In a previous article, we talked about how the Jobs are changing in the next few years and we need to look for new opportunities to do Business in the new era. One of the not so new opportunities that are available right now are CryptoCurrencies. There are new Businesses nowadays that completely get rid of the outdated banking systems as their payment method, and doing this, gives them so much more freedom in the online world we are living in nowadays.
Advantages of using CryptoCurrency as the Payment method:
- No Fraud: Individuals cryptocurrencies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
- No Third-party Interruptions: One of the most widely publicized benefits of Bitcoin is that governments, banks, and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts.
- Purchases Are Not Taxed: Since there is no way for third parties to identify, track or intercept transactions that are denominated in Bitcoins, one of the major advantages of Bitcoin is that sales taxes are not added onto any purchases.
- Faster Transactions: Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference external facts, or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset transfers.
- Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange, these people are primed for the Cryptocurrency market.
- Low Fees: Standard wire transfers and foreign purchases typically involve fees and exchange costs. Since Bitcoin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low.
- No such thing as Identity Theft: When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency uses a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information.
- Recognition at universal level: Since cryptocurrency is not bound by the exchange rates, interest rates, transactions charges or other charges of any country; therefore it can be used at an international level without experiencing any problems.
- Decentralization: That is, Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis.
- Mobile Payments: Like with many online payment systems, Bitcoin users can pay for their coins anywhere they have Internet access.
As you can see there are so many things that Businesses can take advantage of using CryptoCurrencies. It’s definitely a Huge benefit that our generation has in its hand.
If you want to know more about CryptoCurrency Businesses please make sure to let us know in the comments section.
If you want to know about some New Businesses that Take Advantage of CryptoCurrency, Make sure you Contact Us.