The advantages and disadvantages of using cryptocurrency as a form of payment

[HK World]

As we all know that everything has some advantages and disadvantages. What are the advantages and disadvantages of using cryptocurrency as a form of payment? Share your experience.

 

[Heatman]

If you're using cryptocurrency as a means of payment, you must be online to convert it immediately to USDT in order to prevent it from losing value if the coin was affected by price volatility. I have lost about $10 worth of BTC in one payment I received because I wasn't online to convert it when it was sent!

 

[Riberet19]

Well I think that one of the main disadvantages of using them as a payment method is their lack of acceptance, especially in my country there are almost no shops where you can use them, on the other hand their volatility is an impediment to use them sometimes as a payment method, as a member says it is better to change them to stablecoin like USDT and make the payment with it, one of the main advantages is its ease to make cross-border payments or very quickly and without a counterparty such as a bank, lightning network is lately becoming very popular and can be a good solution for Bitcoin payments.

 

[James]

Using cryptocurrency as a form of payment comes with several advantages and disadvantages. Here are some key points to consider:

Advantages:

1. Security: Cryptocurrency transactions are secured by cryptography, making them highly secure and resistant to fraud and hacking.
2. Privacy: Cryptocurrency transactions can offer a certain level of privacy, as they are pseudonymous and do not require revealing personal information.
3. Lower Transaction Fees: Cryptocurrency transactions typically have lower transaction fees compared to traditional payment systems, especially for cross-border transfers.

Disadvantages:

1. Price Volatility: Cryptocurrencies are known for their price volatility. The value of cryptocurrencies can fluctuate significantly in short periods, which introduces uncertainty and makes it challenging to determine the exact value of goods or services being exchanged.
2. Limited Acceptance: Despite growing acceptance, cryptocurrencies are not yet universally accepted as a form of payment.
3. Irreversible Transactions: Cryptocurrency transactions, once confirmed on the blockchain, are generally irreversible. This means that if a payment is made to the wrong address or in the case of a scam or fraudulent activity, it may be challenging or impossible to recover the funds.

 

[Grant]

I don't see much issues with paying with crypto. It's the thing about being paid crypto. I'm not one who invests in crypto, because I don't like the volatility of it. Yes you can buy and sell things with crypto. When I think of buying something with crypto, I see it in this way, you're paying someone what they want, what they do with those earnings is up to them. I would cash those earning out right away, because that bit you just got, could drop in price.

I would never sell something for crypto, because who's to say the worth of that crypto will be good in the next hour, or day?

 

[Heatman]

Well I think that one of the main disadvantages of using them as a payment method is their lack of acceptance, especially in my country there are almost no shops where you can use them, on the other hand their volatility is an impediment to use them sometimes as a payment method, as a member says it is better to change them to stablecoin like USDT and make the payment with it, one of the main advantages is its ease to make cross-border payments or very quickly and without a counterparty such as a bank, lightning network is lately becoming very popular and can be a good solution for Bitcoin payments.

Making payment with USDT is always going to be more expensive for you which is the reason why I prefer making use of LITECOIN for any kind of payment that I need to do with cryptocurrency because of the cheap transaction charges when compared to USDT or even Bitcoin.

 

[Mostee501]

Advantages of using cryptocurrency as a form of payment are; decentralization, security, accessibility and faster transactions. While disadvantages are; volatility, limited acceptance, irreversibility, technical complexity, regulatory uncertainty.

 

[Riberet19]

Making payment with USDT is always going to be more expensive for you which is the reason why I prefer making use of LITECOIN for any kind of payment that I need to do with cryptocurrency because of the cheap transaction charges when compared to USDT or even Bitcoin.

You are right, the fact is that Litecoin, Bitcoin Cash among others have very low and really competitive fees, but there are many businesses that do not accept it, at least that I realized, and on the other hand they accept USDT, in my case I was talking about businesses, but between individuals it is true that the best is Litecoin, BCH, among others.

 

[Heatman]

You are right, the fact is that Litecoin, Bitcoin Cash among others have very low and really competitive fees, but there are many businesses that do not accept it, at least that I realized, and on the other hand they accept USDT, in my case I was talking about businesses, but between individuals it is true that the best is Litecoin, BCH, among others.

The last time when I tried to make a payment on one platform with USDT, the charge I was supposed to pay for that transaction was almost $6. I had to cancel the transaction and choose the option of paying with Litecoin which was not even up to 60 cents.

 

[rightminds]

The advantages of using cryptocurrecy as a mean of online payment gateway weighs more than the disadvantages. Using crypto as a payment gateway, you have a top notch security, the ease of operation etc.

 

[Heatman]

The advantages of using cryptocurrecy as a mean of online payment gateway weighs more than the disadvantages. Using crypto as a payment gateway, you have a top notch security, the ease of operation etc.

One of the best advantages of making use of cryptocurrency as a means of payment is having a very fast transaction and less charges when compared to making use of other means of payment online like PayPal especially.

 

[Nomad]

There are two advantages, one, it is fast and two, it is cheap. The major disadvantage is transactions cannot be reversed. Another disadvantage is if you mistakenly send to a wrong wallet, your funds will be lost foreever.

 

[Heatman]

This is why when it comes to making any kind of cryptocurrency transaction or payment, I make sure to copy the wallet ID instead of typing it in. This is because there is no way you are not going to make mistake if you are typing it.

 

[Skysaint]

You're right about that but it actually seems like I've been enjoying the good side of using cryptocurrency. There are obvious disadvantage of using cryptocurrency as a payment method and that is the fact that many online websites haven't recognized it as a payment method let alone the offline stores.

 

[Ja Sa Bong]

There are two advantages, one, it is fast and two, it is cheap. The major disadvantage is transactions cannot be reversed. Another disadvantage is if you mistakenly send to a wrong wallet, your funds will be lost foreever.

They used to say nothing is ever lost on the internet until cryptocurrency transactions started. If you lose your cryptocurrency by sending it to a wrong address, even if the address is wrong, you will never get it back. If you sent it an actual address but still not who you intended to, it's lost forever.

 

[Nomad]

One of the worst things about using crypto as a payment form is its nature or irreversible. You cannot reverse the transaction. Another disadvantage is if you lose your keys, your wallet will be lost for ever. This has happened to me in the past. I lost my access to bitpay wallet.

 

[Heatman]

One of the worst things about using crypto as a payment form is its nature or irreversible. You cannot reverse the transaction. Another disadvantage is if you lose your keys, your wallet will be lost for ever. This has happened to me in the past. I lost my access to bitpay wallet.

Seriously, this issue of losing your wallet keys is a very big deal. It's why I had my wallet key saved in multiple places just in case. A lot of people have lost their cryptocurrency as a result of sending to the wrong address.