5 Reasons To Use Cryptocurrency Payments In 2020

reasons to use cryptocurrency payments

Cryptocurrency is clearly the future of the world which is expected to upturn the economic transactions carried out throughout the world. In the near future, the currency is expected to make a defining move towards complete digitization. What this means is that the hard cash would not be a common sight for the people in the coming years. The advent of cryptocurrency puts the stamp on the authenticity of this growing trend. 

Investing in cryptocurrency is still regarded as something ahead of time. However, the next few years will start finding it relevant to the massive shift towards the digitization of the global economies. It means we are likely to see a massive boom in the demand for this valuable asset. 

For now, it is an extremely volatile asset which can mean easy money coming your way. If you are looking to invest your capital in an instrument that has highly unlikely chances of producing losses, which is one of the primary reasons why there is a sudden rise in the demand of cryptocurrency in the recent years. 

The way trends are shaping up, we might see cryptocurrency becoming a major source of payments in the times to come. Let’s take a look at the following five reasons why the cryptocurrency is set to further expand its wings in the year 2020. 

1. Relatively Low Fees 

The online transactions of cryptocurrency completely erase the concept of extra charges as they can be available for free to the users. It eliminates any charges like card fees, ATM fees, merchant fees, checking account fees, overdraft fees, paper fees, check fees, transfer fees, change fees, charge-back fees, foreign transaction fees, minimum balance fees, inactivity fees, false decline fees. 

Cryptocurrency has emerged as the most viable option for the modern world. Now you don’t have to carry bucks in your wallet and stress about getting mugged any time. Digital currency is your escape from all the extra fees. If you opt for crypto payments, your transactions will be made safely and at lower costs. Hence, it is a smarter decision to opt for this form of payment. 

2. No Refund Policy 

Unlike normal online transactions with a money-back guarantee, when customers are not satisfied with the product. Customers misuse this platform. They use half of it or test the product and then demand their money back. This method is present to reverse fraud but leads to fraud from the opposite party. If a company’s policy consists of such a clause, nothing can be done about customers asking for a complete refund after using the product. This is quite unfair to the company accommodating these customers, but crypto payment methods resolve this issue. Both parties are well aware of their payment methods. It is irreversible and hence proves to be a more feasible method for the seller. The buyer cannot ask for any kind of refund. Crypto payments will be deposited to his bank directly and then there is nothing which can be done to reverse it after. 

3. Growth Market 

Crypto is expected to rise by 50% in the coming years. Around 80% of Australians are in favor of using it. However, it is an extremely volatile market out there. Fluctuations do occur in a short period, but it could be your best decision for the long-term. 

Their rates can also be regularly tracked through Cryptocurrency Cap Tables. Major companies with a significant market share have adopted it, like Subway and various other car companies. Even top celebrities like Johnny Depp and Ashton Kutcher have been endorsing it for the past few years. Crypto payment is further making inroads into broader markets and communities through endorsements from the top celebrities and influential people. The result is that crypto payments are expected to attract 100 million users by the end of 2020. There are also crypto experts who believe that the digital currency will be the sole payment method in the next decade. 

4. Privacy Of Transactions 

In the 21st century, opening a bank account and using it to carry out transactions through isn’t a hassle-free experience for many. When you sign up for a bank account, the bank officials ask every tiny detail about you. From your home address, social security number, home number, phone number, email address, family details, job salaries, expected payments in the bank to where and with whom transactions will be carried out, they want to know everything. Receiving a call every time a big amount ends up in your bank doesn’t give you a great feeling. It is like an intrusion in your life. 

For such customers, the cryptocurrency payment method is the way to go. It only requires an address and a transaction ID. It is just like an online transaction, without any involvement of a bank-like authority to prolong the process. Transactions can take place easily at the same rates in any part of the world. Moreover, no extra costs are incurred for excessive distance. 

5. Internationally Cheaper Option 

It is well-known that making online transactions overseas incur high costs for people. The only option to make transactions is from debit or credit cards. The cost of such transactions is high already. Additionally, cards charge an additional international transaction fee. Cryptocurrency is the option that saves all the costs lost during the process of card transactions. 

Immediate Future Projections 

By October this year, bitcoin hovered in a four- month bearish trap, which raised concerns in the minds of many. However, experts have something else to predict. According to experts, the recent bearish patterns that emerged in Oct. this year are signaling a strong bullish push in the coming months. They believe that the price is set to regain the threshold of 10,000 U.S. dollars anytime sooner as the crypto market rebounds even further. 

Crypto Conclusion 

Cryptocurrency is here to stay. In fact, it is here to rule the roost in the times to come. The more it will gain strength, the more users it will attract which means we are looking at a bigger market going into 2020. There might come a time when they will become the leading mode of online payments, which means we might witness the conversion of cryptocurrencies to currencies any time sooner. Its different products like Bitcoins, Litecoins, Ethereum, and lots of others would no longer be a new phenomenon to the global audience.

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