Crypto Payment - The Better Way To Shop Online

We are no strangers to digital payments. People from all over the world are likely to have used some form of digital currency to pay for physical goods, bills and services online. Cash usage diminishes each year, and brick and mortar branches are closed as banks and traditional finance systems move towards industry digitalisation. But the current digital payment landscape is not perfect, and there are many inefficiencies that new technology seeks to improve upon.

You might not think you have used ‘digital currency’, but the chances are you have. Crypto is a digital currency that stands apart from the traditional markets, and utilises emerging blockchain technology to revolutionise online payment security and efficiency. Crypto payment technologies can make financial transactions faster, cheaper and safer.

Crypto Currency 

The crypto market is sometimes viewed as a volatile, speculative asset, with limited real-world use cases. This is a somewhat unfair assessment, that springs from lack of understanding of the industry. Crypto is built using blockchain technology, and blockchain technology is rapidly being integrated into all kinds of businesses, both established and emerging. The benefits of blockchain adoption, and the wider crypto-market a business or industry can harness as a result, allows them to stay relevant and be at the cutting edge of security and business transformation.

It is how cryptocurrencies are used that is misunderstood. For a long while, crypto-holders had limited options as to how to spend their digital coins as real-world currency. Online shopping was (and is still) transacted largely in ‘fiat’, and crypto-holders had to off-ramp (convert) their crypto to fiat to buy the things they needed. 

With the rapid growth of blockchain and crypto payment integration with online shopping platforms, this is quickly changing. Crypto is being seen as, and used, as a real-world currency, and more and more e-commerce platforms, as well as brick and mortar businesses are accepting crypto at the point of purchase, giving real-world value to this new and emerging digital currency. 

Benefits Of Using Crypto As Payment Currency

Universal Currency

Cryptocurrencies have the same denomination anywhere in the world. The value of 1 Ethereum or 1 Bitcoin, is the same globally. Crypto is a simple digital currency to transact with because it is valued the same everywhere - a universal currency. There is no need for currency conversion when paying in crypto.

Own And Manage Your Own Crypto

Crypto is decentralised, meaning as an owner you will have complete control over your assets, without the need to hold them in a financial institution such as a bank (in the case of fiat) or a crypto exchange such as Binance. Payment can be made or received straight from your crypto wallet, greatly increasing security and removing the chances of outside influences affecting the assets you hold.

Lower Transaction Fees

Shopping with crypto lowers transaction costs normally associated with platform usage and currency exchanges. You can directly pay merchants without any intermediary, and easily transfer large payments across borders for high ticket items, without the approval from your bank (as long as you have the funds to pay for it.)

Higher Security For Transactions

Crypto shoppers can be confident that their crypto payment will reach their intended merchant. All transactions on the blockchain are secure, and there is no way to intercept the transfer. Transactions are recorded across many distributed ledgers which greatly reduce the possibility of fraud, meaning any payment disputes will soon become a thing of the past.

Deal With Anyone, Anywhere In The World

Not everyone enjoys using financial institutions. Some don’t even have access to banking facilities, and might be considered ‘unbanked’. Crypto is a decentralised industry, and those people considered unbanked, from all parts of the world, are able to buy and transact online through shopping with crypto. Crypto payments make it easier for us to transact with one other, without the need of a centralized banking ecosystem to help manage the transaction. This gives everyone fair access to buy anything they want globally. (as long as it's legal in their country)

Instantaneous Payment

Crypto payments are settled in minutes, no matter the transaction amount or the location of the parties involved. International transactions are also incredibly simple, with no downtime or currency conversion in the process. The speed with which transactions take place and the security layers involved mean crypto payments are a real-world benefit to businesses and shoppers alike, as well as e-commerce industries at large.

Ease Of Access/Ease of Use

Paying with crypto is as accessible as paying with fiat. As long as you have access to the internet and your crypto wallet (be it on a computer or a mobile device) you’re able to shop with crypto. You can easily transfer funds and make purchases from wherever you are.

Shopping With Crypto Is Easy