Why should you use cryptocurrency for unlimited payments?

Why should you use cryptocurrency for unlimited payments?

More people are turning to cryptocurrencies when making borderless payments; Person-to-person payments in digital currencies provide faster transactions with lower fees, and when compared to payment methods offered by traditional financial institutions, the comparison often favors them.

Why should you use cryptocurrency for unlimited payments?

Traditional borderless payment methods can be cumbersome, as each transaction involves a network of intermediaries from banks and financial institutions. Each broker is assigned a unique identifier that is used throughout the entire payment process. The transaction must be approved by all intermediaries before the recipient receives the payment. This is why it takes between one and five days for traditional unlimited payments to complete. Significant fees are involved because each broker takes a cut of the transaction.

But the matter is completely different in digital currency trading platforms from person to person such as Binance P2P ; Where middlemen are excluded from the payment process. Users can transfer their digital currencies to others. The geographical distance between the sender and the recipient has nothing to do with it because all digital currency transactions are recorded on the block chain.

How are cryptocurrencies used for unlimited payments?

Person-to-person trading platforms make it easy for users to send cryptocurrencies directly to other users. Many P2P trading platforms operate in a similar way, but popular exchanges such as Binance P2P offer deeper liquidity, more payment methods, and more advertisements for users who want to buy and sell cryptocurrencies, all without fees. Users who prefer speed and convenience can complete transactions online by linking their bank accounts, credit or debit cards. Users without bank accounts can complete cash and face-to-face transactions.

Advantages of unlimited payments in digital currencies

1. Low transaction fees

Many P2P trading platforms allow users to make unlimited payments in cryptocurrency without taking a share of the transaction. In this way, users not only save on every transaction, but often the amount they save is significant on high-value borderless transactions, which costs them many times less than traditional unlimited payment methods, since the transaction only includes blockchain fees. Users who want to make the most of their cryptocurrency transactions can wait for the blockchain to decongest and then complete the transaction.

2. Digital currencies offer more variety

International transactions have currency restrictions and most recipients must receive the transfer in their local currency. The recipient must have a bank account in order to receive the funds, except in some rare cases. With cryptocurrencies, the recipient can get the exact transfer sent, for example you can send BNB from the US to Mexico and the recipient gets the BNB and not the equivalent in Mexican pesos.

3. Cryptocurrencies impose fewer restrictions

Many cryptocurrencies are decentralized, so transactions can be completed between the two parties directly without any intermediaries involved or "approving" the transaction.

4. Almost instant transactions

Traditional borderless transactions take days, even weeks in delays, while person-to-person payments in cryptocurrency are made almost instantaneously. You can send unlimited cryptocurrency payments using a P2P in about the same time as it takes to send an email, no matter the size of the transaction.

Disadvantages of borderless payments in digital currencies

1. Regulatory confusion

Cryptocurrencies have come a long way since 2009, but regulatory clarity still varies from region to region. If you reside in an area that faces regulatory uncertainty, you may be able to receive cryptocurrencies through person-to-person exchanges, but you may face some challenges when converting tokens into your local currency.

2. Price volatility can be an issue

Some digital currencies are particularly vulnerable to price fluctuations. If you don't like the uncertainty that comes with such volatility, you may be more comfortable conducting P2P trading in stablecoins that are pegged 1:1 to a selection of certified local currencies. This is especially true of business owners who receive payment for the products or services they provide.

3. Widespread use still a long way off

Cryptocurrencies are still little used and still misunderstood despite all the progress they have made over the past decade. Although P2P cryptocurrency exchanges allow unbanked users to transfer funds without the restrictions of centralized institutions, awareness of cryptocurrencies is still low in many countries. For many people, cryptocurrency education still poses a barrier to using cryptocurrency, but that is beginning to change.

Now that you know the advantages and disadvantages of unlimited peer-to-peer cryptocurrency payments, it is up to you whether Binance P2P is the right choice for you.

After you have registered your account with Binance , you can log into the Binance P2P platform and start making transactions. With this platform, you can send and receive Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and DAI. The Binance P2P platform supports 55 local currencies that are supported in more than 150 countries around the world. You can buy or sell digital currencies directly by trading with other users , set your own prices and make transactions without any fees. Binance also offers escrow services to maintain safety, security, and fairness in transactions.