As crypto currency becomes more mainstream, here’s why it is more convenient to pay with crypto currency instead of the old payment methods:
Pay Lower Fees :
Merchants are responsible for paying transaction fees, as well as setup fees for many payment processors. Banks, for instance, charges close to $40 per wire transfer (and sometimes more). Crypto currencies charge much lower fees, if any. Some Bitcoin exchanges offer fees under 1%. Likewise, since PRFD serves customers overseas, crypto currencies can help you avoid international currency payment fees. This is because crypto currencies aren’t tied to a country of origin or national bank. As a result, businesses don’t wait for payments to clear a foreign bank or pay the costs.
Crypto currency payments are mobile
As with many online payment systems, Crypto Currency users can pay for their coins anywhere that they have Internet access. This means that you do not have to travel to a bank to issue a transfer. However, unlike online payments made with U.S. bank accounts or credit cards, personal information is not necessary to complete any transaction.
Because users are able to send and receive Crypto Currencies with only a smartphone or computer, Crypto Currencies is theoretically available to populations of users without access to traditional banking systems, credit cards, and other methods of payment.
Crypto Currency transactions are conducted on a peer-to-peer basis
The Crypto Currency payment system is purely peer to peer, meaning that users are able to send and receive payments to or from anyone on the network around the world. Unless they are sending or receiving Crypto Currency from a regulated exchange or institution, the parties to a transaction do not require approval from an external source or authority.
The Transfer is pretty fast
A Bitcoin transaction often goes through several confirmations on the block chain before it is fully cleared. That’s because there’s a risk that unconfirmed transactions could be reversed, or the crypto currency could be spent twice. A confirmation takes place whenever a new block is created. If you’re transferring a big amount of crypto currency to a company, some will require as many as six confirmations. How long would this transaction for the transfer take to confirm? About an hour.
Remember, each time you send a transaction, you are making a transfer (or transfers) and you need to wait until the transfer is “confirmed” by the miners.
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