It is becoming normal in some parts of the world to use crypto currencies, although the use of crypto currencies is still illegal in some parts of the world soon it would become part of the financial system of the world. Bitcoin payment gateway makes payments easy between users and there is no role of the third parties when you are performing a bitcoin transaction. Many believe that bitcoin and other crypto currencies of the world have the potential of challenging the traditional financial system of the world and replace the interference of middlemen in the transactions. We are going to discuss some useful information about crypto currencies.

Low transaction fees

Sending and receiving crypto currencies from one person or a company to the other is very easy. Cross border transaction also includes low fees and you don’t need to pay taxes to the government. The low transaction fee for the crypto currency transaction also makes it a preferable choice for the users. When you are using traditional platforms, the transaction fee is quite high and bites out a major portion of the assets. If you usually perform a lot of transactions every month, you should use these crypto currencies for it. A transaction fee in some cases doesn’t apply as well, only the crypto exchanges keep their cuts. The transaction fee is minimized because miners who verify these transactions are rewarded by the network by offering them new coins. When the role of a third party is involved as in the case of the fiat currencies, the transaction fee is eventually going to increase.

Easy access to your credit 

When you are using crypto currencies, the users have easy access to their credit; they don’t need to visit a bank or any other physical location for accessing their funds. The transfers are also made possible by using exchanges, you can access crypto exchanges using your mobile device or laptop, and thus there is no need to visit anyone for processing the transactions. Crypto currencies are truly revolutionizing the world financial system, as access to the internet is increasing in all parts of the world; the popularity of these online payment systems is also increasing in the world. Studies show that around 2.2 billion people in the world have access to the internet but not all of them have access to the traditional banking systems or the exchange, these users would eventually settle for the crypto currencies as they offer more control to the users. Crypto currencies are using block chain technology and have developed an ecosystem that made transactions easy and anonymous.

Legality issues are also concerning the crypto market of the world; it is still not legal in most countries of the world due to the hegemony of traditional banks. Although users are still using it for processing online transactions the acceptance rate is quite low when compared with the credit cards or the debit cards. However, in the near future, the acceptance rate would also increase for crypto currencies across the world. 

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