Crypto is swiftly taking over the eCommerce space by storm. It’s a modernistic method of making seamless transactions through blockchain technology. Cryptocurrencies support international transactions without worrying about exchange rates or legal formalities. This is part of the reason why a good number of established eCommerce firms advocate for the use of bitcoin as a payment method. There are numerous secure websites that allow you to buy gift cards with cryptocurrencies. These sites also allow you to buy bitcoin.
Here are the reasons for buying gift cards from online shops that accept crypto payments.
- Crypto has user autonomy
Traditional fiat currencies are exposed to several risks and restrictions. For instance, financial institutions are susceptible to changes in the economy. In some cases, this situation might end in bank runs and crashes, and this has happened many times in the past years. That shows users are not in control of their currency; theoretically, crypto promises user autonomy since its price isn’t connected to government policies. So, its owners and users of crypto are in full control of their cash.
- Transactions are pseudonymous
Many online transactions need a collection of data to identify an individual making the transaction. For instance, transferring money to another individual is completed only after the identification for the send, and the recipient is verified. Equally, online purchases will need you to enter identification info to make any purchase. The verification procedure might avert crime, but it puts an intermediary firmly in charge of the whole transaction. This lets them control the provision of services to people.
Crypto transactions are pseudonymous. Note that the transactions are not entirely anonymous since they can be identified using a specific blockchain address. Once you buy cryptocurrencies, you can own many addresses like they can have several usernames and passwords for one account.
- The transactions are conduction on a peer to peer basis
The crypto payment systems are purely peer-to-peer. This means that users can send or receive payments to and from any individuals on the network across the globe. Unless the user is receiving and sending cryptocurrencies from a regulated exchange, all parties to the transaction don’t need approval from any authority or external source.
- The transactions don’t incur banking charges
When making transactions using traditional fiat currency, there are deposit and withdrawal charges. Crypto users are not subject to any fees. That is to say, no account maintenance fees or minimum balance charges, no overdraft fees, and no returned deposit charges.
- Crypto payments have lower transaction fees for global payments
Foreign purchases and wire transfers involve exchange costs and fees. Since crypto transactions don’t have intermediary institutions and government involvement, the transaction costs are low compared to bank transfers. This could be a great benefit for travellers. Besides, transfer in cryptos is quick, getting rid of the inconvenience of specific authorization needs and waiting periods.
- Crypto payments are mobile
Like with numerous online payment platforms, crypto users can pay for any products anywhere provided there is an internet connection. That means the purchasers don’t need to travel to the bank or shop to get the product. Nevertheless, unlike online payments made in bank accounts, personal data isn’t necessary to complete the transaction.
- The transactions are irreversible
One of the features of crypto’s blockchain is that it’s immutable. Therefore, transactions via blockchain are irreversible and can’t be fixed by any third party like a financial service organization or government. Furthermore, it’s impossible to file charge-back for crypto coins sent to another person. The only method to reverse the coins is by making the recipient resend the original coins.
- Transactions are safe
After you buy cryptocurrencies, you will create a wallet that comes with a private key. This means your bitcoin is safe. Crypto is not a physical currency. So, thieves can’t palm it off the holders. Hackers might steal the individual’s crypto if they have the private keys for the wallet. Nevertheless, it is technically impossible to steal the coins with proper security.
Cryptocurrency has made tremendous development in popularity and application in the markets. People now know how it works and how efficient it is as a payment method. So, join the bandwagon and buy your gift cards from an online shop that accept bitcoin payments. Good luck!