Benefits of using cryptocurrency payment methods on SMM panels
Many SMM panel owners constantly face the struggle of being unable to receive payments from some customers. We try our best to add as many payment methods as possible so that customers from different countries could add funds using options that are the most convenient to them.
However, since a lot of payment systems aren’t available to SMM services resellers, sometimes there aren’t that many ways for customers to pay for panel services. Paying with cryptocurrency could definitely be one of those options that actually work. There are a lot of cryptocurrencies that exist nowadays — highly volatile ones and those are much stable (they are called stablecoins). But what are the general benefits of paying with cryptocurrencies? Read further to find out.
Accessibility of cryptocurrencies
The first and the most important fact is that anyone can create a cryptocurrency wallet. To do that, you don’t need to disclose any personal information or provide documents to verify your identity. This is why it’s a great solution for people who can’t use payment methods that require identity verification. Most payment options require partial or extensive identity verification. Because of that, it’s not an option for those resellers who live in places where their business is limited by some government regulations or those who wish to not disclose their personal information for any other reason. Accepting payments in crypto can help bypass those problems.
Many people around the world don’t have access to a bank account — either temporarily or permanently. This is when paying with cryptocurrencies becomes a great solution.
A lot of panel owners come from countries where SMM services reselling isn’t considered one of the credible ways to make money. This is why accepting payments in crypto can often be the safest way to manage their businesses.
The most popular way to store cryptocurrencies are digital wallets that can be accessed from a computer or a mobile device. However, some people store them in hardware wallets that look like USB sticks. This is how people can use crypto all around the world without too much hassle.
Private and secure transactions
It’s also important to remember that crypto transactions are valued because they are private and secure. Each transaction within the blockchain is verified by nodes — a decentralized network of devices. It’s also stamped on time and linked to the previous transaction, which creates a chronological series of transactions. The register of such successive as well as irreversible transactions is synchronized and updates on all devices that participate in the blockchain network.
It leaves no opportunity for any third party to manipulate a transaction like that or for a sender to reverse it. Anyone can verify the existence of such payment because these transactions can be followed anonymously via the block explorer. For example, here you can follow global Bitcoin transactions.
You can also create as many account numbers or addresses within your cryptocurrency wallet as needed in case you don’t want to have too much crypto in your pocket. For example, if you want to save your money in one place but also pay with your mobile phone, you can create a separate account number or address where you can transfer some of your coins. Basically, you can create as many security steps for your crypto funds as you want. And it’s great when there are options for SMM panel owners to make profits from their businesses as secure as possible.
Lower transaction costs
Cryptocurrency transaction fees can be significantly lower than some usual payment method fees.
You can avoid paying major fees when transferring the money between crypto wallets. Fees are also lower when you transfer big sums in crypto than when you do it using traditional ways. Moreover, if you have the option to transfer funds in stablecoins, the fees won’t be that high. The value of any coin like that is tied to much more stable assets. For example, USDT (Tether), BUSD (Binance USD), and USDC (USD Coin) are tied to the value of the US Dollar, which helps obtain better control over your funds.
Higher transaction speed
There can be exceptions like with any other method, however, most of the times the speed of crypto transactions is very high. Some payments get completed almost immediately no matter where you are.
It’s a great alternative to other payment methods, especially if getting access to those methods is a problem for any reason. And, again, because of the nature of SMM services reselling, many panel owners can experience such problems. Cryptocurrencies become a great solution in cases like that.
Decentralization of cryptocurrencies
Usually thousands of nodes (devices) create a blockchain so when one or even several of servers temporarily disappear from the network, it doesn’t become a problem.
Because the blockchain network is decentralized, a central authority (such as a bank) can’t intervene with or suspend any process there.
If you’re the only one who knows your crypto wallet password / passphrase, then your money is solely under your management. No one else can access it. On the other hand, when you create a bank account, you become a creditor of your chosen bank that manages your funds on your behalf. See the difference, right? You have to trust the bank to perform all the transactions you need. But if you use cryptocurrencies, you can control your own money transfers without the intervention of any third party.