Business adoption of cryptocurrency is rising. Cryptocurrency business use is justified by two things – transaction speed and reduced costs. Cryptocurrency is filling that niche – with rising costs from traditional mechanisms, cryptocurrency has a bright future!
Julices_Grant, a reddit user, urged his community to switch to cryptocurrency over PayPal due to PayPal’s sky high 8.12% fees over each transaction he completes.
At the time of writing, the Reddit post had garnered over 2707 upvotes and nearly 500 comments. The OP clarified that he’s not an expert on cryptocurrency, and does not yet know how to reliably provide conversion from cryptocurrency to fiat, but he is still ready to accept cryptocurrency as a viable alternative to PayPal remittance.
Transaction fees for PayPal, in some countries, are at 2.9%. If there’s a conversion rate, the fee goes up to around 5% for the whole transaction. Sometimes, merchants can end up paying up to 10% while receiving payments from PayPal.
In general, 8.21% wouldn’t seem like it would be excessive. However, if the merchant sells individual products, the fees can add up. With the extra costs that merchants have to cover, be it a website, marketing, storefront, merchandise, etc etc, it’s not surprising that merchants are clamoring for a profitable alternative. Cryptocurrency may be the answer. Especially since, ironically, it’s easier than ever to cash out cryptocurrency via Coinbase to….. PayPal.
As the year closes behind us, what’re you doing for 2019? Are you preparing yourself for hopefully a great 2019? We know Financial institutions are coming into the space. Retail investors are too. We firmly believe we’re early adopters in this space. Have you been enjoying this latest bull run? Or do you think this is a bull trap? Let us know on our Facebook page.
