4 Reasons Why You Should Use Blockchain-Based Micropayment Methods
You are already missing a lot in life if you’re not using blockchain-based micropayment methods. The cutting-edge technology of blockchain has been revolutionizing digital transactions on a level where the sky’s the limit.
Blockchain technology provides modern solutions to all the problems customers face in the transaction of minuscule money via traditional banking. Research published in Jan 2023 shows that blockchain finance users have grown by 300,000 since early 2022, which shows the feasibility of the use, and popularity of DeFi technology.
The hassle of traditional transactions annoys customers due to time-taking trades, insanely high fees on transactions, and long documentation processes for the sake of security. If you too are the victim of the atrocities of conventional banking, this is clearly for you!
- Lesser Transactional Charges
The transactional fees banks charge for providing services are extravagant. They either charge a fixed amount per transaction or charge a certain percentage of the total amount withdrawn. A report shows that the highest fee banks in the UK charge has been 5.4% per transaction that is a whopping amount we must say.
However, the transactional fee that involves a Bitcoin is around $1.5. Thus, the cutting you save in your money while prioritizing blockchain technology over traditional ways of a transaction is stunning.
2. Instant Payment System
Payment delay is something you can’t avoid in traditional centralized banking, no matter how hard you try. It usually surprises you at the moment when the deadline for payment is approaching, and the system adds to your existing agony by slowing down for some maintenance reason. However, blockchain technology doesn’t let its users experience any trouble.
Tokens like Cardano and Solana can be handled immediately, and BTC may take a few minutes. Thus the process of transaction via blockchain technology is quicker and smoother.
3. Secure and Trustworthy
blockchain technology ensures enhanced trust and security for its customers without unnecessary documentation and tiring process. It’s also called ‘’trustless’’, as it doesn’t need parties to trust. As it is a decentralized system, your information is not at risk to any party or government body.
Unlike a traditional banking system, you don’t have to go through a bogus identification process. The transaction process is transparent between two parties reducing fraudulent activities.
4. Direct Peer-To-Peer Transaction
One of the best features of blockchain technology is no middleman is required to lock your deals. The transaction process directly connects you with the other party making it the most reliable way to consider. The global market of blockchain technology has been expanding due to its feasibility and security. A report shows that it’s expected to be worth 1235.71 billion US dollars in 2023.
Bottom Line
Blockchain technology is liberating humans from the capitalistic chain of a centralized money system. With the grand perks and benefits of lower transactional costs, speedy transactional settlements, and direct agreement of parties without a middleman, blockchain is going to rule the world because the traditional system of banking can’t hold a candle to it.
