Cryptocurrency has been one of the hottest topics during the past year. The vast majority of people have 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.
Created in 2009 by an unknown person with the alias Satoshi Nakamoto, bitcoin became 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, and no one ever believed that bitcoin could rival such traditional financial institutions like banks and credit unions. However, 12 years later, bitcoin is worth almost $41,000, and the prospects of using it are only getting wider. Even though we don’t use bitcoin and other cryptocurrencies daily, they offer you a lot of benefits as a customer:
- Low transaction fees.
- Anonymity.
- Personal control over your funds.
- Elimination of banking fees.
- Accessibility.
- Mobile payments.
- Peer-to-peer focus.
Bitcoin was the first cryptocurrency, 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 over 4000 different blockchain projects and cryptocurrencies that allow users multiple benefits in comparison with traditional means of payment.
Even though bitcoin and other cryptocurrencies aren’t widely accepted nowadays, 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 the owners of paper writing services, and they will put some effort into implementing this payment system.
Setting Up a Crypto Wallet
While many cryptocurrencies enjoy immense popularity, you may become interested in owning some, but the question is - How to safely store Bitcoin and other cryptos?
An optimal solution is to set up a crypto wallet. The most popular ones are hosted, hardware, and non-custodial wallets.
The hosted wallets are the top choice among bitcoin owners. They are called so because your crypto is kept by a third party. Setting up such a wallet is a piece of cake. You just need to pick a reliable platform and create an account. The next step is buying crypto that will be transferred to the hosted wallet for keeping.
Non-custodial wallets are considered to be the most secure ones due to no reliance on third parties. The only drawback is that you need to remember and safeguard your password. In case you forget or lose it, chances are slim that you’ll access your bitcoins. To set up such a wallet, you need to download a specific wallet app, create an account and a secure password. Transfer the crypto you own into the non-custodial wallet.
At number three are hardware wallets. They are physical devices that cost around $100. Being quite complex to use, they are less popular than hosted or non-custodial ones, although they'll keep your bitcoins secure even if you are hacked. To start using such wallets, you need to buy a device first. Trezor Model T, Trezor One, and Ledger are the top choices among the owners of cryptos. The next step is downloading the software from the official website of the manufacturer. Transfer your bitcoins or any other crypto to the device to securely keep it there.
There is a pile of ways to store cash, the same goes for cryptos. The main thing is to pick the right option for you. Before deciding on the type of wallet, brainstorm all the nuances to make sure you are aware of all the pros and cons of utilizing a specific kind.
Pros of using traditional payment methods
- Low risk of theft. You’ll be asked to verify the payment when trying to pay for the placed order online. Sure, it might grab some of your time ( and I even mentioned long verification in the cons section), but it is the best way to ensure your safety.
- Convenience. Personally, I hardly know an individual having no credit card or a registered account in the popular payment systems. All writing services allow you to pay for their services using traditional payment methods, and this is convenient, no doubt.
- Transparency. This is a crucial factor when it comes to payments. There is no need to worry about the record of the payment details. The chances of being confused are minimal.
Cons of using traditional payment methods
- Privacy. I know I told you before that all credible writing services cherish their customers' privacy, but it does not mean that hackers do the same. The 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 requires providing scans of your credit card and ID, which many people are not comfortable to sharing.
- Refund time. All traditional payment options are quick to charge you money, but when it comes to refunds, the procedure may take up to 5-7 business days.
Pros of 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.
- Lower prices. Payment providers like PayPal or any other credit card processing companies 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.
Cons of paying with the cryptocurrency
- Not all online companies accept cryptocurrency. This is a crucial drawback and one of the main reasons we aren’t paying with bitcoins on a regular basis. The chances are low that you’ll come across a pile of academic help services accepting bitcoins and other cryptos.
- Volatility. Due to the lack of regulation, there is wild volatility. The value of bitcoin goes up and down, meaning high chances you may lose your money if you accept the payment today, and tomorrow, the price will significantly skyrocket.
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!
- Bitcoin
- Litecoin
- Ethereum
- Dogecoin
- Ripple
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