The year 2018 is probably known as the year of cutting-edge technologies. The market is radically emerging from old-fashioned methods and approaches to advanced techniques in each and every sector. Surprisingly, the innovative technologies like Artificial Intelligence, Blockchain technology, Virtual Reality (VR), Internet of Things, Machine learning, Big Data and many more are adopted by keen companies in order to advance their services for the consumers.

Note: My prospect of writing this article is to encourage and spread the adoption of Blockchain technology and cryptocurrencies in the real-time world.

Increasing number of worldwide companies has opted to accept cryptocurrencies as a mean of payment method. But, I have scrolled many questions which had raised all over the Social media platforms are slandering the Blockchain technology. However, I ensure that companies enrolling in this process will grow fast.

Most of the people think that cryptocurrencies have some value. Therefore, they are using it as a unit of exchange. This means that several companies want to exchange their goods and services for cryptocurrencies and eagerly waiting to accept the digital coins for their every service. There are some car companies that would give you a car for Bitcoins and there are Pizza shops like PizzaforCoins who deliver pizza to customers in exchange for Bitcoin.

There are some website design companies like Ultimez Technology who are processing their payment services in terms of cryptocurrencies. Other companies who are accepting cryptocurrencies are Sharps Pixley, APMEX and JM Bullion.

However, Cryptocurrencies has interrupted all the key industries such as traditional banking. The other services like card processing and online payments are greatly affected by more proficient and secure Blockchain technology. Hence, the blockchain-based currencies have completely transformed the mean of a payment system.

Why Are Companies Using Cryptocurrencies as a Medium of Payment?

Cryptocurrencies are mainly based on Blockchain technology representing a chain of digital blocks. These blocks are linked with each other and maintain the records of every transaction. However, these blocks are secured through cryptography technique. Hence, peer network recognizes it as the malevolent activity if an individual either than transaction owner attempts to disrupt it.

Another reason for using this as a payment system is because of its anonymous feature. Herein, the transaction is processed without the concern of trusted third-party intermediaries. However, anyone can proceed with new random address without prior consideration from any authority.

Additionally, it ensures users to make purchases and transfers instantaneously. Hence, this indispensable feature has attracted the crypto users in very large numbers. Such decentralized and anonymous features have succeeded the cryptocurrencies to meet the modern demands of digital payments.

Finally, I want to note that Cryptocurrencies are not only adopted for its low cost or speed, but also for its simplicity and convenience.