Viewing a response to: @musing-threads/f3nxwldvw
<a href="https://musing.io/q/divine-sound/what-is-the-distinct-advantage-both-merchant-and-the-consumer-will-get-if-a-cryptocurrency-like-btc-or-eth-or-ltc-will-be-used-as-a-payment-method-aga"><b>View this question on Musing.io</b></a>
| author | divine-sound |
|---|---|
| permlink | pkpxrmlvq |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["cryptocurrency"],"appCategory":"cryptocurrency","appTitle":"What is the distinct advantage both merchant and the consumer will get if a cryptocurrency like BTC or ETH or LTC will be used as a payment method against traditional Paypal?","appBody":"","appDepth":1,"musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"question"}" |
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<a href="https://musing.io/q/divine-sound/what-is-the-distinct-advantage-both-merchant-and-the-consumer-will-get-if-a-cryptocurrency-like-btc-or-eth-or-ltc-will-be-used-as-a-payment-method-aga">View this answer on Musing.io</a><br />
| author | milaan |
|---|---|
| permlink | pk9x6h9vq |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["cryptocurrency"],"appCategory":"cryptocurrency","appTitle":"What is the distinct advantage both merchant and the consumer will get if a cryptocurrency like BTC or ETH or LTC will be used as a payment method against traditional Paypal?","appBody":"<p>There are many advantages of using cryptocurrency as a payment method against paypal. Some of them are as follows:-</p>\n<p><strong>Decentralized vs centralized</strong></p>\n<p>The foremost benefit of using cryptocurrency as a payment system is that it is decentralized where as paypal is centralized and lot of regulation and compliance is needed from both the merchant and the user part. So that is not going to be a smooth affair while using paypal where as decentralized cryptocurrencies will offer the best for both merchants and the users and on the top of that while dealing with it, it will give absolute authority, means the owner of fund is the sole owner without any centralized third party.</p>\n<p><strong>Transaction fees</strong></p>\n<p>In Paypal, the transaction fee is high and I have seen it to the extent of 4 to 6% of the amount you would transact, this transaction fees really feel like burden and dictatorship both. Thanks to the invention of cryptocurrencies where the fee is not as a percentage of what you are sending rather it is purely based on mining fees and very practical and real. This fee parameter is not a function of how much money you are sending. So if you are sending the larger amount, then the fee will look like a negligible sum. If you are sending a small amount, it may cost around 1% or even less but always better than Paypal.</p>\n<p><strong>Compliance</strong></p>\n<p>You never know when Paypal will freeze your account and this sort of thing had happened in past with merchants on numerous occasion. So a kind of dictatorship is always there while you deal with payment service like Paypal. And once it gets frozen, getting it restored again takes a lot of time and does not feel good from the business perspective. In case of decentralized cryptocurrecnies you don't have any such issues. You always feel great and feel like the true owner of your fund and hence when you transact with them, it will give you a feel of absolute security.</p>\n<p><strong>More transparent & secure</strong></p>\n<p>In Paypal, the structure is quite complex and everything is private, one can not audit what is going on in a transaction and security wise also, it is weak, as it is prone to hacking and attack as a case of single point failure. In case of decentralized cryptocurrency, the public ledger is transparent and anyone can check and audit a transaction. It is secure too, as it is decentralized and the network is distributed. The security of the network is ensured through the consensus protocol.</p>\n<p><br></p>","appDepth":2,"appParentPermlink":"pkpxrmlvq","appParentAuthor":"divine-sound","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
| created | 2019-03-28 04:04:27 |
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<a href="https://musing.io/q/divine-sound/what-is-the-distinct-advantage-both-merchant-and-the-consumer-will-get-if-a-cryptocurrency-like-btc-or-eth-or-ltc-will-be-used-as-a-payment-method-aga">View this answer on Musing.io</a>
| author | rok-sivante |
|---|---|
| permlink | pk8av3etq |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["cryptocurrency"],"appCategory":"cryptocurrency","appTitle":"What is the distinct advantage both merchant and the consumer will get if a cryptocurrency like BTC or ETH or LTC will be used as a payment method against traditional Paypal?","appBody":"<p>Lower fees.</p>","appDepth":2,"appParentPermlink":"pkpxrmlvq","appParentAuthor":"divine-sound","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
| created | 2019-03-28 09:53:51 |
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