7 Reasons Why We Should Only use Cryptocurrencies Instead Of The Fiat Currencies

Reason # 1 — Lower transaction fees
Credit card charges can be very steep, particularly with international use. They can range from 2 percent to 5 percent or more on transactions. Especially when you receive or send money to or from an other country. There are multiple cryptocurrencies on the market right now but non of them are more expensive than the (now) regular payment methods.

Reason #2 — No chargebacks
By using a cryptocurrency, you stop the fraud that comes from chargebacks. Sometimes customers will purchase a product and use it, then ask for a full refund from the credit card company for some falsified reason. Businesses often look at this as a cost of doing business.

Reason #3 — It's faster
I mentioned earlier a problem with the fees associated with international transactions. That is bad enough, but the pain is exacerbated when it takes days or sometimes weeks to see the funds appear in my bank account.

The speeds depends on what cryptocurrency but mostly it takes not more than a few minutes, though lately, with the increased use of bitcoin, we have seen a slowdown. Nevertheless, it is still much faster than transaction times with legacy financial systems.

Benefit #4 — No inflation
This is a big problem in many Third World countries, where central banks inflate their currency to try to keep their head above water, like now in Venezuela and Europe as well where the ECB prints up to 80.000.000.000 euros a month, well if you follow the central banks you can see they are printing like crazy everywhere. With most cryptocurrencies (some choose to do it but when it happens it's very limited with pre programmed smart money), there is no inflation due to controlled quantity limits and the algorithms in the system.

Benefit #5 — Greater trust with your customers
You establish greater trust with your customers as their credit cards are not stored on your computer system. Large companies like Target, JPMorgan Chase and Home Depot have experienced cyberattacks, and their customers had their stored credit card numbers exposed.

This cannot happen with digital currencies. Your customers don’t give you a credit card number, only a temporary encrypted code for processing. Your customers will know that their private financial data is secure with your processing systems.

Benefit #6 — Win over a dedicated loyal group of digital community enthusiasts
This is an important marketing message. Digital currency users tend to be very enthusiastic about what is possible using this new financial instrument. They tend to favor and do more business with those businesses that accept bitcoin and other digital currencies.

Benefit #7 — You make it easier for international customers to do business with you
This can increase revenue. When you can position your business to receive money from people in other countries, you diversify to mitigate economic fluctuations in any local area. This gives you more revenue-generating opportunities, and it enables you to serve customers worldwide.

These are just seven of the many benefits that can exist for businesses that embrace this new and vast-growing technology.