Do we even need to explain what digital currencies are? Only 3 or 4 years ago, the answer to that question would probably be “yes”. However, today, the majority of people know what cryptocurrencies are and how exactly they work. Of course, this especially counts when we talk about younger generations, but older people have also shown interest to improve their knowledge about this incredible invention.
Because of that, people of all ages decide on different ways to improve their knowledge. One way is to follow the latest news and try to figure out how the system function. Another way is to connect with experienced traders and miners and try to improve their skills in that way. Finally, some people would simply use the assistance of technology and try out to earn money with different software. This software use algorithms that can predict certain changes in the crypto market. If this seems like a legit way to improve your knowledge, you may want to click here and find out more about the program of that type.
The good news is that governments around the world are ready to adapt to the new payment option. Because of that, they are changing the financial laws to prevent any illegal activities that people could potentially do with cryptos. Because of that, cryptocurrencies are no longer a source of income. They have also become part of our daily routine.
Something we wanted to say with the previous sentence is that people are using digital currencies for shopping. They are purchasing a wide range of things from the comfort of their room. The question is – are they doing a good thing?
Well, the easiest thing we could do here is to answer “yes, the development of Bitcoin and other altcoins is amazing”. However, it would be unfair not to mention some disadvantages of digital currency shopping as well. The purpose of this article is to help you make some decisions on your own. So, let’s get started!
Pros of Shopping with Digital Currencies
Speed of Transactions
Speed of transactions is probably one of the main reasons why people decide on purchasing stuff with digital currencies. They can approve the payment and finish the entire process with a couple of clicks. You will not have to wait for a couple of days for the bank to confirm your transaction. That automatically means you do not have to wait for a couple of days to get the product you ordered.
Banking Fees Don’t Exist
Let’s imagine that you ordered an item that costs $20. Are 20 dollars the total amount of money you need to spend? Not at all! Whenever you are paying something online directly from your bank account, you will need to pay a banking fee as well. The fee depends on the bank you are using. They may not be too high, but if you are constantly ordering something online, then this amount of money can become a bit big one day.
The usage of cryptocurrencies eliminates banks and other financial institutions throughout the process. Because of that, you can be sure there won’t be anything that can raise your fees.
It is good to mention how good this can be for international payments. All the eCommerce stores do not offer products only for citizens of one country. Because of that, you may find a product in a foreign store. However, this means that you will also need to pay a bit more money for the international transaction fees. Just as we said, this type of transaction does not exist at all. You just need to send your digital currencies from one crypto wallet to another and everything will be finished.
Discretion Is Guaranteed
Believe it or not, there is still a group of people that does not want to purchase products online. The reason why they don’t want to do that is simple – they don’t want to expose their personal data. Shops often require personal data such as name, credit card number, address, and other stuff. Many people feel uncomfortable sharing all that with a shop they know nothing about.
Well, discretion is guaranteed, and that especially counts when we talk about the most popular crypto in the world – Bitcoin. All the details of the transaction are going to be visible only to the two parties involved. It can’t be associated with the personal identity of the buyer in any way. Of course, this doesn’t mean all the transactions are completely anonymous, but they are hardly traceable, and you can be sure all of your data will remain safe.
Safety, Once Again!
No one will ever manage to still your money, data, or trick you in any other way. When you make the transaction, it becomes part of the so-called blockchain. Whenever someone tries to change the details of the transaction, the code that is generated for the entire purchasing process changes. Because of that, you can be sure this type of payment is the safest one in the world.
Cons of Shopping with Digital Currencies
They May Not Be Legal In Your Country
Unfortunately, digital currencies are not legal in all the countries around the globe. There are countries such as Marocco, China, and others that banned digital currencies for different reasons. Because of that, shopping with digital currencies may be illegal in those cases. This rule counts even for people that went to those places as tourists.
Not All the Shops Accept Crypto-Based Payments
The popularity of cryptos hasn’t reached its maximum. Because of that, not all eCommerce shops will accept to sell their products for crypto-based payments. In those cases, even if virtual currencies are legal in your country, you won’t manage to purchase the items you like.
It will be much easier to determine now whether shopping with digital currencies is good or not. You may be limited in some cases, but that doesn’t mean things won’t change in the future. The number of shops that will accept crypto-based payments as well as countries that will legalize cryptos will grow in the future for sure. Of course, this doesn’t mean digital currencies will replace traditional money completely, but improving your knowledge seems mandatory if you want to become successful in the future. Will you use it for shopping? It’s up to you!