Cryptocurrency serves as a cryptographic alternative to more traditional methods of exchange, such as cash or credit cards, and has also generated alternative perspectives. While cryptocurrency serves as a means of payment and other alternative perspectives, some view cryptocurrencies as a means of financing terrorists, crooks, and fraudsters especially since they are involved in Dark Web activities and ransomware scams.
The recent surge in the value of most cryptocurrencies has once again reinforced people’s belief in cryptocurrency as a viable investment option. Due to the hype surrounding the blockchain-based technology that supports cryptocurrency, this technology can have a positive impact on the wallets and investment practices of mainstream investors nationwide.
After due research from profitable Bitcoin System, we are going to examine reasons why the cryptocurrency is becoming a preferred option for many businesses given the plus points that make it a viable alternative to more established forms of financial trade.
Factors that affect customer perception and satisfaction
Transactions
In a traditional business transaction, people become overwhelmed by the costly fees added by agents, brokers, and lawyers involved. There are also lots of paperwork involved in certain deals and all these come with commissions here and there with brokerage fees and several other conditions.
One reason why clients prefer cryptocurrency is that in this model, transactions take place on a peer-to-peer network so that there is no middleman involved. As a result, audit trails are easier to establish, while payers and recipients know where to pay funds, and accountability is enhanced, as the parties involved in a transaction know each other.
Assets Transfers
Cryptocurrency blockchain is compared to a large database of property rights which can on one level facilitate the execution and enforcement of two-party contracts on commodities such as real estate and automobiles. Nevertheless, the blockchain cryptocurrency ecosystem can also facilitate specialist modes of transfer.
In addition to incorporating third-party approvals, cryptocurrency contracts can include references to external facts or can be outlined to occur at a specific time in the future. As the cryptocurrency holder, you have exclusive control over your account, which minimizes the time and expense involved in transferring assets.
Confidential Transactions
In cash/credit systems, the bank or credit agency can check your entire transaction history when you make a transaction or if there are any issues. It could also be them checking your account balances to make sure there are sufficient funds. A more thorough review of your financial history may be required for more complex or business-critical transactions.
Another advantage of cryptocurrency is that each transaction involves an exchange between two parties, whose terms may be negotiated according to the circumstances of each transaction. By using this system, you can safeguard the privacy of your financial history and prevent account or identity theft, which is more likely under the traditional system, where your information could be exposed at any point in the transaction chain.’
Transaction Fees
Most of you might have read your monthly bank statement or credit card statement, and baulked at the amount imposed on transfers or other types of transactions. Performing a lot of transactions monthly can lead to huge transaction fees accumulated over time.
When it comes to cryptocurrency, data miners are compensated by the cryptocurrency network, meaning transaction fees are usually not charged to customers. If you choose to engage a third-party management service for your cryptocurrency wallet, there may be a few external charges, but those charges are far less than the transaction fees associated with traditional financial systems.
Bottom Line
These are just a few of the factors that affect customer satisfaction and ratings of cryptocurrency. Without the advantage of a cryptocurrency over traditional financial systems, cryptocurrency may not have gained as much publicity as it does right now.
