Why Is Paying With Cryptocurrency The New Era Of Economics?

The first thought of decentralized cryptocurrency was to eliminate centralized control of money from government agencies and ensure speedy processing of transactions. So why are some people still not sure if the crypto payment is the new safe way to trade and earn assets?

Some of them will tell you that crypto is an unstable world, that you can’t “see” Bitcoin or Etherium, but the latest crisis proved that all currencies can get unstable depending on the situation. So why believe more in crypto?

Crypto is the safer way

The ongoing pandemic has led to a surge in credit card fraud. In 2020, the dollar volume of attempted fraudulent transactions rose 35% in April 2020 as compared to April 2019. Credit and debit cards were the source of the majority of fraud reports among all payment methods in 2020.

The reason why cryptocurrencies are a safer option is that they don’t need third-party verification. When you pay with cryptocurrency, your data isn’t stored in a centralized hub where data breaches commonly occur. But the information is stored in your crypto wallet. Plus, the blockchain general ledger is used to verify and record every transaction, making it very difficult, if not impossible, to steal your identity.

You are in control

Do you trust banks? A lot of times history has shown us that banks are vulnerable to boom and bust cycles in the economy. Sometimes, these situations can end in bank runs and crashes, as many of us have witnessed that.

This means that you are not in control of your money. Theoretically, at least, bitcoin promises user autonomy because its price is not linked to specific government policies. This means that users and owners of the cryptocurrency are in control of their money.

No banking fees and an ideal way for international payments

The Bitcoin payment system is purely peer-to-peer, meaning that users are able to send and receive payments to or from anyone on the network around the world.  Bitcoin users are not subject to the litany of traditional banking fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges, and no returned deposit fees, among many others. But remember that it still has so-called “maker” and “taker” fees.

No more waiting in lines

Today you only need a smartphone or a laptop connected to your wallet and you can get the job done. There are no traditional banking systems, credit cards, or other methods of payment.

Cryptocurrency is shaping this society and it giving us the freedom we were searching for. So, don’t let yourself be late for this opportunity. Get on the ship before it sails.

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