It is incredible how in the last few years cryptocurrencies have been taking over the financial market. They have already become useful financial assets for many and proved their security and privacy protection. More and more businesses are starting to introduce crypto payments. VPSBG was one of the few to accept Bitcoin payments back in 2014. Now we also accept Litecoin as a payment method. Nevertheless, what are the benefits of crypto payments, and wouldn’t it be faster and more secure to pay with traditional methods? Let’s talk about it!
Decentralization is a very important aspect
Cryptocurrencies are not controlled by private companies or government bodies. Not even developers can change the function of the algorithm.
Fast worldwide payments with low transaction fees
All of the cryptocurrency transactions are executed using the P2P principle, with no participation of any central controlling authority. In contrast to banking payment systems, you have control over the size of the commission for a transaction. Bear in mind that lower transaction fees may potentially lead to a slower transaction speed, although by nature, cryptocurrency transactions have a high processing speed. As a bonus, when your transaction is added to the blockchain, it becomes irreversible, meaning there is no way to get your crypto coins back, however, actually it is a good thing as it prevents frauds in the system.
Confidentiality is a great advantage of crypto over fiat money
In order to stay confidential while using crypto, you do not need to take any additional steps or provide any personal data. You remain anonymous and your expenses are hidden from financial institutions or marketing companies.
You have exclusive ownership of your money
The only way to obtain access to your crypto wallet is by providing a private key, and you are the only holder of that key. What does it mean for you? No one would be able to freeze the movement of your crypto coins or just write them off your wallet. For some, it is definitely a way to protect their finances and have a cryptocurrency backup for unexpected situations.
Your personal data is protected
Now that we constantly pay for goods and services online, we always risk our personal data because it can be compromised or stolen. With cryptocurrency transactions, you ensure the protection of your personal information.
Unlike fiat assets, cryptocurrencies have a few important mechanisms that guarantee the prevention of inflation. In the Bitcoin network, for example, inflation is blocked, or rather prevented by several features:
- there are only 21 million coins, and they can’t disappear or get canceled, neither can they be mined after this threshold has been reached;
- the release of new coins occurs every 10 minutes or so;
- the emission of coins is halved every four years, and no regulatory body can increase the emissions.
It’s easier than you might think
Some people believe that the cryptocurrency market is too complex to learn and use, however it is accessible to everyone. Literally anyone can start using crypto coins, even if they do not possess technical skills and knowledge. You do not have to be a crypto guru and understand every single aspect of this system, although it would be great to have some industry background. In order to start with crypto, the only things you need are a cryptocurrency wallet with a few coins and Internet access. Another advantage is that you can be anywhere in the world, where the banking products are not available, and still use crypto.
Crypto payments are accepted in more places than you expect
There are thousands of businesses worldwide that accept payments in cryptocurrency. For example, our company offers Bitcoin VPS with Enterprise NVMe SSD drives and AMD EPYC chips for superior performance. However, it is not always about the products within the web hosting industry or IT field. For example, you can purchase gift cards for hundreds of retailers worldwide (some of them include Starbucks, Amazon, iTunes, and many more). You can see specific information about the places that accept cryptocurrencies and their conditions using various tools (e.g. Coinmap).
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