Cryptocurrency-based payments (aka Web3 payments) have already started to gain some traction, despite being not as popular yet. According to Robert Miller, the vice president of Fuse – a blockchain network for creating apps, Web3 payments are more affordable compared to regular fees like transaction costs and they even protect merchants from fraudulent activities such as chargebacks.
Learn about the Benefits of Web3 Payments and How to Stay Secure While Using them!
Miller said that some stores are testing and encouraging their customers to use Web3 payments because they think it’s a better deal than the regular payments.
Miller pointed out that Web3 payments are still new and come with some restrictions. He answered questions from CryptokenTop News by talking about the security issues you need to be aware of when using Web3 payments. Lastly, he emphasized how keeping your digital assets safe requires you to have control over the private keys yourself.
CryptokenTop News (BCN): What does Web3 payments mean, and why should people who run online shops be interested in it?
Robert Miller (RM): Web3 payments are transactions made using digital money and blockchain technology. Online merchants should take note of this kind of payment method because it offers a lot of benefits compared to the usual ways of paying.
Cryptocurrency payments are popular because they are fast and secure, plus they have lower fees that can mean more profit. Also, businesses get customers from all over the world. Plus, people who like cryptocurrency will be loyal to any business that takes their payment – so that’s even more customers! Finally, accepting Web3 payments makes a business look cutting-edge and it shows people that you treasure their privacy.
Using Web3 payments, we don’t have to go through banks, payment processors, or brokers anymore. Instead, Web3 payments are done directly between two people and no third party is involved in the transactions. Moreover, business owners can instantly transfer money without worrying about borders and they only pay low fees depending on how much they send or receive.
Do you know why it would be a good idea to pay for something online using cryptocurrencies instead of Visa, Stripe or other payment options?
If you’re buying something, it’s best to choose whatever payment method works best for you in that moment. For example, if the offer is the same but you’d rather use Visa, then pick Visa. For businesses, the merchant will have to pay 3.5% on each transaction they make. To give some perspective, a business making $1M per year could potentially end up paying $35,000 in Visa fees – this is an insanely large amount of money!
This is why businesses are trying out different kinds of Web3 payments. They offer discounts and rewards through special cards or tokens to help people save money and make it more enjoyable for them to pay.
BCN: Recently, the Bitcoin network’s unconfirmed transactions reached over 200,000. This caused the fee charged on average to almost hit $20. Some people think that with such high fees, it becomes too expensive to use crypto as a form of payment. Do you agree?
Some people have complained about Bitcoin because it can be costly to use and its transactions are slow. But what’s important to remember is that Bitcoin wasn’t created mainly for transactions. It was made as a place where you can keep your money without needing an authority or a bank.
Bitcoin can be expensive to use, and transactions take a while. But there are still places where it can be useful. There are other kinds of digital money like Fuse, Polygon, and Binance Smart Chain that process payments faster and cost less than Bitcoin.
BCN: Your project Fuse wants to make it easier and cheaper for people to use cryptocurrencies in their everyday life. What do you believe are the good points of allowing Web3 to become more popular?
Big companies like Starbucks, Nike, Adidas and McDonalds have lots of money to try out new things on the web. Smaller businesses and startups don’t have the same resources. So, how can they join the changes that are happening in money?
Fuse provides really awesome things, like wallets, apps and stuff to help businesses be successful. It evens out the playing field so even the small businesses can compete! People are wondering what Fuse has that the big companies like Visa, Paypal and Stripe dont have?
Web3 payment services are the future of digital payments! They offer lots of advantages compared to other payment systems like lower fees, quicker processing times, greater security,and they allow payments across various countries and continents. As Web3 payments become more popular and accepted, they can improve how we pay for things – making it simpler, safer and easier to do.
Using crypto payments instead of standard point-of-sale systems comes with many advantages, like fewer fees and better protection from scams. It also brings more opportunities for sales, plus makes it easier for customers to pay. Another benefit is that people who use crypto payments are somewhat anonymous.
Fuse is a system that has been developed in order to help people use and understand cryptocurrencies and the internet better. The team recently came up with a $10 million Ignite Funding Program, which means they are giving out money to fund projects related to cryptocurrency and Web3 payments.
The Ignite Program has two pieces: a $10 million fund meant to make the fuse ecosystem healthier and earlier-stage support for businesses on Fuse. We want to bring Web3 payments into mainstream usage, which means having strong economic activity that increases innovation and growth. This creates a cycle of progress – when innovation happens, it helps with more advancements and produces even more success.
BCN: Web3 payment platforms are quite new and can be risky and expensive. What might you tell someone using these for the first time?
Using Web3 payments can be tricky as they have security risks and high fees for transactions. However, Fuse makes it faster and cheaper to send money. It takes 5 seconds or less and costs around just one cent!
Many merchants don’t understand how blockchain can help them yet, so it’s important to be careful about scams and other bad activities online. To stay safe, never give out your private key. Make sure the wallet addresses and networks are correct before you send cryptocurrencies. Lastly, watch out for fake sales or scams when on social media.
It’s really important to hold onto your crypto since you don’t want it to get lost if the company that handles it goes away. Also, make sure you know how taxes work in your area, which will help when dealing with digital payments. What do you think of this article? Feel free to tell us by commenting below!