Crypto vs. Credit cards: Who’s better for today?

Since individuals and businesses used bitcoin and basic coins for making transactions, there have been many disputes about whether the cryptocurrency payments are better than bank cards. Cryptoprocessing.com is a reasonable solution for using the strong sides of both methods; however, we would like to tell you about the real advantages of crypto payments.

1. Cryptocurrency payment always requires your permission

The system of subscriptions using bank cards is a convenient service in terms of regular payment of bills. However, it also has a few disadvantages: money can be withdrawn from the card regardless of the desire of an account holder. We can confidently say that every reader has had a case with a forgotten subscription to some service or an invoice for unknown services. The main problem is that manufacturers of goods or services have access to their database, where all the payment details of the card are recorded, which means that they can use them at any time (and this data can be stolen). Cryptocurrency payments don’t have this weakness: any transaction is made only with the user’s consent and must be initiated by them. It allows all crypto owners to breathe freely and not be afraid that funds from the account will be debited to renew music subscription without their knowledge.

2. Cards have security gaps

As it was said earlier, in fact, all the card information is freely available. When using cryptocurrency, the merchant must display their receiving address (public key) to receive payments, and the consumer must initiate the payment with their own exclusive access to the funds (private key). Under no circumstances will the merchant access the customer’s funds except for the payment after its completion. With the help of cards, the customer gives the merchant access to the balance and simply hopes that they will not be malicious. However, it takes a lot more gestures to steal cryptocurrency, and it is far from a given that these actions will lead to the desired result.

3. There is no need to wait to use cryptocurrency funds

Getting a new card can take you from 20 minutes to several weeks, and this is despite the fact that the card has an expiration date, after which you will have to get a new one with a unique number and data. In the modern world, where time is highly valued, spending so many hours and days registering a new payment instrument is an unforgivable luxury. When using cryptocurrency, setting up a new account is as easy as downloading an app, both for individuals and businesses.

4. Crypto processing companies do not “merge” personal information to advertisers

This problem may be minor, but card companies collect customer data and pass it on to advertisers, such as Google, which puts the user’s privacy at risk. Tracking every purchase and transfer of personal information is a severe privacy issue that has prompted many to use cash and other payment methods. On the Internet, however, this is not an option. Cryptocurrency does not directly connect with the user’s identity, and the coins have advanced privacy features to hide the sources of payments and break the link between identity and payments/balance. Consumer privacy is one of the main reasons for making purchases using cryptocurrencies. In addition to this, service providers in the banking sector may change the terms of use of the product. With cryptocurrencies, however, this won’t do — any changes are recorded and applied only as a result of consensus.

5. Most cryptocurrencies do not charge high transaction fees

One of the first advantages of cryptocurrency was low transaction fees. Although this is not always true for bitcoins and some other coins that have failed to scale successfully, this is an undoubted plus for most cryptocurrencies. Many retailers use minimum purchase amounts to avoid high costs for processing. The ability to pay a proportion of a percent for almost any payment gives an inherent advantage to cryptocurrencies, to the point that converting to a fiat currency still leaves a more favorable rate for the merchant than using cards.

It is not complete, but the most up-to-date list of the advantages and cryptocurrency payments is compared to using a bank card.

In Cryptoprocessing.com, we are sure that payments in cryptocurrencies are the world of tomorrow, which is already available today. We have done everything possible to make our partners and customers happy.

Would you like to evaluate all the advantages of cryptocurrencies? Welcome to contact us!

CoinsPaid is a crypto-financial ecosystem including a cryptocurrency wallet, payment processor, exchange with OTC desk, a hot wallet system for businesses