Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees. For merchants, Web3 payments come with the added benefit of what is called protection from “fraudulent chargebacks.”
To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so because they are seeking a better deal than what they are getting from traditional payment providers. Miller, however, conceded that Web3 payments are still at their infancy stages and as such they come with certain limitations which hinder their adoption.
Bitcoin.com News asked Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, what Web3 payments are and why should online merchants care about them. Miller responded that Web3 payments refer to payments made using cryptocurrencies and blockchain technology. He added that online merchants should care about Web3 payments because they offer several benefits over traditional payment methods. These benefits include faster and more secure transactions, lower transaction fees, global reach and customer loyalty.
Bitcoin.com News also asked Miller why an online buyer should opt for crypto payments over traditional payment methods. Miller responded that buyers should do whatever is most beneficial to them as a consumer. He added that merchants are increasingly opting to experiment with Web3 payments because it allows them to save money and enhance the user experience.
Miller also addressed the issue of the high fees and slow transaction times of Bitcoin, claiming that the cryptocurrency was not designed primarily as a payment system, but rather as a decentralized store of value. He added that there are other cryptocurrencies and blockchain networks that are specifically designed for fast and low-cost transactions.
Finally, Miller’s word of advice for those using Web3 payment solutions for the first time was to never share private keys, double-check wallet addresses and networks before sending any crypto, and look out for scams or fake sales on social media. He added that owning private keys and using non-custodial wallets is essential and that taxation is also important.
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