It’s interesting that people are usually more concerned about how safe a cryptocurrency is to use online when data breaches happen regularly with banks and even Experian itself.
Of course there is some risk with making any payments online whether it is Bitcoin or a traditional credit card. There are actually many advantages when it comes to using Bitcoin and other crypto coins in place of traditional credit cards.
In this article, I will go over some things to consider when deciding if you should be using your Bitcoins to pay for things or not.
Bitcoin payment services
Using Bitcoin to pay for things has never been easier or safer than right now. With many apps on your smartphone available, you can use it to make payments simply by scanning your QR code. From you morning cup of coffee to a new car, you can use a Bitcoin payment service that works just like any other system.
Paypal even has a system where you can buy Bitcoin and use that to make online purchases. Since Paypal offers many protections for buyers and sellers, this is an even safer way to pay with crypto. You can read the guide on how to buy Bitcoin with Paypal by clicking that link.
If you are a seller with an e-commerce site, then you should be taking precautions to protect the visitors to your site anyway, so make sure you use a reputable payment service.
Advantages of Bitcoin payments
Since the blockchain records every transaction made and cannot be edited after the fact, there is a lot of transparency when using Bitcoin or other coins.
It is a seamless process that allows for borderless payments from anywhere in the world. It is a dependable system that works very well across multiple mediums. It is actually far more secure to use Bitcoin on your phone than a regular credit card.
Look at it this way: Has there ever been a time when any person could track any payment made by credit card to a person or business?
The answer is clearly, no. Even if you are one of the people involved in the transaction, the only record you have is what the processor has given you.
With Bitcoin, anybody can look at the records in the blockchain and see exactly when and to what wallet a transaction was made. And it cannot be altered due to the nature of the blockchain itself.
The advantages don’t stop there, either.
Bitcoin payments are also cheaper to process than a traditional POS transaction through a credit card or bank. Usually, a Bitcoin payment is around 1% with traditional payments around 2 – 3%.
I’ll repeat that nothing it 100% safe when it comes to avoiding scams. Even Bitcoin can be hacked, especially during the transfer process in which a payment leaves the blockchain.
Weighing the options, taking Bitcoin is no less safe than using a credit card.