Crypto Payments — how far are we?

February 8, 2018

There has been an increasing number of worldwide companies which opted to accept cryptocurrencies as payment method. Questions such as: “Is it because it’s trendy?” “Is it easy and practical?” have been raised all over Reddit and social media. One thing is for sure, the number of firms enrolling in this process is growing fast.

The hashtag #PayWithCrypto is trending on twitter where people ask some companies, especially online retailers, to allow payments with cryptocurrencies in their stores. There are local markets, airports, and even lawyers, according to Techcrunch, already making a stand and allowing customers to use cryptocurrencies as a method of payment. The reasons are different from use case to use case but there are some advantages that may turn this kind of payment into the next big thing.

The anonymity of the users, the “no fees” policy using IOTA, the ability to pay anywhere with Internet access and the fact that there are no third parties involved make paying with this kind of currencies a very appealing method.

Nevertheless, there are some issues to keep in mind when using cryptocurrencies to do your shopping. One of the most important things to be taken into consideration is security (or the lack of it) in this kind of exchanges and payments.

Security

There are some security issues common to most of the crypto transactions. Hackers have currently stolen more than 10% of cryptocurrencies with well-performed attacks which lead the victims of this digital crime to lose complete track of their wallets when providing data in a non-secure website, for example.

People who invest in cryptocurrencies are generally well informed and aware of this attacks, still, hackers manage to get their hands on tons of wallets proving that there are some big security problems to be improved.

Volatility

Cryptocurrencies are known for being really volatile, changing their value and fees every day which is one of the main reasons why some large companies pull back from accepting crypto as payment after a period of time.

Maybe not too far from today, the trend will be for these currencies to be steady or the fact that they are volatile will simply be accepted and taken advantage off.

While some companies back off on their support to crypto payments a lot of other firms start using it and the number is expected to grow continuously. Security improvements, as well as faster transactions, will most likely lead to more companies accepting this kind of payment.

If you like what you read, please take a moment to share it with others:

Start growing your business now.