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Cryptocurrencies have managed to make a huge boom in the global financial industry. Their sudden growth was well-accepted by the public due to the fact that using cryptocurrencies as a payment method and made to benefit the people, rather than the banks and other institutions.
While we are all familiar with the fact that most crypto users are fond of these digital assets because they allow them to make a profit, we wanted to take a different look into them. We are going to talk about using cryptocurrencies as a payment method and thus, explain everything you need to know on this topic. Let’s start.
What Is The Most Commonly Accepted Cryptocurrency?
As you know, there are over 2,000 cryptocurrencies on the market today. But, not all of them are valuable and not all of them are used by many people. With that being said, the most commonly accepted cryptocurrency on the market today is Bitcoin. Research shows that as many as 5 million, or around 80% of crypto users, use Bitcoin, hence, it is easy to conclude why it is the most commonly accepted cryptocurrency.
Many companies and platforms also accept the likes of Ethereum, Tether, and Ripple, but they are not as nearly as popular as Bitcoin.
Where Can You Purchase Cryptocurrencies?
Cryptocurrencies can be purchased at trading sites. These platforms will connect you with sellers from pretty much every part of the world. Not only that, but you will be able to purchase them at the best price. The only thing that you need to do in order to be able to browse the market and connect with sellers, is to register. After that, you will likely be required to verify your account and once you choose a payment method, you will be all set.
One of the most reputable platforms of this type is Bitcoin Power. Not only does this trading site utilize the latest security system and make sure that your data is well-protected, but it is also optimized for mobile and desktop use. That means that you can trade crypto at any time and place, as well as from any device.
Two things that are worth mentioning here are that these platforms are also used for selling cryptocurrencies and making a profit. Additionally, if you are purchasing Bitcoin, there is another option which is a Bitcoin ATM, but these ATMs are known for charging massive fees and are hard to access, so trading sites should always be your top choice.
Which Brands Accept Them?
Thanks to the fact that cryptocurrencies have tons of advantages, there are a lot of global brands that accept cryptocurrencies as a payment methods. However, it is worth noting that most of these companies only deal with Bitcoin. With that being said, some global brands that accept crypto payments are Shopify, Expedia, Overstock, Wikipedia, Whole Foods, and Home Depot.
Online businesses such as online casinos are known for accepting up to 6 cryptocurrencies as a payment method, as well. Lastly, Tesla also invested in Bitcoin back in February 2021, but there is no information on whether they will accept cryptocurrencies as a payment method or not.
The Advantages of Crypto Payments
Three advantages come with using cryptocurrencies as a payment method. First of all, every crypto payment online is instant. Regular methods take a few business days to complete a transaction due to the slow processing time.
Thanks to the fact that cryptocurrencies provide users with a certain level of online anonymity, they are considered the safest payment methods. Finally, since banks are excluded from transactions, users save money by not having to pay additional fees. To make things even better, general fees that are charged for some transactions are much lower than the ones of banks.