PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Why Cryptocurrency Is The Future of Online Transactions

Cassie Warrington by Cassie Warrington
May 3, 2018
in Industry Opinions
0
cryptocurrencies

cryptocurrencies

784
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Cryptocurrency prices such as Bitcoin have skyrocketed, growing over 750% in value in just 12 months, according to The Guardian, surpassing even an ounce of gold. As an investor, you should be stalking the markets in an effort to predict the future. For anyone who has been transacting online, then you already love blockchain, mobile payments and the opportunities they unfold. That’s not to say that cryptocurrencies are foolproof payment methods. In fact, they have faced a couple of hurdles with some companies pulling them out as a payment system. While this is a reason to be extra cautious, you need to consider cryptocurrency as the future of online transactions for the following reasons.

Lessens the Risk of Fraud

Online fraud is growing at an alarming rate and continues to pose a huge risk to businesses. Technology is a double-edged sword that simplifies life for everyone including fraudsters. With all the information available, it is extremely easy to set up a fraudulent account and sell fake products by pretending to be a recognized brand. Ponzi and pyramid schemes also reduce the faith in online transactions. Cryptocurrencies offer a chance to trace the originality of a product. For instance, selling tickets to an event using blockchain enables you to trace all the information of each seller from the stored blocks of data. These data blocks cannot be forged or manipulated.

Alternative Payment Processing Option

In the world today, you have to be exceptional to live off your trade. However, the pay disparity between artists such as actors and musicians is astounding. Such a system denies a lot of talents such as calligraphers and web designers who often are underpaid by organizations. Blockchain offers an alternative payment system that is more open. As an online system, cryptocurrencies enable the input of formulas that ensure that businesses and individuals get their deserved dues. Millennials are more charitable, and such a system will appeal to them, leading to its adoption.

It Works Well With Commodity Currencies

Commodity currencies are those whose production can be traced, such as the mining of gold or the printing of USD. Cryptocurrencies do not ascribe to this category; they are a formula in an unregulated free market backed by the price mechanism. The value of one unit depends on many factors, making it volatile and unstable, which is unsuitable as a base currency. However, in online selling, cryptocurrencies are bound to work better, faster and more efficiently. As the technology behind currencies, combining it with paper money is the future of online transactions.

Online transactions are fully reliant on technology which typically translates to them working better with an online currency. The advantages of digitizing the whole process from selling to payments are simply the next giant leap in online transactions.

Tags: Cryptocurrencies
784
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the U.S. Bank report - Real-time payments