Cryptocurrencies - or as many proficient users call it these days - digital assets - have now been around for quite some time, yet their main intended use-case - payments - has not enjoyed much adoption. Let’s be honest - have you ever paid with crypto straight from your wallet? If the answer is yes, then congrats - you are in the top 1% of the broader crypto community to have done that.
Well, that does not necessarily mean your favorite alt-coin is bad as a means of exchange - most alts are initially intended specifically for that purpose - to be used as money. So, why aren’t they used that way? The reason is that there is still no proper infrastructure for that. Sure thing, if people could pay with crypto directly from their wallet - everybody would do it.
Think of people who travel a lot. They have to constantly convert from one currency to another, pay exchange fees, and often deal with unfair exchange rates. Surely this is not that big of a problem in developed countries, but if you decide to visit an exotic place - say Argentina or Vietnam, you would find it much easier to pay with bitcoin, directly from your main wallet to the POS terminal.
So, the main factor benefitting and encouraging payments with crypto is convenience. If you are reading this article, you most likely have a significant portion of your money in either Bitcoin or Altcoins. Wouldn’t it be easier for you to put them into use already? Of course, the answer is yes. Surely most of us will do it the moment they find a convenient product to go by.
In line with the latest developments in fintech, platforms such as Cyclebit allow you to make contactless payments, either with an NFC chip or by using a QR code on the POS terminal to transact with stores, cafes, and whatnot. And that is exactly what Cyclebit allows - taking your crypto wallet of choice and using it as a bank, and your phone as a credit card. Much like ApplePay, but with any listed token or coin.
With the number of people owning crypto growing from day to day, it has long been overdue that we started using it the way it’s largely supposed to be - a digital asset is digital for a reason. Needless to say that with the recent bull run, many of us would find it safe converting a major portion of their net worth into Bitcoin and just use it for payments.
Another good reason to switch to making payments in crypto lies in personal data protection. It is not a secret for anyone that there are data-mining companies that aggregate, buy, and sell our personal data carefully sorted into specific packages. Do you know which data is most valuable? That’s right - your buying preference. Any Business-to-Customer company would happily buy or otherwise extract your purchasing history from your bank or the payments provider.
Heck, some data aggregators even make studies on the collected private information and sell it as intelligence. The result of this - you get slammed with carefully targeted ad campaigns trying to upsell you on the most frequent purchases and drain as much money from you as they possibly can.
Although this is a common issue for citizens of most countries, if this is a concern for you, there are ways to overcome it. First - use only reputable services trusted payment providers who care about their customers. Second - pay with crypto. With all the latest developments in the area of cybersecurity breaches, it is of no surprise that some companies magically have over five thousand data points on 60% of the US citizens, who are of high demand to data aggregators due to their high purchasing power. And the situation is not better in other countries.
If you can relate to the problems above, value your personal privacy and enjoy it when things are convenient - Cyclebit is here for you. We have the right infrastructure for seamless, secure and fast payments with a wide range of digital assets.
Having liquidity partners in almost every European country, Canada, Vietnam, and Argentina, Mexico, South Korea, Thailand, and Taiwan soon joining the network, Cyclebit is the most advanced mobile crypto POS network. Join now, start using our products for free and enjoy the benefits of the digital economy.