Spending Cryptocurrency on Everyday Purchases

Over the past ten years, there has been a rise in popularity for Bitcoin and other altcoins. However, there are still only a handful of major retailers that accept cryptocurrency as a payment method. Luckily, there are several ways to spend your Bitcoin that enable you to make everyday purchases and enjoy your hard-earned crypto.

Hype, Myth, Or A Reality

For years, the cryptocurrency market was the only place one could really buy cryptocurrencies. Many shunned their real-world use. However, this is already starting to change. Cryptocurrencies have a few positives, which businesses can leverage to improve operations and gain more profits.

Benefits Of Crypto Transactions

Buying cryptocurrency or spending has become more popular nowadays. But let’s see why many entrepreneurs and customers are looking forward to seeing more of the crypto world in real life.

Fast Transactions

Cryptocurrency transactions are more efficient than bank transfers, especially when dealing with large sums of money. Digital currencies can be transferred quickly and without the need for authorization.

Cheaper Fees

Payment processing has become a problematic and costly task for SMBs, and payment processors have made it more difficult for smaller companies to accept credit card payments. Aside from exorbitant fees, many companies find that they’re still unable to get various costs, depending on the processor. If you buy something small, let’s say for $5, on average, you will pay ~ $0.30 + a percentage of the fee. You start with 6% of the value of the item and can get to about 10%. The situation gets worse with high-value items where 3% commission fee might be a problem. If you buy a new laptop for $1000, you’ll pay $30 extra.

But if you buy XRP, you can avoid such a scenario. Ripple charges a marginal fee for transactions (0.0001 XRP).

Secure Transactions

Blockchain technology makes it easier than ever to protect data in e-commerce transactions. Business owners can choose to use verifiable authentication, where they receive only the information needed to complete a transaction. Consumers enjoy greater privacy throughout the shopping process.

Cryptocurrency Applications

With the growing popularity of cryptocurrencies, they are being accepted by more retailers. However, many merchants were still hesitant to adopt them, so many alternatives were created to “fill the void.”

Crypto Debit Cards

Cryptocurrency debit cards allow cryptocurrency holders to spend their tokens at any location that accepts Visa or Mastercard. This can be quite … Read the rest

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