Cryptocurrency is a relatively new payment system, with many people trying to figure out how it works. However, there are currently more than 2,000 distinct types of cryptocurrency. This article discusses the far-reaching influence of cryptocurrency and the pros and cons of using this digital financial currency.
Influence of Cryptocurrency in the Business Sector
About 2,300 US businesses accept bitcoin as a form of payment for transactions, excluding Bitcoin ATMs
- A form of digital payment system that doesn’t rely on banks to verify transactions, making running financial processes easier and faster
- There are pros and cons
Final thoughts
Sometimes, one needs to take that bold step while considering its worth.
- After considering the benefits and drawbacks of adopting cryptocurrency as a means of payment in your business, I hope you’re able to make a decision or reach a conclusion that is beneficial to your company.
Pros of Using Cryptocurrency in Business
It is secure and fast
- Advanced coding is involved in the transmission of data and transactions processes
- In comparison to fiat money, transactions involving cryptocurrency are concluded much faster
- Growth of the company
- Creates an avenue for gaining high profits
- Reduces “friendly fraud”
- Low transaction fees
- Removes intermediaries
Cons of Cryptocurrency in Business
Highly volatile
- Not widely accepted
- Complex set-up process
- The responsibility of protecting your digital assets rests solely on you
- No regulatory bodies like the Financial Conduct Authority to regulate financial activities
- There are no rules to protect it
