Every small and big business has been hit hard due to the pandemic, so the Crypto Genius says that it is the right time for all the businesses to accept cryptocurrencies. But before you accept bitcoin as a mode of payment, you must definitely clarify some of your doubts. Such doubts would comprise the pros and cons of accepting bitcoin as a method of payment. Although the pros are more, even then, it is better to know the cons.
Pros of Accepting Bitcoin Payment
There are many pros of accepting bitcoin payments, but we will discuss some of them here.
No Chargeback
One of the major technical glitches in case of online payment is that you pay using your credit card, then you get a message that your money has been reversed. But on the other hand, your bank does not reflect the returned amount, and your money is stuck somewhere between. Your money is going to get stuck, and you can not do anything about it.
Such problems do not exist in the case of bitcoin payment; once payment is made; the money straight enters the wallet where you are sending the money. There is no way that the money would come back; hence it allows you just a one-way transaction.
Zero Transaction Fees
The transaction is visible; it would be a lie to say that no transaction fee is required. Of course, you will have to pay something for the transaction. But the transaction fee is not as much as that of the banks, the banks charge you almost 5-7%, but in the case of cryptocurrency, the transaction charges are 0-15 only. That is also up to your discretion; you can decide for yourself how much you would charge yourself for the transaction, and then you can pay.
Anonymity
The anonymity of the bitcoin keeps no more question on who sent and why did he/she send it. It is just that you know that the anonymity of bitcoin will make your life easy. No one is going to ask you about your money or who you are sending the money. It is your money, and you can do anything with your money. This is precisely why bitcoin is used for both legal and illegal purposes. But that does not mean it is used only for unethical purposes. It has very many other privileges, and it also helps to send a huge amount of money to whoever you want. Visit Infinity Trader to start trading in bitcoins.
Cons of Accepting Bitcoin Payment
There are many cons to accepting bitcoin payments, but we will discuss some of them here.
Volatility
The volatility of the bitcoin is the concern; you might see that the price has hiked, and you wait for some more time to let the price then all of a sudden you see that the price has dropped again. This is the only drawback of the bitcoins. No doubt, the cost of the bitcoin rises very fast, but likewise, the price drops even faster. It is the volatility of bitcoin which raises a doubt in the mind of the bitcoin users. This is the only reason why most of the investors back off from investing in bitcoin.
Poor Security
When you own bitcoin, what matters most is the security of the bitcoin, bitcoins are precious, and there are hackers always sitting out there to create some technical glitch and hack your access to the wallet or hack your gold. The security matters most to the owners of the bitcoin; they are just worried about how to keep their bitcoins safe from the reach of the cybercriminals.
Conclusion
If we want to invest in anything, we need to see the good and the bad of the item, so reading this article, you can actually come to a conclusion about whether you wish to use cryptocurrency or not. Now you can decide for yourself as in what would be beneficial for you.