Crypto has become incredibly popular in the past few years and the pace at which it’s growing doesn’t seem to be slowing down. Many people are getting tired of traditional banks and fiat money. More and more wish to transition to crypto in some way, shape, or form due to the sheer number of benefits it has.
Maybe you just heard about some interesting cryptos such as Shiba Inu crypto or something similar and wish to know more. To get into crypto you need a crypto wallet, so many people are asking whether or not crypto wallets will replace credit cards altogether, or will they simply be more of a sidegrade to them rather than a straight upgrade? We’ll go over all of this and more in this guide.
Benefits of crypto and crypto wallets
A lot of the benefits that cryptocurrency has over fiat money are owed to crypto wallets being better than credit cards in many aspects. The most notable one is the privacy and anonymity it provides over cards when purchasing online. You don’t need to divulge all of the personal info asked of you when paying via card.
Not only do you remain far safer when using crypto wallets, but received payments are usually processed far quicker which is perfect for those who make sales online, be it from Etsy sales or something larger. In fact, the larger the sales the better since crypto payments have a flat fee, unlike cards which take a percentage of each transaction which can result in a lot of money being saved by going crypto.
What are the downsides?
It isn’t all sunshine and rainbows though as there are some downsides when using crypto that doesn’t exist for credit card users, at least as crypto is right now. The main downside is the fact that withdrawing money on the fly is difficult as crypto ATMs aren’t nearly as common as regular bank ATMs are. However, this was true for cards in the beginning as well and is simply an issue with integration that will be resolved over time.
The other downside is the fact that since there is no middleman entity governing your money, no one assumes liability for any lost funds. This means that if you somehow end up losing all of the money in your wallet for some reason you can’t get it back easily like you would be able to with banks, thus exercise caution when working with crypto.
How popular are crypto wallets right now?
With how massively crypto is growing in recent times the numbers are constantly changing quite a bit, but it is certain that more and more people are preferring digital payments now, especially after the Covid pandemic hit. It became far more important to people to be able to pay for items virtually instead of using physical cash due to the associated risks and hassle.
Both contactless payments with cards and general crypto payments are becoming far more favorable when compared to cash, with crypto being smaller as of now but quickly growing as the world of crypto moves more into the mainstream as has been seen recently with many popular people advocating for the use of cryptocurrencies.
Conclusion
While it’s hard to tell if crypto wallets will replace credit cards entirely, it seems highly likely that they will soon be on par with them and be considered as valid, if not more than credit cards as they become more integrated into modern society.
We hope that this guide has not only been informative but also helped you decide if getting a crypto wallet is worth it as you may have been on the fence until now. If you do decide so we wish you the best of luck and hope that the increased privacy and other benefits are as helpful to you as they have been to others.