If you know anything about Quidax, you’d know that we’re big believers in the fact that crypto is the future of money 💰. But, for most people who enter into crypto, the goal is mostly to “make” money – not use it.
But, what about the other uses of crypto? 🤷♂️
This week, our CEO Buchi Okoro appeared at the Cyprus FinTech Summit, and he spoke on the topic, “The Future Of Digital Payments.” And, it got us thinking – how does crypto play a role in making payments better and more effective?
Crypto: Much More Than Making Money
Before we go ahead, we’ll need you to answer a question. Remember – no cheating! 😉
Why are you into crypto?
If your answer is , “To make money,” don’t worry – you’re not the only one. In Africa, most people who get into crypto do so because they believe that coin prices will rise and they’ll make money 🙏. And, to be honest, that’s not a bad reason to get into crypto.
But, crypto is much more than just a tool to help you make money or earn income. In fact, when Satoshi Nakamoto first launched the Bitcoin whitepaper, he (or she) called it an “electronic cash system.”
This means that besides anything else, Bitcoin is supposed to serve as money – a way for people to access money without having to go through governments or any central authority.
Why Crypto Works For Payments
One of the many functions of money is to help process payments. And, cryptocurrencies are uniquely built to help with this. Here are some important qualities that make it so great:
Crypto isn’t controlled by any government. This means that technically, it can’t be banned. As long as you have a wallet, you can make and receive payments regardless of where you are in the world.
How? Well, consider these:
- Today, governments around the world can ban traditional payment systems.
- Or, these payment systems could decide to restrict certain countries or regions from accessing their services.
- Crypto is open to one and all. And with Quidax, you have a partner that helps you process payments quickly!
Besides this, you should also remember that everyone is free to make payments with crypto. If you’re looking to send money to a friend abroad, then Quidax allows you to do that ✨.
And, if you run a business and would like to make or receive payments from your client, check out our over-the-counter (OTC) desk to access easy and quick payments at your fingertips! 🚀
Easily the biggest benefit of crypto for payments is speed. Today, you can easily send and receive crypto payments from anywhere in the world in a matter of seconds.
- According to data, Bitcoin (BTC) processes about 40 transactions a second, while Ethereum (ETH) processes about 15
- XRP (XRP), the most popular payment-focused crypto, processes transactions instantly!
- And, with Quidax, you can easily access these tools to process and receive payments – however large.
Crypto also works for payments because of low fees. Here are some interesting facts:
- Traditional payment processors charge relatively high fees for transactions.
- In some cases, you can end up paying as much as 5% of your total transaction amount in fees alone.
- While crypto transaction fees change, they rarely ever go higher than 1% of your total amount
Crypto also provides variety when it comes to payments. If you’re not comfortable with traditional cryptos like BTC, then you could try stablecoins like Tether (USDT) and USD Coin (USDC).
- Stablecoins are cryptocurrencies whose values are tied to fiat currencies.
- So, at every point, a stablecoin’s value is the same as the currency it’s tied to.
- USDT is a stablecoin pegged to the Dollar. So, at every point, $1 = 1 USDT
Stablecoins allow you to avoid the volatility in traditional cryptocurrencies. With them, you never have to worry about price changes.
Crypto isn’t the future anymore – it’s the present. And if you’re looking for the best way to send and receive money, you should definitely be on the crypto bandwagon.
With Quidax, you have the perfect partner to help you get started with processing payments. Sign into your app and let’s get started!