What is the current cryptocurrency price?
What is blockchain?
Blockchain is a method for recording and storing data across a network of computers, which is owned by no single entity. As nobody actually owns the network, it is governed by cryptographically enforced rules that every network participant must follow.
Cryptocurrencies utilize blockchain networks as a means to achieve its ultimate goal of bookkeeping, where records can never be changed, altered, destroyed or forged.
However, some definitions of “cryptocurrency” include all virtual currencies that use electronic signatures to sign transactions, whether they use blockchain technology or not.
The most well-known and dominant blockchain-based cryptocurrency in the market is Bitcoin (BTC). Other popular cryptocurrencies are Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP (XRP), Tether (USDT), TRON (TRX) and NANO.
Benefits of using cryptocurrency payments
Typically, people choose to make payments in cryptocurrency instead of using traditional money transfers because they either seek user autonomy, lower fees for cross-border payments, irreversible payments or a faster payment execution.
In any case, crypto users can control how they spend their assets without dealing with an intermediary authority like a bank or government. They can also access funds from anywhere in the world as long as they have an internet connection. It proves extremely useful amongst people that do not have access to traditional banking services like credit cards.
Merchants that choose to accept crypto payments also see benefits over traditional payment methods, particularly when it comes to battling fraudulent chargebacks. Since it is impossible to reverse a confirmed blockchain transaction, merchants do not worry about bank-initiated payment reversals. In exchange, shoppers feel safer as they do not have to share any sensitive information during the payment process.
Besides, accepting cryptocurrency payments is cheaper than, for example, credit cards. While traditional payment providers might charge up to 5% for each incoming transaction, cryptocurrencies are only meant to charge a small processing fee, which usually comes from the shopper’s pocket.