Pros and Cons of Using Cryptocurrency in Business
Curated from: europeanbusinessreview.com
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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.
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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.
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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.
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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.
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