We have recently attended Web3Conf, Goa (India), Pros and Cons of Using Cryptocurrency as a Form of Payment
The craze of cryptocurrency has been consistently growing over the last few years. No matter for what memories or reason but yes we’re somehow connected with the term cryptocurrency. Many merchants have taken the leap to buy or invest in this alternative form of currency. The possibility of big jumps in value is another of crypto’s many attractive elements. Yet despite its allure, even those who buy digital currency often don’t have a good grasp of how it really works and more importantly how to spend it.Â
There’s an explanation that digital currencies have not gone standard and are not yet widely accepted. While they have ascended in popularity, crypto isn’t about to replace real money.Â
Here is a portion of the pros and cons of paying with cryptocurrency.Â
Pros
- No banking fees: You don’t have to take stress about overdraft fees or late charges as you would with a credit card or debit card, nor do you have to stress about high-interest rates as you do with credit cards if you don’t pay off your balance. Keep in mind you have to pay gas fees for some cryptocurrencies but don’t worry there are cryptocurrencies with low gas fees.
- Anonymity: When spending digital currency, you and your purchases are anonymous and it is impossible for a credit card company, bank, or loyalty program to track your shopping habits.
- Accessibility: Unlike with a credit card where you must apply and perhaps have a particular pay or credit score to be acknowledged, cryptocurrency is accessible to anyone with the money and interest to buy digital assets.
Cons
- Volatility: The value of cryptocurrencies is unstable or volatile so you don’t guarantee to have a good sense of how much purchasing power your digital asset has.Â
- Purchase Protection: Because of the inborn secrecy of cryptocurrency and the way that payments are regulated by a bank, your transactions are not reversible, so if a purchase goes wrong you really can’t get your money back unless the seller agrees.Â
- Availability: Right now there are not a lot of options in Countries for shopping with cryptocurrency it might in any case be a long time before it becomes adequately standard to be broadly acknowledged. Â
- Maintenance: Because you can’t utilize a traditional bank to store your cryptocurrency, users need to educate themselves about cryptocurrency exchanges and wallets and keep their keys secure from hackers.
Closing Thoughts !!
There is no doubt that web-based businesses and digital currencies fit together perfectly. As anyone might expect, the trend of utilizing cryptos to shop online is expanding consistently. Subsequently, digital merchants are thinking about digital currencies as an alternative payment method for people who want a quick and straightforward method for buying or paying for their services and merchandise.
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