If you think about introducing cryptocurrency into your business, it is worth studying the pros and cons to understand what tips the scale.
November 24, 2020 | AtoZ Markets – Business trends don’t stand still but try to change with the times and requirements of the modern world. Nowadays, people want to have a choice when it comes to payments on the Internet. So, companies have to provide their clients with diverse purchase options.
Many businessmen start thinking about integrating cryptocurrency payments and how much this step is necessary. It is a good question. While some people want to get a chance to use digital currency, others believe that such a step is unethical, remembering its “dark” past. Besides, it is worth mentioning its decentralized nature and the unwillingness of governments to recognize its right to join the ranks of traditional currencies.
Thus, it is worth studying all the advantages and drawbacks of such a step to understand whether your effort will pay off.
Main Pros of Using Cryptocurrency in Your Business
You may get tired of traditional payment options or decide to attract new users with such a progressive approach. Well, both options can do since usual banking transactions require a lot of time to process the payments. However, it is not the only advantage you can get, opting for this type of payment.
Pro #1: User-friendly universality
People want to have a choice. That’s why they read the best essay writing service reviews and look for a company that can provide more opportunities. If your clients get a whole range of payment options, it may become an additional reason to use your service. According to research, about 55 million people owe cryptocurrency. And all these people can become your potential clients if you provide them with a chance to spend their “money.” You can increase the involvement of users and expand your circle of influence. Only this one advantage may tip the scale if your target is an international audience.
Pro #2:The utmost security
When it comes to payments on websites, there is always a chance of facing a chargeback scam. In other words, a scammer makes an illegitimate chargeback request after ordering goods or services. As a result, you lose both money and goods. Usage of cryptocurrency will help eliminate such cases thanks to its highly secure nature. The blockchain technology provides a crypto tracking system, so scammers will have no chances to wrap around their finger. The cryptocurrency ensures that the operation was legal and ultimate, so a scammer cannot initiate a reversal.
Pro #3: The utmost confidentiality
People are afraid that someone may steal and use their personal data if they use means that reveal their personality. However, all types of cryptocurrencies provide the highest confidentiality level. And while banks like to check your trading history, it is not the case with cryptocurrency transactions. So, a user may stay calm about the perseverance of their personal data and financial history. Thus, students who use such services as essaypro and want to keep their personality anonymous should pay more attention to using cryptocurrency. The main stumbling block here is that a few paper-writing services accept this type of payment.
Main Cons of Using Cryptocurrency in Your Business
Every coin has two sides, and a crypto coin is no exception. Thus, you will face several drawbacks along with all the above-mentioned advantages that may affect your decision even stronger. Study the issue from both sides to not waste time and nerves in vain.
Con #1: Currency volatility
The recent years have shown that cryptocurrency is not protected from volatility in value as well. In fact, its value is greatly unpredictable in comparison with old-fashioned currencies. So, before you proceed to create your investment plan, you should be ready for the risks involved. Experts claim that the absence of its intrinsic value results in volatility. At the same time, if cryptocurrency gets tangible and intangible assets, it may strengthen its position. But cryptocurrency continues to spike up or down significantly, and it can negatively affect your business and even jeopardize it. Thus, you should understand whether you are ready for such risks.
Con #2: Potential state regulations
As has already been mentioned, it can become an issue when it comes to government regulations. It is not clear how to implement cryptocurrency and pay transactional fees and all the required taxes legally. It still remains only digital currency and cannot find its place in the offline world. And when you decide to cash it via your local bank, you may face unnecessary tax regulatory issues about your income. Study essay writing service reviews if you combine studying and business to have more time to investigate the regulatory issues in your state.
Con #3: Not everyone understands it
Even though cryptocurrency appeared back in days, most people still don’t understand how it works. So, they just refuse using a “weird” system. And the blockchain technology only worsens the situation since everything seems too complicated to use. It seems most people are not ready to refuse their usual payment options and switch to cryptocurrency here and there. And even users who have crypto coins are not in a hurry to spend them, opting for more traditional options. So, it is worth double-checking everything to make sure the implementation of cryptocurrency will meet your expectations.