Cryptocurrency is a new trend that is massively growing day by day. People & businesses have stared accepting crypto as payments more as compared to past years. Research shows that crypto adoption increases 880% in the last 12 months which is a huge number.
But it turned into a new trend when famous personalities are taking payment in crypto which got headlines for many news channels. Many companies have also taken the initiative to attract young people by started giving salaries in crypto.
According to Gerrits, he increased his income way faster in crypto as compared to cash and the main reason is the rise in the prices of crypto which significantly changes but not every time prices go up sometimes it goes down also which ends the excitement, so you have to prepare for both outcomes.
CRYPTO ADOPTION BY BUSINESSES
Crypto adoption is not something an idea or theory it is now a mainstream reality that many countries started adopting. For an increase in wealth, many people started investing in cryptocurrencies as these platforms provide huge percentages of profit if you invest in the right places.
This is a new type of internet that can not be banned but everything has positive and negative sides to it so does crypto it is so volatile that people are facing issues and scams which can not be ignorable and at the end which limits the trust of the users.
WHY IT IS RISKY TO GET PAID IN CRYPTO?
It is not just one factor when we discuss the risk factor of crypto even if it is gaining popularity we can not ignore the risk like constant price fluctuation, volatility, or scams.
THE VOLATILITY FACTOR
This factor or risk is a key issue that led people to take a backstep in investing money in crypto as prices fluctuation is so high that you can not predict which makes it’s high volatile, so when prices go up you will be significant profit but when it goes down it also incurs a heavy loss which is a big risk for many investors.
THE TAXATION PROBLEM
Taxation is also a setback for crypto as many countries have no taxation law for crypto so far but income earned in crypto can be represented in many ways which makes taxation harder.
BENEFITS OF USING CRYPTO FOR PAYMENT
Even if cryptocurrency has many risk factors but you can not ignore the big benefits like increased profit, simplicity, low fees, and privacy.
FEES
For using a debit or credit card you have to pay some amount of fees which quickly adds up after some time of usage but in crypto, fees are low as compared to other platforms.
NO BOUNDARIES
No matter where you are in the world you can still use crypto, as cryptocurrency has no borders with very fast and affordability and it is not only one benefit of crypto but also it charges low fees while doing international trade as compared to other platforms.
SAFE MOBILE PAYMENTS
Today everyone is using mobile phones as a mode of payment. In recent years mobile phones become more popular and due to this many companies provide mobile-friendly payment methods which help to ease the transaction.
Cryptocurrency provides users to conduct mobile payments easier, safer, and quicker.
CONCLUSION
We can not deny the fact that the crypto world is now a reality whether we like it or not it is there and it is like a new internet you can not ban blockchain and it’s very hard to ban crypto completely. We should see it as an innovative opportunity with proper protection from scams that lead to growth.
