In 2021 soon to be 2022, crypto coins are becoming a way of payment for some websites with the immense demand of people. However, most people think that it is not safe enough to pay via crypto coins for online goods. But is it safe to pay via crypto coins? From this aspect, no some things can go wrong while using crypto coins as a payment method. Such as entering the wrong wallet address and sending that wallet a coin, is not reversible. You can’t use chargeback on those transfers because you cannot get that coin back once you transfer a coin. After all, it is gone. But other than user mistakes overall paying with crypto coins is actually safe.
Is it going to be more safe to pay via crypto coins in future?
In the future, there might be extra security layers for this process, such as confirming the receiver wallet, etc. But currently, that kind of extra security layer does not exist, but it doesn’t mean cryptocurrencies will not use it in the future. In addition to this, you don’t have to worry about typing the correct wallet address down because there are QR code wallet address readers. Yes, you scan the QR code and make the payment with it. This system is not yet fully perfected, but developers are also on this and are doing their best to perfect it.
On the other hand, payment with cryptocurrency is actually more safe than paying via debit or credit card. You don’t reveal any sensitive information to the website you are shopping in. You have to pay via your exchange or with an app on your mobile phone.
Pros
A quick process with a fast transaction over the blockchain
It is Secured by blockchain, so no other 3rd party or any human interaction on this process.
Demand for cryptocurrencies makes payment systems more secure, reliable and open for development.
Every payment is on a public list in blockchain with an anonymous id. If anything goes wrong, a buyer can show the transaction id as proof of sending the money.
Cons
For those who are using virtual wallets instead of exchanges, you always have the risk of losing your virtual wallet, if you don’t keep it safe.
The value of your crypto holdings can change significantly on a volatile day.
If you are using less secure crypto exchanges, their system might not be able to protect your crypto holdings.
It is vulnerable to scams, such as scammers who might try to take over your wallet, acting like they are important or they can help you to grow your holdings. This is why you always have to be cautious.
