Should You Use Cryptocurrency As a Form of Payment?

The world is changing fast, especially when it comes to payment methods. Five years ago, online transfers where difficult, expensive, and took a long time to transfer. Today it is much faster and more accessible than ever before. However, this speed has not caught up to that of cryptocurrency. As more of the world starts to accept cryptocurrency, should you consider using crypto as a form of payment?

Where to Buy Crypto?

As a starting point, you need to establish where to buy cryptocurrency, as without it, you can’t utilise with crypto as payment method. Most importantly, you would have to buy cryptocurrency through a secure payment gateway or exchange. Its best to select a widely used currency like Bitcoin, Ethereum, or Litecoin, as these are being adopted faster and more broadly than other cryptocurrencies. Use a secure and recommended payment gateway like Altalix to exchange your traditional Pound or Euro for cryptocurrencies like Bitcoin, Ethereum, and Litecoin and send them directly to your own cryptowallet. 

Exodus, for example, has been rated as one of the best wallets for beginners.

Once your crypto is stored in your wallet, you will be ready to start buying and paying with cryptocurrency.

Benefits of Transacting with Cryptocurrency

There are a number of benefits for transacting with cryptocurrency. These include:

  • Anonymous Transactions – When you transact with a cryptocurrency, the transaction is logged on the central database known as a public ledger. While your account number and transaction ID are listed, no one can identify you making transactions completely anonymous. 
  • Peer to Peer Basis – As cryptocurrencies work on a peer to peer basis, it makes it easier and faster to transact.
  • No Bank Fees – You may pay transaction fees depending on your wallet, exchange and network usage at the time..
  • Easy International/Long Distance Transactions – Transacting peer to peer internationally/long distance is enabled with cryptocurrency. 
  • Payments are Mobile – You can make payments from anywhere, no need to go into the bank or use an ATM.
  • Transactions are Irreversible and transparent –  No-one can claim the money has been paid into your account, waiting for release, when it actually has not been done at all. Once the money is in your account, it is not reversable. 
  • Transactions are Secure – Because of how the blockchain system works, transactions are extremely secure. Read more about Blockchain and how it works here. [link to be interested once “How Blockchain Works” article is live]

Should You Make the Switch?

While everyone’s needs are different, there are a number of reasons to consider cryptocurrency as a supplementary form of payment. The main considering factor is going to be where you can spend your cryptocurrency. With many providers bringing out cryptocurrency debit cards, you should soon be able to spend your crypto wherever you choose. So start buying crypto today with the help of Altalix! No hidden fees, fast, simple, and secure. Sign Up Today!