Will more well-known firms follow Tesla’s lead in allowing consumers to buy its electric cars using bitcoin, as Elon Musk promised in March 2021? Will we soon inhabit a world where you may use cryptocurrency to pay for your upcoming cup of coffee? Here is what financial, banking and cryptocurrency experts had to say when GO Banking Rates asked them whether they thought it will ever be as common to pay with bitcoin as with cash.
“No, It Won’t Be Adopted Widely Without Government Regulation”
Bitcoin Cryptocurrency Payment Services
One of the most widely used and profitable cryptocurrencies is bitcoin. But it still lacks the stability that the majority of regularly used currencies require, said Sukhi Jutla, co-founder and COO of Market Orders, a B2B blockchain-based marketplace for the gold and diamond jewelry industry. If you visit a store like Walmart to make purchases, you swipe your Visa or Amex card for payment. Similarly, you can shop online from different stores that are accepting Bitcoin by entering details on their website.
How do Crypto Payments work?
The companies have integrated the solutions with their websites for bitcoin payments. The customer needs to connect his/her wallet and make a transaction. In addition to this, organizations like Nation Builder are accepting Bitcoins as a donation. With the help of new technology, developers use advanced packages and libraries to process crypto transactions.
Advantages that Bitcoin Payments Offer
- Compared to standard payments, Bitcoin Cryptocurrency payments are much cheaper due to low transaction fees. For instance, a payment service like BitPay only charges 1% flat settlement charges as compared to 2 to 4 percent of fiat currency processing.
- Bitcoin payment establishes a global payment network enabling seamless transfers in any amount. Furthermore, no device restriction makes crypto transactions a top-notch choice for business in several countries.
- Unlike traditional currencies, cryptocurrencies are more secure and transparent. In other words, the transactions in the blockchain network are validated by miners which makes it free of scams.
Disadvantages that Bitcoin Payments Offer
- It is possible to remove your virtual money or lose your virtual wallet.
- Some individuals don’t believe it is safe to convert “actual” money into Bitcoins since the value of cryptocurrencies like Bitcoins might fluctuate greatly.
- The Financial Conduct Authority (FCA) does not supervise the bitcoin market, thus there are no regulations in place to safeguard your company.
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Bitcoin Cryptocurrency has a Great Future ahead
The crypto market faces issues in the first half of 2022. Bitcoin prices have decreased by about 50% since their peak in late 2021. Despite its current problems, Bitcoin’s popularity since its 2009 introduction has prompted the development of other cryptocurrencies like Ethereum, Litecoin, and Ripple. Technology will continue to advance and be innovative, which will lead more firms to choose to use bitcoin as a form of payment over more conventional ones.
Advancement and innovation in technologies will continue to progress that determines businesses will love to adopt bitcoin cryptocurrency payment over traditional payments. Furthermore, if companies will join this race of digital revolution, they cannot beat their competitors. If you are still thinking to integrate crypto payments into your systems, do not wait for more, it is the best time to do so.