Today payment is being made in various forms, such as Credit/Debit cards instead of cash. Now, these payment methods are slowly becoming obsolete. The in-thing now is Cryptocurrency. Many are now doing financial transactions using Cryptocurrency. So, can the payment of SMM panels in this way be far behind? The answer is a hearty no. Various businesses in the field of SMM panel services are now accepting transactions in Cryptocurrency. Because of blockchain-based Cryptocurrency, payments across any country can be made securely and safely. That is the reason for their increasing popularity. Do see this: Cheapest smm panel
The commonly supported and famous Cryptocurrency is, of course, the Bitcoin. However, there are others such as Bitcoin Cash, Ethereum, Litecoin, etc. Other crypto payment gateways such as CoinPayments accept various cryptocurrencies.
Some popular and highly volatile cryptocurrencies, such as Bitcoin, Ethereum, etc., allow themselves to be converted into stable coins such as USD coin, Tether, Dai, and others. Since cryptocurrencies with short-term volatility are unsuitable for daily use, many prefer stable coins for stability. Stable coins are also cryptocurrencies, but their value is tied to outside assets such as Gold or US dollars. This helps stabilize their prices. Also, the crypto coins can be converted to fiat, government-issued currencies such as USD, EUR, etc. Accepting the cryptocurrency payment method helps the SMM panel owners keep the crypto coins in their wallets for as long as they want, convert to stable coins, fiat, etc.
Please note that these crypto transactions incur some fees. They depend on the type of payment used. There is also a flat fee levied called the network or mining fee for any cryptocurrency transaction. This fee goes to the cryptocurrency miners who use it to secure the network and include a transaction in a block.
Coming to the plus points of using Cryptocurrency for SMM panel transactions, the fees are comparatively lower than credit card charges. Also, the expenses of foreign exchange rates and transaction fees can be avoided. A significant plus point of cryptocurrency transactions for SMM panels is that there is no chargeback option. That means returning funds to customers is at your discretion.
The most used cryptocurrencies on the SMM platform are
- Coinbase Commerce
- Mycelium Gear
Launched in 2018, Coinbase Commerce is the leading Cryptocurrency today. This payment method allows dealing in cryptocurrencies such as Bitcoin, Bitcoin Cash, USD coin, Ethereum, Litecoin, and Dai. Judging from its popularity, it is known that Coinbase Commerce is providing a trustworthy service. But a point to be kept in mind is that Coinbase Commerce accounts differ from regular Coinbase accounts. So, the account balance of Coinbase will not be reflected in the Coinbase commerce account and vice versa. They do not maintain private information about customer data etc. While there are no fees for accepting payments, there are charges for withdrawing and conversion, etc.
CoinPayments offer innovative solutions such as having vaults that store cryptocurrencies. The pricing is a flat fee of 0.5%. However, other related fees make CoinPayments the least cost-effective.
Mycelium Gear does not need any personal information or KYC entered into any intermediary. The transaction is straight from the customer to the merchant’s wallet. It is free up to a monthly selling volume of up to 0.1 BTC, and above that, there are 0.5% charges. Network fees are also levied. Yet it is the most cost-effective of all the three mentioned above.
Before deciding on the best Cryptocurrency for SMM panel payments, it is best to weigh the pros and cons of each Cryptocurrency and then choose the best accordingly. Some factors such as auto conversion, customer support, built-in wallet, security, etc., need to be thoroughly checked.