A cryptocurrency has certain pros of payment. It has cons as well. In this little piece of information, we will learn about the advantages of paying through cryptocurrency. We will also see the disadvantages of e-commerce websites.
Doesn’t matter you are a king of digital currency or a learner. At first, you think about cryptocurrency payment methods. Things become so easy if stores accept cryptocurrency payments. To fulfill this demand of customers some e-commerce websites starts taking cryptocurrency payments.
Every coin has two sides. Similarly, cryptocurrency payment has also two sides. It is useful in many ways but non-useful also. Today we will discuss both the factors of a cryptocurrency payment. The pros as well as the cons.
Let’s start with pros first!
Pros of paying through cryptocurrency for e-commerce websites
Fewer transaction fees
Credit card payment and other apps payment charges their customers approximately 3-5% transactions fees. They charge this fee even when you are paying for any e-commerce website. On the other hand, cryptocurrency charges only 1% transaction fees. It is very less compatible. Though there are very few conversion fees for converting digital currency into national currency.
Less chance of scams and frauds
The main aim of cryptocurrency is to reduce the scams and frauds in daily life. When you pay through the cryptocurrency the amount gets converted immediately into the national currency. No one is allowed to hold that amount for a longer time. Therefore, chances of scams reduce.
For random transaction
You don’t need to give your personal information while shopping. Unlike through national currency. Retailers have to do nothing with your identity. You simply pay via your digital currency wallets. There is no fear of privacy leakage as well. Therefore, we can say that cryptocurrency transactions are hassle fell and very private too.
Cons of paying through cryptocurrency for e-commerce websites
No buyer protection
When you pay from credit cards they have proper policy and security for unauthorized transactions. Unlike the case of a cryptocurrency payment. Once the payment is done from cryptocurrency you cannot get it back. It’s gone which means it’s gone forever. Therefore, to pay through cryptocurrency, retailers need to gain the trust of customers. The payment become a little risky here. We can say unprotected too.
We see very little fluctuation in the market value of the national currency. It hardly goes up and down by a point. It happens even after a long period. On the other hand, the price of cryptocurrency increase and decrease daily. That too with a large margin. Today if it costs 100 dollars per unit. The very next day it may cost 2 dollars. Therefore, the payment becomes a little risky for the customers.
Less energy consumer
Every year we spend tons of electricity to pay at e-commerce websites. Cryptocurrency payment can bring out the revolutionary change in the electricity sector. One can use a digital currency wallet and save lots of energy. This might seem very funny. But it has some deep meaning in actual real life.
These were both the pros as well as cons of paying through cryptocurrency. We hope you understand every point well. The choice is completely yours. Whether you want to join the cryptocurrency payment trend or not.