• Business
    • Marketing
    • Biz Tech
  • Cloud
  • Social Media
  • Software
  • Gaming
  • More
    • Alternatives
      • Movie Streaming Sites
        • 1MoviesHD
        • Hurawatch
        • Ifvod
        • Bflix
        • Couchtuner
        • FlixHQ
        • Movieorca
        • Turkish123
      • Anime Streaming Sites
        • Animesuge
        • Animekisa
        • Animedao
        • Anilinkz
        • Wcofun
      • Manga Sites
        • Asurascans
        • Comick.fun
        • Webtoon XYZ
      • Sports Streaming Sites
        • Streameast
        • Myp2p
        • VIPRow
        • NFLBite
      • Photos & Graphics
      • Game Utilities
      • Online Tools
      • Misc
  • Cybersecurity
  • Crypto

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

How To Activate WellsFargo.com Card? [Step-By-Step Guide In 2023]

Dec 9, 2023

How To Activate Uwcu.org Card? [Step-By-Step Guide In 2023]

Dec 8, 2023

How To Activate Tangocard.com Card? [Step-By-Step Guide In 2023]

Dec 8, 2023
Facebook X (Twitter) Instagram
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Write For Us
  • Contact Us
Facebook X (Twitter) Pinterest
Digital Edge
  • Business
    • Marketing
    • Biz Tech
  • Cloud
  • Social Media
  • Software
  • Gaming
  • More
    • Alternatives
      • Movie Streaming Sites
        • 1MoviesHD
        • Hurawatch
        • Ifvod
        • Bflix
        • Couchtuner
        • FlixHQ
        • Movieorca
        • Turkish123
      • Anime Streaming Sites
        • Animesuge
        • Animekisa
        • Animedao
        • Anilinkz
        • Wcofun
      • Manga Sites
        • Asurascans
        • Comick.fun
        • Webtoon XYZ
      • Sports Streaming Sites
        • Streameast
        • Myp2p
        • VIPRow
        • NFLBite
      • Photos & Graphics
      • Game Utilities
      • Online Tools
      • Misc
  • Cybersecurity
  • Crypto
Digital Edge
Home»Cryptocurrency»Bitcoin»A Quick Look at the Pros and Cons of Accepting Crypto Payments
Bitcoin

A Quick Look at the Pros and Cons of Accepting Crypto Payments

Michael JenningsBy Michael JenningsNov 21, 2022No Comments3 Mins Read

Although cryptocurrencies have been around for more than a decade now, a huge number of consumers and businesses really don’t have a handle on them and how they work. With Bitcoin being the first to officially launch back in 2009, there are now more than 9,000 cryptos out there. Bitcoin began by releasing their open-source software which quickly captured the attention of the financial markets and the rest, as they say, became history – still in the making, that is!

Contents hide
1 Pro: Heightened Payment Security
2 Pro: Irreversible Transactions Prevent Chargebacks
3 Pro: Lower Transaction Fees
4 Con: A Difficult Concept for Many
5 Con: Tax Implications of “Property”

Pro: Heightened Payment Security

Without going into the digital technology behind cryptocurrencies, the one thing that is easily explained is that cryptos are decentralized currencies. They are not regulated and valued by central banks and are the most secure kind of financial transaction because one cryptocurrency is not a single file. Rather the digital details are spread over a wide network of computers, making them almost impossible to crack. Crypto, by far, is the safest type of financial transaction possible.

Pro: Irreversible Transactions Prevent Chargebacks

Another concept that may be a bit difficult to understand is that cryptocurrencies can only be owned by one owner at a time. They can be traded and sold, but only to one buyer at a time. This prevents those costly chargebacks most merchants despise. However, the one thing merchants should do in order to provide excellent customer service is to link to cryptocurrency calculators like those on okx so that the consumer can equate what they are paying in terms of their national currency. If they can’t return a sale based on cost too much, you might end up with a series of disenchanted customers.

Pro: Lower Transaction Fees

Another huge benefit of cryptocurrency payments is that the transaction fees are much lower than those assessed by card processing services. As a merchant, every expense factors into your bottom line in some way, so lower transaction fees are preferable.

Con: A Difficult Concept for Many

One of the disadvantages to accepting crypto payments is that it might be slow going at first. Bear in mind they’ve only been around for less than 15 years with Bitcoin being the first in 2009. Digital currencies are difficult to comprehend for the average consumer, so you may find that it will take some time before realizing a profit in this type of currency that you painstakingly set up as an alternative on your eCommerce site.

Con: Tax Implications of “Property”

This is something that can affect consumers and merchants alike. Did you know that the IRS considers cryptocurrency to be property as opposed to currency? Perhaps part of that is in the fact that each crypto can only be owned by one person at a time, so if it can be ‘owned’ it must be property. Whatever their logic is, the tax implications might factor into whether or not a customer is willing to trade in crypto.

Bear in mind that cryptocurrencies are relatively new in the financial markets and as such, are still not as widespread as they are forecast to be in the very near future. With that said, it is probably in your best interest to begin taking crypto payments at this early juncture so that your understanding of digital currencies can grow right along with the market.

Michael Jennings

Micheal wrote his first article for Digitaledge.org in 2015 and now calls himself a “tech cupid.” Proud owner of a weird collection of cocktail ingredients and rings, along with a fascination for AI and algorithms. He loves to write about devices that make our life easier and occasionally about movies. “Would love to witness the Zombie Apocalypse before I die.”- Michael

Related Posts

What to Consider Before Buying Crypto in Dubai

Apr 12, 2023

How Can You Set Up And Test Your Own Automated Trading System For Crypto?

Aug 17, 2022

How To Make Passive Income With Crypto­?

Aug 10, 2022
Top Posts

27 1MoviesHD Alternatives – Top Free Options That Work in 2023

Aug 7, 2023

17 TheWatchSeries Alternatives in 2023[100% Working]

Aug 6, 2023

12 Zooqle Alternative Torrent Sites That Work In 2023

Aug 6, 2023

Is TVMuse Working? 100% Working TVMuse Alternatives And Mirror Sites In 2023

Aug 4, 2023

SockShare – Is it Working? 22 Best Alternatives in 2023

Aug 4, 2023

23 Rainierland Alternatives in 2023 [ Sites For Free Movies]

Aug 3, 2023

15 Cucirca Alternatives For Online Movies in 2023

Aug 3, 2023
About Us

Digital Edge is the freshest voice in the field of technology and digital media. Our editorial staff is really passionate in their efforts to curate the latest technological breakthroughs in new and emerging technologies from all over the world to help businesses, IT professionals and consumers to stay abreast with all the latest developments.

We pride ourselves in providing quality content from reputed authors and bloggers as well as from passionate observers like you! If you have a unique voice that you would like to unleash on the rest of the world, then please let us know! Our editors go over everything with a fine tooth comb as a result of which any proverbial cracks are paper-thin from which no inaccuracies ever seep through! However, if there is anything you do not agree with or if you want to comment on the swell job that we are doing, feel free to reach out to us as well. We love hearing from you!

Most Popular

Which Country Is The Best For Pursuing Masters In Finance?

Dec 23, 2019

How to Showcase Your Mobile App through iPhone Mockup

Jan 24, 2020

The Symbiotic Relationship Between Gaming And Music

Feb 27, 2020
Our Picks

How To Activate WellsFargo.com Card? [Step-By-Step Guide In 2023]

Dec 9, 2023

How To Activate Uwcu.org Card? [Step-By-Step Guide In 2023]

Dec 8, 2023

How To Activate Tangocard.com Card? [Step-By-Step Guide In 2023]

Dec 8, 2023
Facebook X (Twitter)
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Write For Us
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.