All the keys of the cryptocurrencies as a form of payment

June 2022

Cryptocurrencies are increasingly accepted in more physical and electronic stores. We tell you all the details about a trend that has revolutionized the economy.

What are the forms of payment related to these currencies?

Although it may surprise you, it has gone from using this alternative for the purchase of real estate or high-end cars to relying on it for proposals such as:

• The purchase of food

• Payment for various services

Savings

• The financing of projects

• Pay employee payroll

• Make donations

In other words, cryptocurrencies are already one more currency that is reaching the same utility as any other currency. Normalization is already a fact, and you can even pay for a pizza or a coffee with some sweets using this method.

How is payment made?

The same as when you use your credit card or a payment platform like Paypal. In the case of the purchase of a product or service, the payment gateway will specify what currencies it accepts and what amount you must use.

As far as the price is concerned, you shouldn’t worry, it is the company that charges you who automatically reviews it to obtain the exact price of your purchase.

How do they affect the environment?

in a negative way. The mines of these coins consume more electrical energy than all of Denmark. Bitcoin alone represents an energy expenditure of 149.63 Twh (terawatt hours) per year.

In which countries are they more frequent?

The four that use them the most are Ukraine, Russia, Venezuela, and China. Its international expansion is an increasingly verifiable fact.

Advantages and disadvantages of investing in this sector

You probably have some doubts about investing. Know the benefits and disadvantages that you can face.

Advantages

We start by pointing out that there are more than 10,000 alternatives and that all of them have profit drops and spikes. It is the law of supply and demand that causes these changes. Sometimes the price of a coin has doubled in just five months.

He adds that blockchain technology is secure. Data recording is automatic and cannot be corrected. Hackers cannot access a complete chain, which guarantees that your money is protected. Inflation does not affect them as they have their limits.

Major Disadvantages

You need specific training to handle them well and to avoid security problems. Do not invest until you know in detail how it works. Volatility can make you lose a lot of money if you don’t pay due attention to the financial market.

We hope we have clarified a little more the importance of cryptocurrencies as a payment method and as an investment for the future.

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