My Favorite Cryptocurrency – What issues we having to accept crypto as Payment

Hi friends. My name is Lavanya from India.

My crypto journey starts with the steemit platform. So my favorite always the steem coin.

On my joining time, it's the price is very high and earn a good amount at that time. But now it values is dumping hard, I cont digest this much low price, but I have full faith in this platform so my 50% holdings always steem. Another 50% I do trading now in Binance, bittrex, and kucoin. No other exchanges I use because I don't trust that's much remaining.

Hop soon steem get the previous glory no doubt about it. Now, this platform ties up with Tron. This gives good opportunity, and good growth soon.

Businesses to Accept as Payment Of Cryptocurrency

Now a lot of people learning about Cryptocurrency. Now crypto is also called Digital Gold.

In comparison to previous now we see a lot of changes in the crypto field too. Now a huge investment we see here also.

Even crypto ATM also available in some countries. This shows the growth of crypto. But for using those as regular payments is not so easy. Because some Countries not accepting crypto. They treat those as illegal businesses also. But my strong opinion soon it becomes more popular and all countries accept it too.

All most all people are well known about digital payments, due to corona now that usage also increases now. But coming to crypto payments still we facing a lot of issues. Once we overcome those then is possible to crypto payments.

Major issues in crypto assets Payments are:-

1.Transaction Speed & Conformation

For example, if we buy a coffee in a shop for paying with bitcoin is not so easy. Because for conforming our transaction in bitcoin it takes nearly 10 minutes of average block time for translation. It is a complete waste of time, no one waits for that's much time for a single coffee.

Means for small amount payments crypto is not suitable. That's why a lot of people and a business person not accepting crypto that much.

2.Price Volatility

Crypto assets price always volatile, it gives major issues in payment.

That price not having any fixed value, so it gives more struggles for both merchants and customers too.

For example, if a merchant buys a book at a cost of $50, so he fixes his cost in bitcoin as 0.001 in the morning. Coming to the afternoon bitcoin price increase, if the customer pays the same amount of 0.001 bitcoin for this book. Here customer lost his hard money, the merchant gets additional profit.

If the bitcoin price dump to 30%, again customers pay the same amount of 0.001 bitcoin for this book. Here merchant gets a loss.

Due to the volatility of crypto assets price we can see profit and loss at the same time. This is another big problem in accepting crypto assets as payment.

3.Transaction Cost

I think a lot of cryptos knowing persons well known about it. For transactions from one platform to another how much translation fee we need to pay.

In my opinion due to this reason a lot of people not accepting crypto as payment.

For example, the coffee cost is $10, but for the transaction, we also pay the additional payment of $10. Means total coffee cost is $20. It is not fair.

4.Market Liquidity & Convertibility

Like a coffee buying example, the customer buys a coffee with crypto. All transactions over from the customer side. But coming merchant he needs to again exchange this to fiat money, here again, he needs to face a lot of risks in converting those.

Again he needs to pay the transaction fee, so he gets very low profits, sometimes loses too. This is another drawback of crypto assets payment.

5.Security

This is the main problem in the crypto field. For security purposes, we store those in a hard wallet. For each time is not possible to connect those and transfer funds to others for small payment needs.

If we use digital wallets or exchanges, there are always hackers wait for hacking those.

Now we see a big exchange also getting hack very easily now.

For this reason, merchants also think about accepting crypto as payment.

6.Blockchain Specific Issues

In blockchain technology day by day, we see improvements and new features with new projects.

For knowing day by day updates are very important in the crypto field.

For merchants is not possible to handle it. For knowing those he needs to spend his valuable time here, ten how he focuses on his business,.

In crypto each platform is different, in ETH we need to pay a gas fee for the transaction, For knowing all he needs to spend more time it's another hassle for the merchant.

Those are the main issues for not accepts crypto asserts as a payment.

How Steem Blockchain rectify those issues

Steem platform is a decentralized blogging platform. Here we earn crypto by doing blogging, commenting, and supporting.

In the steem platform here for transaction assets from one account to another account is completely free.ZERO FEE, here this is a major advantage for paying steem or sbd to other persons is very easy.

Another important thing is for transfer to exchange also free here, so this platform reduces transaction costs for both customers and merchants also.

Coming to the speed of transaction it takes only 3 seconds, very very low compare to others. Here customers no need to wait for transactions of funds to the merchant.

Steemit platform providing complete security for our wallets. Before this facility not available that's why a lot of my hunt tokens get hacked. After updating now we get 100% security here. For wallets access, we need the main key but for other needs posting key is enough. It gives complete security for our assets.

We can hold our asserts in our wallet without any risk here. So I need to maintain a hard wallet for this.

This platform is completely mobile-friendly, for accessing merchant no need to purchase a new PC for this, it's mobile is enough for doing selling products and getting crypto payment.

In this platform, we see a lot of advantages along with some issues also there. Those are

Volatile of Steem Price

On comparing the last 30days graph price for steem, we see a lot of dumps and pumps.

In business we need stable coin at least it's valued near to $1, then only merchants and customers possible to maintain their hard money.

But for steem now its values are nearly $0.16. It is very low so if a customer buys a coffee at a cost of $10, he needs to pay nearly 60 steem. It shows a bigger amount for the customer, that's why he feels a little bit confused about paying.

Its value is $1, then he pays only 10 coins it gives satisfaction to him.

If we use SBD as payment rather than steem is a good choice I think so. Because SBD Price always stable compared to steem, it maintains an average $1.

But here also another issue is there because this could not available in all major exchanges only Bittrex only available. So need a listing in all major exchanges then only possible to pay steem/sbd as payment.

When we rectify all those major issues then only possible steem as a payment asserts for buying our needs.

This is my opinion on accepting steem as payment.

Thanks for reading my post.

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