Cryptocurrency has risen in popularity over the past few years. As per researchers at the University of Cambridge, there are over 100 million active users of the coinage.
Granted, some markets don’t accept them, but the vast majority of selling points have embraced the currency that many believe is the coinage of tomorrow.
It’s no wonder, then, that the kratom market is one of these industries. You can purchase medicinal herbs in almost every state in the USA.
Perhaps you’ve never heard of cryptocurrency before or know very little about it, and you’re wondering how you can use it when you know places to buy kratom near me already exist.
You’re reading the right post! From explaining what the payment method is to learning its benefits, you’ll discover all about it by the end of this article.
What and Why Use Cryptocurrency?
A cryptocurrency is a virtual or digital currency protected by cryptography, making it almost impossible to double-spend or counterfeit.
The word ‘crypto’ refers to various cryptographic techniques and encryption algorithms that protect the entries, such as hashtag functions, elliptical curve encryption, and public-private key pairs.
Like the physical wallets we have, you can store the coinage in a personal digital wallet which only you can access.
Many individuals question the safety of the novel mode of payment, believing that the usual method of owning money- cards or cash- is better. Still, they’re more unstable than cryptocurrency.
This is because cryptocurrencies avoid third parties, allowing only you, the owner, to use and access them. Cryptocurrency payments are denominated in terms of virtual tokens. These tokens are represented by ledger entries internal to the system.
Types of Cryptocurrency
Bitcoin is, by far, the most common kind of cryptocurrency. It was the first blockchain-based cryptocurrency launched in 2009 by Satoshi Nakamoto.
However, currently, there are numerous other cryptocurrencies- specifically over 10,000 various kinds– with different specifications and functions. Some of them are forks or duplicates of Bitcoin, while others are new currencies developed from scratch.
The different types of crypto typically fall into three classes: Bitcoin, altcoins, and stablecoins. Altcoins (meaning alternative to Bitcoin) include pretty much every coin that isn’t Bitcoin or so-called stablecoins.
Common altcoins include:
- Bitcoin Cash
Finally, stablecoins are coins that are pegged to the US dollar price, hence the term “stable” coin. These coins are pegged 1 to 1 to the price of the dollar (+/- a few %), meaning they are essentially always worth $1 USD.
Common stablecoins include:
- Tether (USDT)
- USD Coin (USDC)
- True USD (TUSD)
- Dai (DAI)
Purchasing Kratom With Credit Cards is a Bad Idea
Minus legal payment gateways that are reachable through the US-based banking system, the kratom industry has to seek other means of getting access to credit card merchant accounts.
That puts kratom organizations in a dangerous position by looking for merchant vendors found offshore in other countries.
But the issue with international banks is that they normally ask kratom organizations for massive reserves- where they keep a part of the dealer’s gains to cover any chargebacks.
And, these banks only release the reserves after a 6-month hold. The problem with these banking services is most are fly-by-night operations. The organizations open and close their doors unexpectedly.
This means that kratom dealers are constantly seeking another merchant ledger as soon as the last one is closed. And some of them are trying to trick the kratom industry.
Those traders will permit a kratom organization to open up a balance sheet with them, but it’ll vanish just before the 6-month rollover duration taking effect, basically robbing kratom companies a huge sum of money.
Not only do the untrustworthy dealers flee with the companies’ money, but the banks also have your credit card details that you provided to them. Let’s not even delve into what they might do with your information.
As a kratom consumer, you should start using cryptocurrencies as a mode of payment. The largest holders of cryptocurrency are shareholders that are buying virtual coins to sell for gain at a later period.
Those individuals are in the industry to see a return on their investments just like stock dealers. This puts an end to the negative rumors that some people are circulating about the digital coinage.
You can buy cryptocurrency online using your credit or debit card. Then you can use the virtual money to pay for your kratom product to the enterprise of your choosing.
To shift cash from your wallet, you can insert their wallet address manually or scrutinize their QR code. Some services make this simpler by enabling you to choose a contact from your phone or enter a phone number.
Here’s the best part: You never have to fret about the irregularity of the coins since you only need to buy the precise amount you require at the given amount.
What’s more, through the technological benefit of the blockchain, your details and purchase are safer than using the traditional card payment services that some institutions offer.
Cryptocurrency is the present and future of online kratom purchases. For one, it’s affordable for kratom traders to use cryptocurrency payment alternatives: There are fewer charges associated with the purchase.
And, they can transfer those savings to you. Next, it’s a preferable system for privacy and safety concerns for anyone skeptical about making a first-time purchase with a new kratom establishment.
Whether a dealer’s website is safe or not has no consequences if it’s using reliable blockchain technology.
If you’re not using cryptocurrency to buy your kratom yet, don’t wait anymore! You deserve a payment system that’s easy on your pocket and cares for your finances. It’s only a virtual coin away!