The Pros and Cons of Accepting Cryptocurrency as Payment

Digital currencies are an innovative payment method that has the potential to replace conventional currencies issued by government banks. Some states do not recognize crypto as a form of money; however, de facto, it is almost as liquid as fiat money and can be used to pay for any goods.

Beneficiaries of crypto acceptance

Who can accept crypto payments? Many smart people can benefit from this technology. For example, if you are a freelancer and fulfill orders for clients from all over the world, you can issue an invoice in Bitcoin or Ethereum. Also, crypto can be an additional payment method for businesses. What are the pros and cons of using this method of accepting payments?

Pros

The advantages are much greater than the disadvantages. Here are a few reasons you should add a cryptocurrency payment method to your website:

• You will certainly attract new customers. Acceptance of BTC or USDT will show that you are a cutting-edge company or an entrepreneur who follows trends.
• Easy payment. You can share a QR code with a buyer, and they will instantly make a payment.
• Complete anonymity. If the customer does not want to provide their contact details but wants to buy from you, then they can do this with crypto.
• Easy conversion. If you accept payments in USDT, and buyers want to pay with bitcoins, the payment service will automatically convert at the current rate.

Cons

All the disadvantages are mainly related to the lack of popularity of modern money and insufficient regulation in this area:

• The rate of digital currencies is constantly changing. Clients can keep their assets in anticipation of their growth.
• Blockchains still process transactions more slowly than Visa or MasterCard; however, due to the novelty of this service, crypto transfers are still almost instantaneous.

Conclusion

Most probably, digital currencies are the future of the global financial system. Fifteen years ago, someone got rich selling pizza for 10,000 bitcoins. Today, those who start accepting payments in cryptocurrencies will undoubtedly benefit in the long run.