Cryptocurrency has been one of the hottest topics during the past year. Most people have probably heard of blockchain technology and bitcoin but very few actually understand the true value of cryptocurrency. I don't consider myself an expert in the industry but a few interesting ideas came to my mind on whether blockchain can be combined with essay writing services and what benefits both sides will get.
Let's quickly dig into what blockchain actually is and why bitcoin bears its value.
In 2008 a person or a group of people named Satoshi Nakamoto drafted the whitepaper of bitcoin - a decentralized cryptocurrency that was aimed at completing several goals:
- To be anonymous
- To be borderless
- To have no institutional control over it
Most people considered this idea a joke, no one ever believed that bitcoin can rival traditional financial institutions like banks and credit unions. However, 10 years later bitcoin is worth almost $10,000 and the perspectives of using it are only getting wider. Even though bitcoin and other cryptocurrencies are only at their initial stage of development, they offer you a lot of benefits as a customer:
- Low transaction fees;
- Personal control over your funds;
Bitcoin was the first use case of blockchain technology and it brought a lot of attention from other developers who started working on their own cryptocurrencies. Ethereum, Monero, Litecoin, and many other cryptocurrencies emerged, later on, to fix the drawbacks bitcoin had. Today there are more than 1500 different blockchain projects and cryptocurrencies that allow users multiple benefits in comparison with traditional means of payment.
Even though bitcoin and other cryptocurrencies do not have too many real-life applications, you can actually use them effectively while buying essays online. This is just food for thought, but I really hope my blog post will reach paper writing services and they will put some effort to implement it.
Custom paper writing services should start accepting crypto as a means of payment
Just imagine how cool it can be to place your orders using crypto! In my opinion, this method has too many benefits for both students and writing companies that implementing crypto will be a matter of a few months.
Drawbacks of using traditional payment means
- Privacy. I know I told you that all credible writing services cherish their customers' privacy but it does not mean that hackers are of the same opinion. Chances are high that your credit card information or PayPal account will be compromised;
- Verification. If you are paying with a credit card or PayPal you may be required to pass verification. It usually encompasses providing scans of your credit card and ID, which many people are not comfortable to share;
- Refund time. All traditional means are quick to charge you money but when it comes to refunds, the procedure may take up to 5-7 business days.
Why using cryptocurrency?
- It's private! Blockchain cannot be hacked unless the hacker has 51% of all mining powers as in the case of bitcoin. In the real world, it's almost impossible.
- No verification required. Since there cannot be chargebacks on the blockchain a company won't need your verification documents. It's a win-win situation - they save time on verification while you don't need to provide your personal info
- Potentially lower prices. Payment providers like PayPal or any other credit card processors charge the merchant around 4% commissions. By accepting crypto the merchant pays only 1% commission (for example, coingate.com). This may result in lower costs for the paper writing service and consequently lower prices for you.
I will be monitoring the writing websites for crypto payment options and let you know once we get any on the market.
Share your opinion on this option and fill out a quick survey on which crypto you prefer for buying your paper online!