Cryptocurrency exists for the people. Long before the existence of cryptocurrency, the government has held onto the power of the centralized currency. There is usually a charge on every transaction in the form of taxes and transaction fees, a part of which goes to the government and to the financial institution that controls the transaction. Cryptocurrency was established to create a decentralized network where transactions are fee-free, secured, and fast.
Did you know that you can now shop online and pay with crypto? Alot of online merchants now accept payments in cryptocurrency. In this article, I am going to share with you the benefits of shopping online with crypto and how you can save money shopping online with cryptocurrency.
What Is Cryptocurrency?
Crypto is a digital currency “coin” that uses an online log with security known as Cryptography. Cryptography provides a secured transaction platform that is safe and free from counterfeit and sham.
Cryptocurrency aims to have an advantage over other payment options like the use of fiat currencies.
The term “Cryptocurrency is derived from the term ” encryption”. It contains layers of encryption that establish its security during transactions. Blockchain is used to store information on various transactions carried out with cryptocurrency. It is a string of virtual, tiny, ledgers which carry boxes of the transactions. After the box is full, a new one opens and gets connected from the filled one. Blockchain can store a million pieces of information. You can assess this information with hash keys (#) which is the transaction’s means of identification.
Having an understanding of how cryptocurrency works will give you a better knowledge of the super-smart ways to save money while shopping with cryptocurrency.
Why You Should Shop with Crypto
7 Super Smart Ways to Save Money While Shopping with Cryptocurrency
Cryptocurrency Reduces Transaction Fees
Shopping with crypto will help you reduce transaction fees. Sometimes, paying via standard wire transfer for cross-border transactions can be expensive. The fee usually will contain VAT, transaction fees, exchange fees, etc., because of the involvement of financial or government agencies as middlemen. To save more and also elude the waiting period for verification, shopping with cryptocurrency is a better option.
Cryptocurrency Prevents Cyber Theft
One of the things that cryptocurrency prevents is Cyber theft. As long as you do not disclose your details, such as your SEED Phrase or wallet security details, your transactions are safe. It can save you a lot of money compared to other payment options where your bank details are at the mercy of a person who may or might not have bad intentions. When shopping online, you have to input your bank details, credit card information, etc. which can be an opportunity for cyber theft. With this payment option, you are anonymous when shopping online, as your wallet address is your identity.
Cryptocurrency Helps You Stay Under Budget
Due to its tangible nature, it helps you stay on budget. When you have a fixed budget to spend while shopping, it is difficult to exceed the set budget because even the smallest decimal value makes a difference. Cryptocurrency will also help you stay on budget because of the uncertainty of its market value – you might spend only for its market value to rise. Hence, with cryptocurrency, you can decrease and manage your spending habits. It can help you track your spending habits by perfectly keeping track of your day-to-day preference.
Cryptocurrency Helps You Buy More for Less
Where everyday money doesn’t provide an insignificant price, crypto has provided an opportunity to pay for goods according to their worth. In addition, if you can observe the exchange market well, you can even make a profit on your purchase due to the market instability. All you have to do is make the right decision on what to buy, where to buy from, and from whom to buy. If you make the right decision, you can buy more with crypto at a lesser rate.
Cryptocurrency Provides A Fast Payment Option
Due to the elimination of the middlemen like banks and financial institutions like banks or government agencies, transactions are processed faster and in more simple means; using cryptocurrency payment options is solely peer to peer. You can make payments to online stores that accept cryptocurrency payment options anywhere in the world.
Cryptocurrency Provides A Secured Network
One of the major fears people have when they decide to pay after shopping is security. Paying online comes with fear of the trustworthiness of the payment platform and also, the type of people that will have to assess the information from your bank or credit cards. Cryptocurrency has provided you with a solution; you can pay without fear because you don’t have to enter any sensitive details. All you need is the recipient’s address. Payment can now be done in a secured way.
Cryptocurrency Payments Are Flexible
A smartphone or computer and good Internet service are all you need to make payments. There is no need to pay a visit to the bank to make payments regardless of the sum of money. It is available to everyone without access to centralized banking platforms and other payment options.
From the few points above, you can see that shopping with cryptocurrency has so many benefits. It doesn’t end there. Currently, some crypto platforms now issue crypto credit/debit cards. What this means is that users could use their crypto cards for online purchases.
So, if you are skeptical about crypto, the innovations in the crypto ecosystem are enough to prove that cryptocurrency could solve some financial issues in the future.If you found this article helpful, do drop a comment below and let us know.