We now accept crypto payments!

We now accept crypto payments!


 
5 Benefits of Using Crypto for Geargamers Payments

While the cryptocurrency market as a whole has evolved exponentially since this time a few years ago, there are several reasons why you should use cryptocurrency payments in 2021. Today, fiat currency payments are still the most popular form of payment, but adding cryptocurrency payments into the equation provides consumers and merchants with unique benefits. Some of these benefits include simplicity, low fees, security, privacy, and greater control.

Cryptocurrencies are different than fiat currencies in that they allow consumers to transact without the need of a third party such as a bank or credit union. It democratizes the economic field and allows people to transact freely and securely. Below are five reasons why you should use cryptocurrency payments in 2021.

1. Fees

A long time ago, cash was the primary way of transacting. People would buy and sell everything using cold, hard cash. After that, debit and credit cards became popular. People no longer needed to carry around cash and instead could buy using a card that conveniently fit in their wallets or purses. While debit and credit cards are great, the fees associated with these cards can be exorbitant. From debit and credit card fees, merchant fees, checking account fees, etc., these fees can very quickly add up.

For cryptocurrency, the fees associated are a lot less than those associated with debit and credit cards. In some cases, transacting using cryptocurrencies can actually be completely free.

2. International Use

Cryptocurrencies have no border, meaning cryptocurrencies can be used to trade no matter where you are in the world. In addition, the fees incurred when doing business internationally can be very high when trading with fiat currency. Cryptocurrencies allow you to trade internationally quickly and affordably. All one needs is access to the internet and a device (cell phone, Coin Cloud Bitcoin ATM, etc.) that allows you to buy and sell cryptocurrencies.

3. E-Commerce

As a business, accepting cryptocurrency has never been easier. There are certain payment processors, such as Woocommerce and Easy Digital, that make it easy to integrate cryptocurrency payments into your website. But, as a business owner, why would you want to accept cryptocurrency? Well, there are a variety of reasons, but as mentioned in reason #1, the fees associated with accepting cryptocurrency are 60–70% less than the fees associated with accepting debit or credit cards. This means more money in your pocket.

4. No Charge-Backs

As a business owner, charge-backs can be one of the most frustrating things. Customers will often buy a product, sometimes use it, then cancel the payment. With fiat currencies, charge-backs are possible. With cryptocurrencies, this is not possible. All payments recorded to the blockchain are final and can’t be tampered with.

If a customer wants to get his or her money back, they have to talk directly with the vendor. This gives the business owner better control of the product returns that occur within his or her business. This prevents customers from getting their money back after having damaged or lost the product.

5. Safe Mobile Payments

Payments are becoming increasingly more mobile. As brands optimize their websites to be even more mobile-friendly, more and more payments are taking place on people’s mobile devices.

Cryptocurrencies allow users to conduct mobile payments quicker, safer and easier due to their decentralized nature.

2021 Has Been A Big Year For Crypto

 

Total crypto market cap record.

2021 has been a big year for cryptocurrencies. Several crypto currencies came to a new All time high in 2021. The Crypto Market Cap of 2021 Surges to a Record of $2.7T. Its underlying technology continues to grow, and more businesses have begun accepting cryptocurrencies. The cryptocurrency that’s leading the market is Bitcoin. Although the price has been volatile, we still see adoption increasing all over the world. This can decrease overtime like we saw in '' The great crypto crash of 2018'', or the Bitcoin Bubble.

 

3 Most Likely Long-Term Crypto Market Outcomes

  • Bitcoin
  • Blockchain
  • Payments

How  does cryptocurrencies work?

How does blockchain work?

Using the ''bitcoin'' system as an example, here’s how blockchain (also known as distributed ledger technology )  works:

  1. The purchase and sale of bitcoin is entered and transmitted to a network of powerful computers, known as nodes.

  2. This network of thousands of nodes around the world vie to confirm the transaction using computer algorithms. This is known as bitcoin mining. The miner who first successfully completes a new block is rewarded with bitcoin for their work. These rewards are paid with a combination of newly minted bitcoin and network fees, which are passed on to the buyer and seller. The fees can rise or fall depending on the volume of transactions.

  3. After the purchase is cryptographically confirmed, the sale is added to a block on the distributed ledger. The majority of the network must then confirm the sale.

  4. The block is permanently chained to all previous blocks of bitcoin transactions, using a cryptographic fingerprint known as a hash, and the sale is processed.

The concept of blockchain technology first appeared in academic papers dating back to 1982, in a dissertation discussing “the design of a distributed computer system that can be established, maintained, and trusted by mutually suspicious groups.” But it was a 2008 paper by the pseudonymous Satoshi Nakamoto titled “Bitcoin: A Peer-to-Peer Electronic Cash System” that brought an academic theory into real-world use.
Later on, Satoshi Nakamoto denies being a bitcoin inventor and he mentioned that he is not the founder of Bitcoin. The real founder of Bitcoin is still unknown and not found.

Why does Geargamers Accept Crypto?

While bitcoin has been around since 2009, it really didn’t jump into the mainstream until late 2017 when the price skyrocketed to nearly $20,000. At that time, everybody was scrambling to figure out how they could get their hands on some bitcoin. We as Geargamers accepting several cryptocurrencies to offer more relevant payment methods. We believe in the Crypto Revolution that is already happening.

 

 

 


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