrency are 60–70% less than the fees for accepting debit or credit cards. This means more money in your pocket.
As a business owner, chargebacks can be one of the most frustrating things. Customers will often buy a product, sometimes use it, then cancel the payment. With fiat currencies, chargebacks happen all the time. With cryptocurrencies, this is not possible. All payments recorded to the blockchain are final and unable to be reversed or tampered with.
If a customer wants to get his or her money back, they have to talk directly with the vendor. This gives the business owner better control of the product returns that occur within his or her business. Customers are prevented from automatically getting their money back after having damaged or lost the product.
Payments are becoming increasingly more mobile. As brands optimize their websites to be even more mobile-friendly, more and more payments are taking place on people’s mobile devices.
Cryptocurrencies allow users to conduct mobile payments quicker, safer and easier due to their decentralized nature.
2019 will be a big year for cryptocurrencies. As its underlying technology continues to grow and more businesses begin accepting cryptocurrencies, we feel comfortable saying that 2019 will be one of the cryptocurrency market’s best years yet. The cryptocurrency that seems to lead the charge is Bitcoin. Although its value has dropped by 80% since this last time year, we still see adoption increasing all over the world.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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