Top benefits of using digital currencies in the current world with increased technology no sector has not undergone technological advancements. The finance industry has not been exempted from these advancements. Over the past few years, we have heard of the term digital currency, and it has been trending for the good reasons though. The digital currencies will allow you to transfer funds independently without involving the central bank or middlemen. The most famous type of digital currency has been Bitcoin which has had a strong performance for the time it has been in the market.
Lower transaction fees
If you have used credits cards in making payments, then I presume you know how much you will be charged for the transactions. Using credit cards in making transactions will end up charging you a lot of money especially when you are making international transactions. Using few dollars while you are making a transaction is very annoying more in cases where you are receiving money from people from outside your country. However to avoid this extra charges then you can consider using the digital currencies because they do not charge the transaction fees.
ChargebackS have been known to be fraudulent. However, when you use digital currencies like Bitcoin, you will be able to avoid the fraud that is associated with chargebacks. In some cases, customers will use products that they purchase and then later ask for a refund faking the reason for the return of the product. If you chose to accept Bitcoins, you would not experience chargebacks. This implies that once you receive a transaction from the customer, then the sale will be regarded as complete.
Most third world countries experience problems because the central bans inflate their currency with the intention of keeping their heads high. However, when you chose Bitcoin as your preferred digital currency, you will not experience inflation problems because there is controlled limits on quantity.
Greater trust with customers
When you choose digital currencies as a way of receiving payments from customers, you will help create trust between you and the customers. This is possible because you will not store the credit cards of your customers on your computer. Storing of credit cards in your computer will be a great risk because you may experience cyber-attacks and hence the customer number s may be exposed. These occurrences are never expected for a case where you are using digital currencies. The customers will only give you a temporary code which is encrypted for processing. This will make the customers feel comfortable because they will be sure that their financial data will be safe.…Continue reading »