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Cryptocurrency Payments: All The Important Details - Binaryx

How To Pay Via Crypto?

Paying with Cryptocurrencies

Cryptocurrencies have taken over the world since they were introduced. They have been making their way into every possible avenue.  They have changed the way traditional payments take place. Since technology has taken over every aspect of today’s world, it’s safe to say that the technological revolution has transformed payment methods as well. Instead of credit, debit or cash, cryptocurrencies can be involved in buying services or goods.

Digital currencies are now being relied on for payment. Mobile wallets, cryptocurrency debit cards, and QR codes are essential assets of digital payment.  The thing is, when there’s too much hype created over something new or uncommon, there is always a weightage of its pros and cons. Bitcoin, Ethereum, Ripple are some examples of cryptocurrencies and people are confused about whether it’s really helpful and beneficial to rely on cryptocurrency payments.

Crypto pay is a digital wallet or a platform where you can make transactions through your crypto card or use it directly with bitcoins, Ripple, etc. A lot of people debate about the fluctuating and volatile prices found with this type of currency. Because of unstable prices, investing in bitcoin can become a risk too. Digital payments have a habit of becoming significant after every few years, which is why many people are confused about risking it all in one go or wait a few good years. Imagine going cashless and not having a single worry of carrying cash and change around everywhere you go. With Crypto pay and cryptocurrency taking charge, digital payments have definitely become prevalent throughout.  

What are the advantages of paying with cryptocurrency?

We’re living in a technically advanced world that calls for practical solutions to digital problems. Financial stability isn’t that easy to achieve no matter what type of currency is involved. The point is, paying commissions, paying unregistered taxes, paying extra does no good for anyone.  Blockchain technology has somehow changed that to some extent. Digital currency is the root source of this technology’s existence. This technology makes payments global, flexible and fast. 

  • Low transaction fees

Paying with a debit or credit card seems very practical. All you have to do it swipe the card and you’re good to go. But the problem arises when a hidden fee is charged through debit or credit card payments. This is because other entities are involved in making your transaction happen. Now, imagine, you’re in a foreign country and you swipe your card during payment. You will instantly notice a huge drop in your balance mainly because the rates are even higher if you’re in another country. The conversion rates exist significantly in this matter. 

Сryptocurrencies, on the other hand, eliminate third-party sources during transactions. There’s only you and the server. There is no middleman involved which is why a very low transaction fee is charged only.

  • Transfer funds easily 

You can even transfer funds easily. Are you sending money to your family? Are you paying someone for their services? With Crypto pay and other crypto payment platforms, you can easily transfer funds in a jiffy. No commission is charged. All you need to do is enter the recipient’s personal phone number and you’re good to go. 

  • Irreversible transactions

Crypto payments and transactions are irreversible. Once a transaction has taken place, you cannot undo it.  You can only cancel the charges quickly if you use digital platforms like Crypterium, only if you transferred payment to an off-chain user. This can instantly save you from wrong transactions because of the great speed and flexibility of the cryptocurrencies.

  • Continued stability

Volatile cryptocurrencies such as Bitcoin are considered as reserve currencies in some places where inflation isn’t that common. Governments aren’t trained to manage their economies enough and the introduction of cryptocurrency has made it easier. 

In some countries, where inflation is at an all-time high, local money loses its value by the second. This is where panic comes in. Thanks to cryptocurrency, the local currency is simply converted to digital assets like Bitcoins as they can be used every day for usual payments even while they appreciate it. 

Now let’s take a look at some of the disadvantages of paying with cryptocurrency.

Everything has its pros and cons. Cryptocurrencies have their cons too.

  • Volatility

as Bitcoin and Ethereum are popular for their volatility. They are considered as attractive investments, because of their volatility. The price of cryptocurrencies can change instantly in a single session by 15% to 30%. Traders would love to use this to their advantage, but people who have to do daily transactions might find it a bit unreasonable. The price can drop anytime without notice and there is nothing worse than uncertainty. Some people would love to use this for investment purposes while others simply want some stability. 

  • Skeptical approach

Because digital currencies aren’t overlooked or governed by the government, many people believe it’s not regulated legally and thus continue using traditional methods of payment in exchange for goods and services. 

  • Illegal activities

Criminals don’t always have to be dressed in black and have their faces covered. Monero and zCash have been long used by felons since these currencies are super easy to hide. This is one of the major reasons why criminals use it. This doesn’t make cryptocurrency sound so good sometimes. But it’s still a reason why illegal activities mostly involve crypto payments. The trails are easy to hide and manipulate.

Cryptocurrencies have just been around for a while now. It hasn’t been long since they were introduced and most people still don’t get why they’re causing a digital revolution. Against other traditional payment methods, people somehow fail to realize how valuable they can be against the value of traditional transactions. Facebook is already entering the market one step at a time. This speaks volumes of how big of a deal it is. 

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