This article will explore more reasons why cryptocurrencies are not suitable for
e-commerce businesses.
Fragmentation
The world of virtual money has evolved to now include 5000 cryptocurrencies.
Considering the thousands of these available, financial companies are unsure on
how to process the thousands of existing options. Moreover, new ‘coins’ seem to
pop up every day which is a problem because what if a consumer wants to pay
with the latest digital money and the payment
gateway cannot complete the process?
Expenses
There are several costs related to accepting cryptocurrencies because you will
have to integrate and maintain a separate payment gateway. Let’s not forget
adding currency conversion fees. However, things do not end here since you are
going to have to convert the digital currency into fiat money. These rates are
generally high.
Security
There is no denying that there are risks involved when processing credit
card and bank payments. Nonetheless, unless the account holder was
negligent and at fault, the financial firm has to find a solution. However, with
cryptocurrencies
that is not the case. If somebody steals your digital money, it is gone
forever. You have no one to turn to. Moreover, holders of virtual currencies
have to add their own security measures to protect their accounts.
There are several types of cryptocurrencies © Royalty-free image
Comments
Post a Comment