Both businesses and consumers are reaping enormous benefits from embracing blockchain along with bitcoin and other cryptocurrencies. This is true despite bitcoin having been in the news recently for questions about its future.
But what are the specific benefits that exist? Why would a business want to accept bitcoin or other cryptocurrencies? What possible benefits would a consumer have from using these technologies?
We looked yesterday at the benefits for merchants. Today, we examine seven benefits for consumers — along with one additional, bonus point.
1. Low fees for transactions
Sometimes you’ll pay directly and often indirectly for using a credit card. This doesn’t have to happen with cryptocurrencies. Your fees will be either nonexistent or very low.
2. International acceptance
When you want to buy something, you don’t have to worry about an added fee for currency exchange. Wherever you go in the world, bitcoin is bitcoin. The same applies to other coins, so you save money and open opportunities.
3. Immutable record
An unscrupulous merchant cannot say you didn’t pay. The record of your transaction is not changeable in the world of crypto.
4. Safe haven from currency risks
Think about the hyperinflation and precarious environment of currencies that exist in countries like Venezuela, Cyprus, Argentina, Poland and others. Think it can’t happen in the United States? Do a Google search for Executive Order 6102, when President Roosevelt confiscated gold from Americans.
You are not anonymous on the blockchain. It is more difficult to find you, but your bitcoin address can be traced. However, no one immediately sees who is exchanging with whom. This added layer of security is helpful.
6. No credit card declines
If you’ve ever had the embarrassment of your credit card being declined, you’ll appreciate this. The transaction doesn’t care about your FICO score, your credit card limit or any lack of payment. If you have the right amount of crypto, the transaction can go through.
7. Personal data not exposed
Sometimes a spouse will make a purchase and not want the other spouse to know what the surprise birthday gift is. Your personal data is not revealed on a monthly credit card statement.