The 10 benefits of paying with cryptocurrencies
On Mobisun’s website, you can pay with crypto money.
Mobisun chose this because paying with cryptocurrency offers a number of advantages over fiat money.
Cheap and instant worldwide payment
Crypto money is a new means of payment based on blockchain technology.
Basically, it involves smart cryptography or encryption that creates unique and shareable digital currencies.
The transaction costs of cryptocurrencies are low and payments can be made almost instantly and globally.
Crypto money you can take with you anytime, anywhere
Cryptocurrencies can be stored in a digital wallet (wallet) that you can manage from your computer, your phone or that you can store in a hardware wallet (a type of USB flash drive). This can be done, for example, with the Ledger Nano S.
This hardware wallet offers the ability to carry on crypto currency anytime, anywhere.
An alternative is to store your crypto money or link it to a credit card. The company TenX is developing this.
Crypto money is your own property
As long as you know the password/passphrase to your digital wallet, the crypto coins are completely under your control and ownership and no one else can dispose of them.
This is unlike the money you have in the bank, which legally no longer belongs to you. When you deposit money into your bank account, you are at that point a creditor of the bank, which manages your money on your behalf.
In transactions you conduct with “your money,” the bank acts as an intermediary between you and a third party. In these transactions, you trust the bank to properly perform the transfer as you intended.
With cryptocurrencies, it works differently. In this, you do business directly with other people without the intervention of a bank or third party. These are peer-to-peer transactions, or person-to-person transactions.
Banking the unbanked
Around 2 billion people worldwide do not have access to a bank account. Many of these people do have cell phones.
Crytocurrencies and blockchain technology make it possible for these people to conduct financial transactions via biometrics and a cell phone, thereby increasing their wealth.
Integrity of transactions
The trust for a transaction with cryptocurrencies is derived not from an institution such as a bank but from the computer code of the cryptocurrency in question. Thus, a common phrase in the crypto world is “trust the code.”
Trust in the code is greater the more people using the blockchain in question and/or the more security safeguards or better encryptions built into the code.
Sometimes the existence or history of a blockchain also guarantees the trust users derive from it.
High degree of privacy
To conduct transactions through a bank, you are required to provide extensive personal information. Payments with crypto money do not require you to provide personal information and the transactions take place anonymously.
The degree of privacy and anonymity varies from currency to currency. For example, the crypto coins Monero, Dash, CloakCoin and Verge are known for their focus on privacy.
Full 24/7 traceability of transactions
Each transaction within the blockchain is verified by a decentralized network of devices (or nodes), time-stamped and linked to the previous transaction, creating a chronological sequence of transactions.
The record of these successive and irreversible transactions (also called the blockchain) is continuously synchronized and updated on all devices participating in the blockchain network.
As a result, with cryptocurrencies, it is not possible for a third party to manipulate the payment or for the sender to reverse the payment.
Also, anyone can continuously verify whether or not a transaction has taken place.
These transactions can be tracked anonymously by anyone via the so-called block explorer.
For example, bitcoin’s global transactions can be found here: https://www.blockchain.com/nl/explorer
Shareable across as many crypto bank accounts as you want
Within your crypto wallet or purse, you can create as many account numbers or addresses as you want.
This can be useful when you decide not to have too much crypto in your pocket.
Suppose you have €1,000 in Bitcoin at your disposal. You can leave this on one bitcoin address, but if you want to pay with your mobile, it is convenient to use an app on your mobile to create a separate bitcoin address or account number to which you transfer, say, €100.
Then you can spend up to €100 in Bitcoin via mobile.
For example, you can also create your own account numbers for fixed expenses, groceries, vacations or for the children.
In short, with cryptocurrencies, you are your own banker.
Cryptocurrencies: money as DNA
Typically, thousands of devices (or nodes) participate in the blockchain, so it is not a problem when one or more devices/servers (temporarily) drop out of the network.
This decentralized nature of the blockchain network makes it virtually impossible for a central authority to take a blockchain project off the air.
The blockchain registry can therefore be thought of as a kind of DNA where a single server/node contains the entire blockchain each time.
This is somewhat similar to our human body, where the DNA of each cell carries within it the blueprint of the entire body.
Ok, so we have technology where we can perform transactions of value between each other without the intervention of a bank that are unique, irreversible and verifiable. But there is more….
Crypto ensures fast, transparent and secure handling of smart contracts
Blockchain technology makes it possible to digitize virtually any object and put its value into the blockchain.
For example, stocks, cars or houses can be put into the blockchain and traded via automatic contracts (smart contracts).
This avoids the intervention of third parties such as banks, notaries and advisors and allows transactions to take place more quickly and cheaply.
The same goes for services such as loans, insurance or tracking of goods.
This may be desirable, for example, to track the origin and handling of our food.
You can also securely manage your personal identity in the blockchain and use it, for example, when purchasing airline tickets, traveling on public transportation, checking into a hotel, verifying age when purchasing alcohol, etc.
Finally, smart contracts can be used to extensively automate government tasks, for example, in levying taxes, issuing permits, paying out subsidies and holding local, regional or national elections.
Moreover, the advantage of the government’s use of blockchain technology is that all transactions can be tracked via the blockchain.
So everyone can see exactly what comes in and what goes out.
This can make the government apparatus a lot more transparent.
Crypto money is based on trust
In 1944, at the Bretton Woods Conference, the U.S. dollar was named a world reserve currency.
In this, the dollar would be “as good as gold” because it would be backed by gold at all times.
Because America needed a lot of money in the 1960s to finance the Vietnam War, the money presses were turned on.
This prevented the price of gold from being kept artificially low.
By 1971, the situation had become untenable and U.S. President Nixon decided to temporarily abandon gold hedging of the dollar.
That temporary loosening of gold’s backing of the dollar continues to this day.
Since 1971, therefore, the money presses have been running at full speed and the money created (out of thin air) has been used by governments to finance wars, surveillance/intelligence programs and black projects, among other things.
Thus, the money supply in the form of central bank reserves has more than doubled since the 2008 financial crisis (FED from USD 870 billion in 2008 to USD 4,500 billion in 2015 and ECB from EUR 2,000 billion in 2008 to EUR 4,500 billion in 2017).
This growth in the money supply cannot be maintained indefinitely. Especially since there is no material coverage for the FIAT money.
Unbridled growth of FIAT money will eventually greatly erode our prosperity.
Cryptocurrencies are a possible solution to this. It is decentralized money, backed by blockchain technology and by a growing global community. Moreover, the money supply is mostly capped (there are a maximum of 21 million Bitcoins).
Cryptocurrencies offer a technical solution to problems with privacy, the unbanked, international payments, high transaction and service costs, bureaucracy and election fraud. Blockchain technology eliminates the middleman (middleman) and lets people do business with each other directly, globally and inexpensively.
At Mobisun, pay via 50+ cryptocurrencies
We do this because we want to make our products available and affordable worldwide.
For both the banked and the unbanked.
As a payment provider, we use https://www.coinpayments.net/