The Importance of Using Cryptocurrency in Commerce

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Cryptocurrency was invented to help change the way we think about money and transactions. Imagine a world where your financial dealings are free from the prying eyes of banks, credit card companies, and even governments. This was the promise of cryptocurrency, and it’s why we need to support crypto-friendly businesses and encourage others to start accepting cryptocurrencies. The easiest way to get started is to promote the use of dollar based stablecoins to protect against volatility. So let’s get more into the importance of using cryptocurrency in commerce.

Promoting a Truly Free Market

Why should we care about promoting a truly free market? It’s all about the principles of freedom and fairness. A free market driven by peer-to-peer transactions eliminates the unfair advantages held by large financial institutions who want nothing but to crush the little guys and promote their big corporate buddies in this fiat based system. What it does is it levels the playing field, giving small businesses and individual entrepreneurs a fair shot at success. It also fosters innovation and competition, driving economic growth and improving services for everyone.

Supporting crypto-friendly businesses is crucial because it helps build a strong ecosystem that can sustain a peer-to-peer economy. When you choose to spend your cryptocurrency at a business that accepts it, you are directly contributing to a more decentralized and free economy and fighting back against the traditional financial system that is completely rigged against the little guy. It’s about taking control of your financial freedom and encouraging others to do the same.

Encouraging Businesses to Accept Cryptocurrencies

Encouraging businesses to accept cryptocurrencies, especially stablecoins, is another important step. Stablecoins are tied to the value of a fiat currency, like the US dollar in most cases, which eliminates the volatility often associated with cryptocurrencies like Bitcoin or Ethereum. By using stablecoins, businesses can enjoy the benefits of crypto without worrying about price fluctuations. This makes it easier for them to integrate crypto payments into their existing systems and provides a smoother experience for their customers.

One issue with volatile assets like Bitcoin being used as a currency, which it was intended to be in the first place, is that the price may swing wildly in one direction or the other, which can really mess with the bottom line for the merchant, especially when all of their business costs are still based in dollars.

Simplifying Transactions and Reducing Costs

Cryptocurrencies empower a true peer-to-peer economy. This means transactions can happen directly between individuals without banks, card processors, and governments sticking their grubby hands in the middle to take a cut. Think about the typical transaction process: you want to buy something online, so you use your credit or debit card. This transaction is processed by your bank, a card processor, and possibly several other entities before the money actually gets to the merchant.

Each of these middlemen takes a cut of the transaction, and each represents a potential central point of failure or fraud. With cryptocurrencies, the transaction is direct. You send your payment straight to the merchant, and that’s it. This not only simplifies the process but also reduces costs and increases security. So that means more money in the pocket of both the merchant and the consumer because the transaction fees are not having to be accounted for.

Some merchants that accept cryptocurrency online go through third parties like Coinbase or Bitpay to manage their crypto based transactions, but it is better to use direct-to-wallet type payments because that’s what it is all about. Coinbase makes you accept certain currencies and they also have your KYC information that can be leaked in data breaches and tied to your wallet account. So encourage people accept it directly instead of using some ‘crypto bank’. That totally defeats the purpose…

Embracing Decentralization and Autonomy

The importance of using cryptocurrency in commerce extends beyond just financial transactions. It’s about embracing a philosophy of decentralization and autonomy. By supporting crypto-friendly businesses and encouraging others to accept cryptocurrencies, we are paving the way for a more equitable and free economic system. This is a movement toward a future where your money is truly yours, transactions are simple and secure, and the barriers imposed by traditional financial systems are dismantled.

The one problem we have is the fact that majority of cryptocurrencies are by and large transparent blockchains. Meaning that your wallets and transactions can be traced. If you tie your real world ID to your wallet, then that can cause issues with data leaks and hacks, or if big brother wants to force the merchant to hand over their customer data. This is where privacy coins like Monero come into play. Using a privacy based crypto can keep prying eyes away from your transactions and make it extremely hard, but not impossible to tie your ID to a wallet address. But with Monero, even if they did that, it would be pretty futile because they wouldn’t be able to see anything else about your past or future transactions.

Wrap Up

So next time you have the option, choose to pay with cryptocurrency. Support businesses that are part of this revolutionary shift, and spread the word to others. Together, we can help build a free market that benefits us all. It’s the only way that the original purpose of cryptocurrencies will be fulfilled. This Wall Street number-go-up stuff is not going to be what drives true adoption, it’s only diluting it’s use case to just being a traded asset. We have to get the crypto industry back on track! So these are just some reasons why it’s important to use cryptocurrency in commerce!