Cryptocurrency is no longer an unknown concept. Time and again this investment model has proven its worth. The market capitalization today stands at $3 trillion. There are more than 13k+ cryptos in the marketplace that go into daily trading, one of which is bitcoinpro the reliable trading platform able to answer your needs.
Cryptocurrency as a payment model
This is an interesting and confusing concept. Cryptos is yet to gain the status of being a legal currency model. Many companies including Microsoft, Tesla, and shopping sites accept crypto payments. These cryptos in turn take the shape of investment at the receiving end. However, there is yet a concrete step pending from regulatory authorities on this.
Role of payment gateways
With the growing interest in cryptos, there is also demand for its allied services. The payment gateway is one such allied service of cryptos. To complete any transaction, the role of those crypto gateways is inevitable.
How does this model work?
From the user end, there is no risk in using such gateways. An investor or crypto user does not need to have any special wallet for this. The user can directly use the available cryptos to complete the transaction. The risk of these transactions lies with payment gateway companies. It takes the role of accepting user transactions. Such companies make payments from their available wallets. These companies act as facilitators between the merchant and clients.
What products and services can you buy using cryptos?
With the current advances in the crypto industry, it is possible to buy anything. In 2009, when Bitcoin first came into the market it was indicative of being an investment coin. But with the growing interest in cryptos and the market, the role of cryptos grew. Ranging from electronics, merchandise, watches, online games, technology, and other e-commerce products. Tesla came out in support of crypto payments. Earlier it was possible to buy a Tesla car using Bitcoin. But, this option was soon withdrawn given the environmental hazard of mining.
Microsoft is another giant that accepts crypto payments. Users can buy MS PlayStation and other associated products using cryptos. This is a huge step to accepting crypto.
The latest to this list are movie tickets.
Let us see how you can buy movie tickets using cryptos.
Those in the US can now make payments to movie tickets using cryptos. As always, you need to select the number of seats, and then click on payment. During this step, the user needs to select Bit-pay instead of cash or credit. Bit-pay allows you to buy movie tickets using your cryptos. Currently, bit-pay accepts Dogecoin, Shiba Inu, and other popular cryptos. The multiplex giant AMC has come forward with this renowned strategy.
The announcement was made on their official Twitter page recently. The multiplex giant has collaborated with Bit-pay to make this payment method possible.
Now that we have understood how this works, let us also understand the benefits of crypto payment.
Speed of each transaction
Crypto is a global currency. It means a user can easily undertake crypto payments to a peer group in the US. The transaction is fast and cryptos are credited in less than 24 hours. This speed and efficiency are what the traditional banking system lacks. It may take more than three business days to complete such a transaction through banks.
Accessibility to undertake transactions
Anyone with stable internet and a high-speed computer can undertake crypto transactions. The process of setting up your digital wallet is comparatively safe and faster. Cryptocurrency also allows you the benefit of not undergoing a rigorous verification process. It also lets you stay away from the monitoring process of financial authorities.
Security of transactions
This is the primary advantage of making payments through cryptos. Every crypto transaction is secure and ensures that there is no room for hacking. Cryptos have reported less than 1% cases of hacking. This provides a fool-proof solution that cryptos are safe.
No third-party interventions
Since all cryptos make use of decentralized finance it is easy to make payments. There is no interference from banking institutions. Your cryptos in the digital wallet are put to use during each transaction. It directly reaches the merchant account passing through a payment gateway.
Cryptos are here to stay. Regulations in place will ensure these tokens gain official power to become a legal exchange.