The Pros and Cons of Accepting Cryptocurrency as Payment

Cryptocurrency is gaining popularity, and more and more businesses want to accept crypto payments for their goods and services. However, first, it is necessary to get acquainted with the main pros and cons of cryptoprocessing.

Cryptoprocessing advantages:

  • Simplicity and speed. Cryptocurrency transactions, compared to fiat money, are much faster and easier. Virtual currencies use ciphers to verify transactions. When transmitting and processing data, a special code key is used, which is fast, simple, and safe.
  • Security. Virtual currency information is stored on a blockchain — a digital ledger or a public ledger for recording transactions. The history of all transactions is recorded in the blockchain. It is impossible to rewrite the history of the blockchain, and this is a guarantee of security.
  • Reduction of intermediaries. When dealing with cryptocurrencies, you can refuse intermediaries in the face of banks. The main idea of digital currency is decentralization, which means that neither banks nor the state has control over them. The user can see every transaction on the Urdughr blockchain.

Cryptoprocessing disadvantages:

  • Conversion risk. The crypto market is very unstable, and the coin rate can change by a few percent in a matter of minutes. It means that in order for the buyer not to overpay for extra goods and the seller to receive exactly what they expected, it is important that cryptoprocessing fixes the exchange rate at the time of payment.
  • Lack of a universal payment format. With cryptocurrencies, the payment mechanism is not so obvious as with bank cards. For example, if the seller uses the cryptoprocessing of one of the exchanges, then the buyer needs a wallet opened on this particular exchange to pay. Otherwise, they will have to ask the seller for a direct payment link in order to send money.

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