Pros And Cons Of Cryptocurrency Form of Payment

Today cryptocurrencies is being accepted in most part of the world as a form of payment because of the freedom it offers and it's efficiency whilst some other part of the world it is being shunned outrightly probably due to lack of government trust of this crypto asset.

Cryptocurrencies actually at designed or created to serve as an alternative form of payment from the creation of the first cryptocurrencies bitcoin which was during a time of financial crisis to provide an alternative to traditional payment method.

So I will be going into detail to know exactly since 2009 since th inception of the first cryptocurrencies bitcoin which is purposed t serve as an alternative means of payment how have things been working out, has this form of payment failed or has it proven to be the form of payment well I will discuss on the pros and cons of cryptocurrencies as a form of payment so we will decide for ourselves.

Pros Of Cryptocurrency Form Of Payment

One good advantage of cryptocurrencies as a payment method comes from the fact that it isn't centralized like fiat and thus is not being controlled from a central location it's a decentralized form of payment and also operating from blockchain technogy, all this means that it's actually a secured form of payment.

Another notable merit of crypto payment is that since it's being done through blockchain it doesn't experience the delays commonly known to the traditional system and it's transactions are done in an efficient manner and there aren't any delays in transactions and blockchain transactions are actually fast making cryptocurrencies form of payment to be both fast and efficient something that may not be attainable to other forms of payment especially what's available traditionally.

With cryptocurrencies one could process transactions from any part of the world to someone that's in another distant country, there aren't any restrictions or need for opening any foreign account or what have you, is a seamless form of payment method to anyone from any part of the world and this asset can be used as payment method very correctly but they also have other uses that makes it even more wonderful and attractive than other payment method.

Most people hate the fact someone is monitoring there every transactions or that there is a central entity authorizing there transactions or controlling it so to speak and here is where cryptocurrencies form of payment comes in offering solution to this by ensuring users privacy and freedom, guaranteeing it as there transactions done on blockchain is not being connected to any organizations at all who is in charge of inspection, nop nothing like that at all.

So in all cryptocurrencies payment method is fast, efficient, secured, decentralized, offers users privacy, low transaction fee and available to all despite to locations amongst other benefits.

Cons Of Cryptocurrency Form Of Payment

One of the cons of this form of payment is that cryptocurrencies are asset class and are often traded asset and are subject to or often experience violet volatility which could lead to rapid change of price making it unstable for a country to adopt as a form of payment or even risky since it could be highly speculative.

Also another disadvantage maybe due to the fact some government of the world shun this payment method so is not widely accepted as fiat and there maybe barrier depending on where we want to use it. Also we know cryptocurrencies often provide it's users anonymity which makes it perfect for those into dubious and questionable venture to use in carrying out untraceable transactions meaning it provides the perfect platform for many financial criminals like money laundering, tax evasion, fraud etc.

In other words cryptocurrencies is often used or requested as payment from kidnappers or other dubious person as they believe the transaction can't be traced providing a perfect cover for them to operate and most times and many crypto asset lack regulation making them a risk too as no one to hold accountable if things go wrong and also this raises eyebrows of potential investors who shy away from such asset since they are not able to get the adequate information they require from it so generally their lack of regulation reduces trust in the form of payment.

Conclusion

Ofcourse taking into consideration the cons and pros of cryptocurrencies form of payment is important before deciding if we are to establish this as our standard form of payment as it always good to know the good and bad side of what we are getting into so as not to regret at the end, that's why due diligence is needed on our part before making our preference we should take all things into consideration and if after this we still believe that without a doubt this is the best form of payment then so be it.