Cryptocurrency is no longer considered some kind of curiosity for the elite. Today, many virtual currency options have become publicly available, and you can find a lot of info on this topic. Virtual currency is a promising means of payment, and the demand for it is steadily growing. It is already possible to accept crypto payments when selling goods and services on the Internet. Moreover, organizing this process is as simple as accepting conventional (fiat) money.
The process of paying for goods and services online using digital currency is called cryptoprocessing. It has its pros and cons for a business that accepts payment.
Advantages of Crypto Acceptance
It is worth introducing cryptoprocessing to your payment system due to the following advantages:
· Acceptance of international payments. It is much easier to implement the ability to accept crypto payments from all over the world than to connect bank card processing.
· Minimal payment risks. Payment systems do not block your funds for opening disputes on completed transactions and suspicion of fraud.
· No registration of an individual entrepreneur or legal entity. You can accept cryptocurrency payments as an individual, regardless of your citizenship.
· Safe data save technology. All cryptocurrency transactions are protected, and information about them is stored almost forever in the blockchain.
Disadvantages of Crypto Acceptance
Before deciding to add crypto as a means of payment to your payment system, consider the following disadvantages:
· Currency is decentralized but still managed by some organizations. The flow and amount of some currencies in the market are still controlled by their creators and some companies. These holders can manipulate the coin to achieve large fluctuations in its price.
· Susceptibility to hacks. While cryptocurrencies are very secure, exchanges are not that reliable. Most exchanges store user wallet data to work properly with their user ID. These data can be stolen by hackers, giving them access to a large number of accounts.
