Pros and Cons of Using Cryptocurrency in Business
Curated from: europeanbusinessreview.com
Ideas, facts & insights covering these topics:
4 ideas
·717 reads
10
Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Cryptocurrency as a mode of payment
In the financial transactions sphere, we have various modes of payment for goods and services. For example, we have PayPal, Amazon Pay, Apple Pay, cryptocurrency, etc.
Cryptocurrency is a relatively new system that people still try to figure out. There are currently over 2,000 types of cryptocurrency.
16
299 reads
Cryptocurrency in the business sector
Cryptocurrency is a digital payment system that bypass banks to verify transactions, making the financial processes more accessible and faster.
Cryptocurrency involves using virtual tokens or coins by private individuals and companies for operational and transactional purposes and investments.
15
174 reads
Pros of using cryptocurrency in business
- It is secure and fast.
- Growth of the company. Using cryptocurrency in your business emphasises the important emerging space for currency evolvement.
- Creates an avenue for gaining high profits. Providing your clients with as many payment options as possible ensures better user engagement and conversion rates.
- It reduces friendly fraud (chargeback fraud). In cryptocurrency, it is almost impossible to do chargeback fraud.
- Low transaction fees. Binance, the world's best-known crypto-trading company, charges a mere 0.04 - 0.10 per cent fee on transactions.
- Removes the middleman.
14
111 reads
Cons of using cryptocurrency in business
- It's highly volatile. The values can vary considerably.
- It is not widely accepted. Digital currencies are still foreign to some people.
- Complex set-up process. Setting up your cryptocurrency payment options may need extra time and effort.
- You are solely responsible for protecting your digital assets.
- Migration. With over 2,000 different cryptocurrencies, other companies and your clients may migrate from one digital currency to another.
- No established bodies regulate financial activities.
- Highly vulnerable to scams.
15
133 reads
IDEAS CURATED BY
Jessica Delgado's ideas are part of this journey:
Learn more about crypto with this collection
How to beat procrastination
How to enhance your creative thinking
How to create a smooth transition in a new endeavor
Related collections
Similar ideas
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates