When cryptocurrencies were first introduced a few years ago, the main idea behind them was to use the currencies for transactional purposes. The decentralised nature of blockchain and the way cryptocurrencies were set up made the available coins perfect for online and offline transactions.
As the market evolved and the value of cryptocurrencies grew, most coins transformed into investment instruments. So, are cryptocurrency payments still the future?
One of the reasons why popular cryptocurrencies like Bitcoin didn’t work – and isn’t working – as a means of making payments is transaction speed. While the theoretical speed of blockchain-based transactions is relatively high compared to the more conventional methods, the actual transaction speed is often longer than expected.
This is where currencies that are designed for transactional purposes come into play. New coins are built on an infrastructure that is specifically optimised for transaction speed. ProCurrency, for example, is known to offer incredible transaction speed and immense reliability, all while running on a highly optimised blockchain.
With these new coins on the market, transaction speed is no longer a challenge. Every transaction is processed in real-time. Merchants and buyers can receive confirmation of successful transactions within seconds of executing the payment. Transaction speed this high is what the market needs for cryptocurrencies to be used more openly.
Another big reason why cryptocurrency payments is still the future lies within the cost of processing payments. When you look at the costs of payment processing for conventional payment methods, and then compare those costs with the cost of making a payment via blockchain, the difference is noticeable.
Using ProCurrency as an example, it is easy to see why more merchants are supporting this coin. Transaction fees are virtually zero and merchants can rely on a vast payment network to accept payments from customers.
The modern coins designed for transactional purposes have multiple apps or interfaces for specific types of users. There is an app for merchants with tools and features that make managing payments easy. There is also an app for the users with a built-in wallet and a way to easily make payments. Blockchain acts as a strong foundation for these interfaces.
Sticking with ProCurrency as an example, the coin is gaining in popularity thanks to its Pro Rewards programme. The programme rewards customers for making payments using ProCurrency. Many merchants offer cashbacks and other rewards through the ProCurrency network.
Loyalty and reward programmes like the Pro Reward is another thing that makes cryptocurrency payments very appealing to customers. The promotional offers are designed to help cryptocurrencies gain traction as a payment method rather than an investment instrument.
At the end of the day, the basic idea behind cryptocurrencies is creating alternative currencies as a substitute to the notes we have today. These added benefits – the three reasons we covered in this article – are clear signs that cryptocurrency payments are here to stay. Add the fact that there are more merchants, both online and offline, accepting payments in popular coins, and the future is obvious.