In order to answer the requests of our customers, Umedoc has recently introduced the option of using cryptocurrencies such as Bitcoin and Ethereum as one of the payment methods available on our platform. We believe that adding another convenient way of making payments will allow Umedoc to be more inclusive and accessible to everyone. But what are crypto payments exactly, and why is it becoming so common to use them?
How do Cryptocurrency Payments Work?
The first cryptocurrency ever created was Bitcoin (BTC), which was designed in 2008 by a person or group of people using the pseudonym “Satoshi Nakamoto”. What started as a technological experiment has since turned into a global phenomenon which has taken the world by storm and revolutionized the way in which people think about money.
The incredible success of Bitcoin has caused numerous other cryptocurrencies to be created. While all digital currencies vary when it comes to their details and features, they have one thing in common: they all utilize blockchain – the groundbreaking technology invented by Satoshi Nakamoto and pioneered with Bitcoin.
Blockchain allows people to send and receive transactions directly between each other through a decentralized network, without having to rely on intermediaries such as banks or credit card companies. Because of that, payments made using blockchain-based cryptocurrencies can provide an excellent level of privacy and security.
Why Are Businesses In the US Starting to Accept Crypto?
Having a bank account is a thing that most of us take for granted, but access to banking services is a privilege which not everyone can enjoy. In the US, an astonishing number of up to 7 million people is estimated to be unbanked.
People without a bank account are excluded from using almost all conventional means of making payments online. Without a bank account it’s impossible to use credit and debit cards, as well as payment processors like PayPal. For the unbanked, cryptocurrencies are a chance at financial inclusion, and at finally getting the access to the services they would be otherwise unable to use.
But very often even people who own a bank account and can choose from a variety of payment methods decide to use cryptocurrencies. The reason is simple: cryptocurrencies are universally considered one of the safest methods of making payments.
Are Crypto Payments Really Secure?
All transactions sent, received and stored on a blockchain are protected with military-grade cryptographic algorithms. These algorithms are impossible to break, so the chance for someone to hack your crypto funds is practically non-existent.
From a practical standpoint, crypto payments include one significant security advantage: they don’t require you to type in your credit card number or any other sensitive data anywhere on the Internet. Since the payment is done using your crypto wallet, the risk of a potential data leak is reduced almost to zero.
Cryptocurrency payments are secure, efficient, and private, which is why it’s becoming a standard for the businesses in the US to accept them.
For Umedoc as a healthcare provider, it’s especially important that crypto payments are inclusive and accessible to everyone. By supporting Bitcoin payments, Umedoc will be able to reach even the people who don’t have the privilege of owning a bank account, and to offer one more convenient payment method to the rest of our customers.