Cryptocurrencies have laid the foundation for the entire new market which is evolving on daily basis. The main goal is to make people less dependent on funds, and make funds serve people and be available instantly while saving on the fees. However, do not forget to ask around before investing and to inform yourself when dealing with cryptos for the first time. These are the perks of crypto payments globally.
Responsible Spending and Money Savings
So far, we have all been informed that banks and traditional payment systems restrict our freedom, in a way. These also act as a third party in every transaction. To explain this more transparently, remember the fact that banks work with individuals only on working hours, and that there is always a certain period of time needed for funds to be transferred to another account, especially abroad, following the usual bank procedures. If the bank is closed and you need its services at that particular moment, the alternative is using various apps, or PayPal, or Western Union. Above all, there is always a commission that you need to pay to the intermediary, and it is way higher than the charges imposed on crypto transfers. Furthermore, cryptocurrencies are transferred within seconds, and the entire process is transparent and can be easily tracked.
There was an excellent example introduced by Jameson Lopp of BitGo, who analyzed the market on President’s Day on Feb. 19. In 2018. The banks were closed while peer-2-peer system was able to process over $1 billion equivalent of transactions, and more than $7 billion worth of Bitcoin was reportedly traded on a single day.
Crypto Payments in Every-Day Life Worldwide
Cryptocurrencies have become part of the mainstream in many countries in the world. There are suffering economies where cryptos have proved themselves as a successful way out for many households that encountered inflation. There are also states, such as Ohio, where you can pay your taxes in bitcoin. There are entire regions, such as North Queensland in Australia, filled with retail shops that accept cryptos. France’s capital is one of the cities where you can buy groceries and newspapers with bitcoin, as well as Prague in Czech Republic, which is steadily taking up the lead role among the European capitals when it comes to the usage of cryptos in everyday life, with its 150 official retailers accepting BTC. The latest news came from Calgary in Canada, where a new cryptocurrency has been developed, Calgary Dollar. It is being used for inner-city services. The Calgarians can get their coins by taking participation in the services organized by the local socially-engaged entities. Many of the big companies, whether state-owned or privately-owned are using cryptos as incentives to attract people to use their services or products. German Railway is reportedly considering granting tokens to their loyal customers. Jaguar Land Rover is partnering with blockchain network Iota to reward drivers with cryptos for reporting on roads conditions and vehicle performance.
Possible Downsides of Dealing with Cryptocurrencies
In some of the previous posts we explained how the entire process of buying and trading with cryptos work. However, we are aware that digital currencies may be too abstract and confusing for elderly people who prefer to make their payments (especially the micropayments) and keep their savings in fiat currencies. We can understand all that. However, let us point out that what people accentuate as main downsides of using cryptos generally comes down to getting used to a new means of payments. In order to get to know the cryptos, you have to experience them and acknowledge the concepts of blockchain, private and public keys, etc. As for the risks of trading with cryptos, they may include precautions in transferring larger amounts because the character of cryptos may be volatile, so we advise checking the rates before making larger transfers. There is also a possibility of hacking, as with all transactions online. However, in comparison to many other online services, crypto networks are considered to be highly protected.