Hostinger is now accepting cryptocurrencies as a mode of payment in exchange for its web hosting services.
Hostinger decided to accept the bulk of cryptocurrencies in exchange for the world’s cheapest web hosting solutions in December 2017. It aligns with Hostinger’s company vision of empowering millions around the world with the ability of the internet by providing them with the tools to learn, create, and grow online.
As per the Head of the Product, Giedrius Zakaitis, Hostinger has taken the decision based on economic factors.
He mentioned that Hostinger doesn’t wish to not include developers who are young or not able to gain access to a FIAT currency bank account or credit card from purchasing its web hosting services.
“There are many young web developers and people with great ideas around the world, but they do not have a bank account because of their age or other restrictions,” Giedrius explained.
“The last thing we want is for talent with an excellent idea for the internet to offer upon it simply because they do not have the chance to purchase the tools which will make it happen.” – Hostinger
We have been continuously looking for solutions to resolve the issue, and we are happy to have found how to do it by joining the cryptocurrency revolution. And accepting the bulk of cryptocurrencies as a type of payment.”
2Cryptocurrencies vs. credit cards
We also believe that by paying with cryptocurrencies, customers’ finances are at a way lower risk of fraud than they’d be if the purchasing with a standard credit card.
Improvements are continuously made in credit card security in recent years. However, it is easier to extract personal information and finances from a credit card than removing personal data from a transaction made with a cryptocurrency on the decentralized blockchain server.
Greek-British Bitcoin advocate, Andreas Antonopoulis, explains the security benefits of cryptocurrencies and mentions that credit cards are defected by design because the token itself is the secret key. “If one transmits that token, they expose their entire account to risk.
“Bitcoin is fundamentally different. What I’m transmitting isn’t the key but only a signed message. It’s an authentication. And that authentication has two external references: one, to where the money’s coming from by referencing an unspent output on the blockchain; and one regard to where I want to send the money.
“By designing a new encumbrance, a new constraint on who can spend the money, usually a public key or Bitcoin address. which transaction contains no sensitive data.”
Moreover, the acceptance of cryptocurrencies aligns with Hostinger’s idea of makes its web services available to everyone regardless of their financial circumstances.
3Cryptocurrency and blockchain
Cryptocurrencies work on blockchain, which is a decentralized network of servers. Therefore there is no need for a ‘middleman’ when making a transaction from Point A to Point B.
Therefore, unlike when making a payment with a FIAT currency, expensive transaction fees are removed because the middleman (in this case, the bank liable for the FIAT transaction) is no longer needed.
Have you purchased your Hostinger services using cryptocurrencies? How was your experience, and what feedback does one have for us? Let us know in the comment section.
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