5 myths and truths about cryptocurrencies that you should know to include them among your online payment methods
Cryptocurrency online payment methods
E-commerce is constantly growing and we are currently going through the disuse of cash, which gives rise to new forms of payment. For that reason, it will be more and more common and necessary to include Bitcoins and other cryptocurrencies among the payment options of online stores.
But, there are many myths about this type of monetary technology that generates doubts among sellers and buyers. Currently, the cryptocurrency environment is going through intense activity. For example, the price of Bitcoin has been recorded at $66,975 in a new all-time high. But if it is so valuable, what are the myths that discredit this type of currency?
From PaynoPain they reveal some truths and demolish false myths to encourage eCommerce to include them among their payment methods:
- They can be easily counterfeited: in reality, thanks to the blockchain technology used by these currencies, it is practically impossible to duplicate a transaction or produce fake cryptocurrencies.
- They have no value: as with other types of currencies, the price of cryptocurrencies is determined by market behavior and their value increases or decreases in relation to the supply or demand that the currency has on a daily basis.
- They expose personal information: the truth is that payment with this type of currency is completely anonymous. In addition, there is no third party involved, since the transactions are recorded at the address of each of the parties. Neither the sender nor the receiver need to know each other and no bank interferes.
- They are illegal: it is generally thought that since they are currencies that are not yet regulated in many countries, they are illegal. However, about 15 countries have regulation of cryptocurrencies and another ten or so nations are conducting tests to regulate them. But cryptocurrencies have never been illegal in any country and have been in use for more than 11 years.
- Not profitable: Although they are currencies with high volatility due to different factors, they show a very high profitability. As is the case of Bitcoin, which in January 2009 had a value of less than one dollar, and currently trades at $66,975.
If you have an eCommerce, and even if your online store is not dedicated to the blockchain world, including this option as a payment method is very easy and provides multiple advantages. One of the best things about blockchain is that it has no geographical restrictions, so the location does not affect the sending of cryptocurrencies, neither the cost nor the speed. This is very beneficial for online businesses that sell in different countries or plan to do so in the future.
In addition, although it is not yet widely used, the blockchain already has many followers who use cryptocurrencies in their daily lives. Offering this type of currency as a payment method can be very attractive for this type of buyers, who will choose your business over another that does not offer it as an option. In the coming years it will be a trend to implement that will be taken into account by large companies in different sectors.