As Covid-19 is damaging the world economy and restricting people from going outside, there is only one way that they can get delivery of products at home. Thus e-commerce business seems to survive in such a pandemic situation and replacing the physical marketplace with an online market where anyone can order things just by clicking. Online banking and online payment systems are used to buy online products, and these systems are growing faster than any other business. While making the payment, security issues arise where blockchain technology or cryptocurrency is considered a priority in case of the safety of the transaction. Commercial activities can be eased with the help of cryptocurrency for the safer, secured, easy, and advanced way.
Bitcoin or Cryptocurrency is a digital form of currency that is used as a medium of exchange online. The payment industry in the current situation is designed by mobile devices or computers. It occurs at home and on the go. Shopping is available 24 hours a day, and customers are demanding more from their platforms than ever before. However, there were multiple reasons for failure, such as fraud, managerial issues, financial problems, etc. Some important revolutionary factors of paying in cryptocurrencies are:
1. Instant Availability
Cryptocurrency is easily available in any country, and you can get digital currency in your wallet where those are stored safely. Whenever you want to buy any product or services, then you need to transfer your cryptocurrency to the service provider online on his digital address. You don’t need to wait for opening bank or money transfer service center, and you can do the transaction as per your wish any time any day. In the case of fiat currency transfer, you have to wait for a long process, which might not be as per your convenience.
One of the core benefits of the use of cryptocurrency is time-saving, which means it will not take more than few minutes to transfer your digital coins to another wallet of the peer. Few cryptocurrencies take few seconds while some cryptocurrency takes a few minutes. However, this period is negligible as compared to the classical payment method. It saves your time, which eventually will allow your e-commerce business to grow. As you know, time is very important for any business, and if payment is done on time, then both the parties can progress confidently.
3. Offers & Discounts
E-commerce industries provide a better deal and discount on products as compared to buying from shops because they are saving time, energy, space, labor, and maintenance costs. Cryptocurrency is adding one step more to e-commerce business because customers can get more benefits and avail the products or services at a discounted rate. You may enjoy booking hotel with the help of Cryptocurrency with heavy discount as compared to the normal way of booking.
4. Low Transactional Cost
If you use the digital currency for buying products or services, then transaction cost is very minimal because it does not involve a third-party like a central bank or federal agency. You need to have a peer account detail to transfer the cryptocurrency. When you try to transfer the amount, that is in the form of encrypted complex digital mathematical problem which the miners solve to validate the transaction. For their work, a small amount of cryptocurrency is deducted. The number of high-speed computers is used to resolve the transaction problem so it will not consume much time.
5. Anywhere Payment
You can make payment to any part of the world by using your mobile phone or computer in a very short period because cryptocurrencies are decentralized without a defined platform, and you may transfer from anywhere in the world. Compared to the conventional payment method, it would be easy to make payments after travelling to any of a company branch or through a bank. With digital currency, as long as you know the password of your digital wallet, you can and make a safe payment from any part of the world and save time.
6. Elimination of Banking Fees
You may have noticed that while doing transactions through any banking channel, you have to pay a good amount of your money for their service and the conversion rate from one currency to another which is a loss for the transferee. In cryptocurrency, you need to pay a huge amount of your money to anyone, including banks or money broking agents. Thus, it saves your hard-earned money ultimately.
7. Mobile Payments
Like with many online payment systems, cryptocurrency users can transfer their coins anywhere through internet access. This means that purchasers never have to travel to a bank, or a store to buy the product. You can use your laptop, smartphone, or tablets to transfer the digital coins to vendor’s wallet. It saves your time and delivers a safer way of shopping.
As observed above, we have seen major benefits that revolutionized the cryptocurrency and online payment system. Cryptocurrency payment has the prospective of generating a more borderless and world economy. It has potential for struggling financial inequality by fetching fast and secured financial facilities to people without access to the banks. This is a huge success for everyone in online and offline payments. Certainly, these payments revolutions, that are being driven by ‘users and businesses’ mounting craving to transact using cryptocurrencies, will endure to advance and gain acceptance as they filter into community consciousness and using cryptocurrencies to make payments becomes more general.