Cryptopayments are certainly one of the most innovative and secure forms of payment. But is it really that easy? Let's understand the main pros and cons.
The advantages of cryptopayments
Of course, paying for goods and services in cryptocurrency has a number of advantages even without an active cryptocurrency card or without linking to a specific payment service. By making cryptopayments, users receive the following privileges in combination with the two points mentioned above:
1. Payment worldwide. Bitcoin and other cryptocurrencies can be used almost anywhere in the world. You no longer have to worry about converting to local fiat currency.
2. Instant transactions. Bitcoin payments are made in seconds no matter which processing service you use.
3. Ease of use. Using cryptopayment services is much easier than creating and managing a cryptocurrency wallet and carefully checking each manual payment.
Disadvantages of cryptopayments
Of course, the advantages of cryptopayments are obvious, but users should be aware of some of the limitations they may encounter:
1. Volatility in the cryptocurrency market. Digital assets can be very volatile. A sudden change in price can disrupt the funds transfer process.
2. Checks. The registration process slows down as KYC and AML checks need to be passed, which are required specifically to ensure your security.
3. Fees. Most payment networks charge a fee for their services.