All You Need To Know About Crypto Payments

Making payments using crypto is easier than ever, but unfortunately, most merchants don’t accept crypto currently. Even though there is a movement to change that, with sites like We Accept Cryptocurrency popping up that feature places you can pay with crypto, it’s still the truth in 2020. This article will explore three reasons why paying for things with cryptocurrency is superior to paying with fiat:

1. Better Discounts

Many merchants that do accept cryptocurrency will provide a discount for those paying in crypto because it reduces transaction fees on their end. Free shipping options are common, and some merchants even give percentage discounts for crypto orders. OneGold is a precious metals retailer that offers 2% off when paying with crypto. 

Even if a merchant doesn’t explicitly list discounts for paying in cryptocurrency if you as a customer ask for one you’ll likely get your wish granted. Most website owners receive the vast majority of their payments in fiat rather than crypto, so sometimes they just don’t bother creating crypto-specific policies. Since they will save on transaction fees and reduce chargeback risks, suggesting a reasonable discount like 10% for paying in crypto is likely something they’ll accept.

2. Doesn’t Affect Credit Score

When you purchase a good or service on a credit card, you’re potentially risking your credit score. Increased balance and higher utilization (which both occur after purchase) will drop the score slightly, and if any payments of the card are missed the credit score can drop steeply. 

The great thing about buying with crypto is that it’s more like a debit card than a credit card. You can only spend what you actually have, which limits reckless spending and limits long-term financial risk like credit card debt! 

3. Helps Support The Ecosystem

Everyone who has crypto loves to see it increase in price. But as we all know, the price can swing wildly from week to week. For crypto enthusiasts, actually using their crypto should be a must, because it helps support the growth of cryptocurrency globally much more than just holding it. 

By spending your Bitcoin at a merchant, you’re making it more likely that the merchant continues accepting Bitcoin. You’re also making it more likely that merchant recommends their friends who also own businesses to accept Bitcoin. 

Crypto won’t change the world if it only is used as a savings mechanism. It needs to be used by real people at real stores, and that’s why spending it is so important. 

Hopefully, this article inspired you to look for creative ways to spend and use your cryptocurrency and to put the credit card down. Cryptocurrency can lead to discounts on everyday items, and also to improved financial responsibility since you can’t get a Bitcoin credit card. With more and more websites and service providers accepting cryptocurrency every day, it’s up to consumers to fuel that growth by spending crypto instead of fiat.