Topic: What are the benefits of using Cryptocurrency as a payment method? (Read 346 times)

Yes, I understood. Thanks for the clarification.

Just sharing a personal experience with crypto payments.

To be honest, crypto is really beneficial for me for international payments. I don't have VISA/Mastercard card that could be accepted internationally, and I don't have time to make an international bank account either, using Bitcoin to pay for Mega.NZ subscription saves me a lot of time. So probably, international payment is one of the most important benefits for me.

Main cryptocurrency is bitcoin, no doubt about it, and most of payments are in this coin. Like you say it is hard to see that some physical or online store accepts other coins as a means of payment, but people who use payment processors are often added possibility that some service can be payed in other coins. So it's nothing strange to see that for example merchants who use CoinPayments accept ETH, LTC, BCH, DASH and some other altcoins, which can be quite useful at times when the fees are high on bitcoin blockchain.

People always look for the cheapest solutions, and some altcoins like Nano with 0 fee and instant confirmations can save money and time.

Advantages though do not currently pair to extendibility nor usability. Although people can make purchases in numerous places and transfer BTC to others, the amount of business that are BTC ready, and the ease of use, are far from being on par to it’s potential.

If I take a look at my day to day ordinary FIAT TXs, I think that the number I could replace with a BTC TX is cero. I could try to change some habits and providers, but even so, that would currently barely make a dent in favour in BTC TXs. Currently, the main use is as a store of value, or rather a source to speculation. Extended easy usage is being approached by initiatives such as lightning network, but there is still way to go before my FIAT TXs can be replaced by BTC TX on a significant enough level (and for my environment to have an easy and straightforward non-technical approach to it).

Thanks for your suggestion. Yes, I agree that I can read from the articles and Youtube. But I wanted to know the general uses of one using a cryptocurrency. The users who are investing in cryptocurrencies will know the real uses of cryptos than anyone else.

Fees are lower than wiring money to people in most cases, cryptocurrency is supposed to be an irreversible method of payment as well which is why I like selling things in exchange for BTC instead of in exchange for funds on sites like PayPal where the buyer can file a fraudulent claim and get his/her money back and keep the item (an issue I've had many times in the past).

You can also try to be anonymous with crypto payments, though we just had a large Bitcoin mixer seized recently and another shut down a few days ago. Some transact using coins like Monero for better privacy.

Just imagine when purchasing online that no need to expose your credit card details online nor doing a fiat deposit to fill your bank accounts. In physical stores, although there is already a cashless system, it will save you some time to load up your accounts. There is also a time when credit cards terminals are not working and you have no choice but to pay on cash but what if you don't bring any.

You may build up your own preference as people have a different purpose why they preferred a crypto payment instead of a traditional system.

Actually we are not making the transactions of fiat,we just using banks for sending our money which means we are trusting them to make a transaction but on cryptos we no need any third party we can just do it on our own.

The benefits might be convenient and no hidden fee.

Then we have another option to pay anything we buy in an online store or offline store. I think that will help cryptocurrency gets popular among the people, and they will try to use cryptocurrency. Maybe they will get another experience in the transaction because when they use cryptocurrency, they don't have to use bitcoin for the payment, but they can also use the other coins which have a fast confirming in the transaction. That will help them to complete the transaction.

Just to add, both ETH and BNB aren't even made to be used as a currency in the first place. People who are advocating the merchant use of these altcoins are only doing so just because they hold bags of them, without even knowing what they're for in the first place.

i haven't seen any place that accepts either ETH or BNB as payment! both of them are centralized altcoins that only have certain usage for traders only and nothing else.

as for benefits something that is rarely mentioned is the protection that bitcoin gives the receivers like the merchants since it has no charge back feature. in other words transactions can not be reversed and that is a great benefit for those who have lost lots of money to scams due to payment processors such as PayPal that have charge back.

In case of big amount, the fee is too low and the transaction can be faster. On the other hand, for a small amount, paying with bitcoin will be terrible in some cases. For ex. I have to pay $3 for registering a domain, I must have to pay $1 or more for faster confirmation. Someone paid me 0.01 BTC today with a fee of $3(the input was legacy). If there's no hurry of paying faster, one can send $30 with $0.03, took 10 hours approx.

Using cryptocurrency as a payment methods have a lot of benefits and here I am giving you few points

1 Fees :- Fees are negotiable in cryptocurrency but if you are looking in banking system they charged you a lot unnecessary fees. In the name of account maintenance, Debit card, credit card, ATM, withdrawal, deposits etc. they charged you lot. In cryptocurrency payment you need to pay a little fess and you are free to do anything.

2 Privacy :- Through cryptocurrency you don't need to worry about your privacy. You just need to save your wallet password, passphrase and you can control your all wealth. You don't need to put your ID, Passport etc to open an account.

3 Transparency :- Cryptocurrency is totally transparent and you can find each transaction details in the blockchain. So it's easy to check your each transaction details.

4 Global Payment : Here is no limit and you can use cryptocurrency globally without giving any extra charge. In banking system they charged you a lot when you are doing cross border payments. Example western union transfers

5 Adoption : Now you can shop online through cryptocurrency on Amazon, eBay and other online shopping and day by day cryptocurrency adoption increasing highly.

6 Mobility :- You can pay with your mobile.

So it's a lot of benefits using crypto. Here you can find more details about it..  https://news.bitcoin.com/eight-reasons-to-use-cryptocurrency-payments-in-2019/

https://www.mobisun.com/blog/10-benefits-of-paying-with-cryptocurrencies/

Benefits of payments with cryptocurrency is various, but most people use them for reason to save on fees and in most cases because paying in crypto is much faster then conventional methods. Of course this is not always the case, sometimes fees are high if we pay with bitcoin, but it is still cost effective if we pay some big amount.

For people who send money internationally bitcoin is an extremely inexpensive way of sending money when we compare it with Western Union for example. You need to pay WU fees, and extra for exchange fees which will in the end cost you maybe even x50 more then by paying highest bitcoin fee.

You can talk to you friends and explain them how useful crypto is. I know that it won't count for much globally, but if you win over just one friend, he or she will spread the word further. That is the way these things work. People are ignorant and may even be afraid of new technologies, but once they learn the benefits, they will accept crypto for sure.

OP firstly you have to understand none of the other cryptocoins you gave as example are currency and anyone accepting them as payment option are misusing them. Ethereum and Binance coin are utility tokens created for specific purpose inwhich been used as an currency wasn't one of those purpose.

Back to your questions, for personal benefits;

• it eliminate the need for a third party system, which means I don't have to rely on a 3rd party system when carrying out a transaction using bitcoin although this benefit isn't constant since most merchant now employed the service of a 3rd party providers like bitpay etc.

• Gives me comfort/satisfaction
• Low cost of transactions
• Borderless and faster transactions
• Privacy/anonymousity

The list goes on and on but the most important which can also be classified under my satisfaction benefits is that it give me a sign of accomplishment that I'm contributing to the adoptation of bitcoin as a currency.

How can I help spreading the use of cryptos locally? No one here accepts them!

One obvious benefit is you don't have to rely on banks to send money internationally. Just decide who you want the money to be sent, and that's it. No credit card, no wire transfers, now waiting for the bank to do its job, no nothing. And well defined fees, not overly expensive, and the fee doesn't depend on the amount of money you are sending. You do all that easily from the comfort of your home. And there is privacy if you like, semi-privacy like with bitcoin or enhanced privacy like with monero.

there are many uses instead of asking here why dont you read articles and in youtube basic videos cover this topic

if i see your previous posts you know about crypto, why are you asking such quires , i

Crytpocurrency can be used as a payment method for buying any goods and service that accepts cryptos. Bitcoin is used most commonly as a payment. There are other cryptos like Ethereum, Binance coin etc are used for payments. Here my question is what benefits we get if we pay using cryptocurrencies than using normal currencies? Please explain your thoughts on this.

Thank you.