Is crypto The Best form of payment

[source](https://pixabay.com/photos/cryptocurrency-bitcoin-finance-3435862/)

Introduction

Payments is really one of the reason behind cryptocurrency creation as many wonder what the best form of payment is, is it cryptocurrency the new asset class created to serve as a solution to the preexisting system already in place system, well the debate range on as many prefer cryptocurrency payment method whilst for others they believe the traditional form of payment that we are used to its much better and everyone seems to have their reason for whatever they believe in and this actually raises concern really as to what is the best form of payment, for many crypto enthusiast and many who believe cryptocurrency is here to replace traditional financial system in general they would readily choose crypto payment method over every other payment method for obvious reasons but is crypto really the best form of payment?

Many have often wondered this and have been caught in between as they wonder really what the best form of payment is, is it cryptocurrency or is it fiat. Many do feel cryptocurrency is the best others feel fiat is the best but what is really the best, I will be writing on crypto form of payment if truly is the best form of payment and I believe the best way to answer the question is to consider the pros and cons of cryptocurrency payment method, truly understanding the pros and cons of cryptocurrency payment will help each to decide for themselves if it's the best form of payment or if it isn't as I believe it depends on perspective of each person and what they are looking for and willing to trade off in their transactions, so let's look at some of the pros and cons of cryptocurrency payment.

Pros Of Cryptocurrency Payment Method

- **Fast Cross-Border Transactions**

One thing that gives cryptocurrency payment an edge over every other payment method comes from the the fact that cryptocurrency payment is very fast when compared to other payment method, cryptocurrency payment is very fast and efficient and most suitable for cross border transaction and that is hugely due to its fast nature, some other form of payment like we have available traditionally has a lot of issues as it regards payments involving cross border and are considerably slow but crypto payment isn't that way so the fast way that cryptocurrency facilitate payment especially cross border payment gives it a major advantage or edge over any other form of payment.


The transaction of cryptocurrency is in such a manner that it is almost instant that's once initiated as it happens almost in the next second, very quick and reliable and that makes it very ideal for cross border transaction, really due to this reason today for many who makes cross border transaction often big firms and business organizations or even individuals they have found cryptocurrency to be quiet useful and ideal as it greatly reduces both the fee involved with cross border transaction and processing time as well which makes it really ideal and a big flex to crypto payment method.



- **Lower Transaction Fees**


Low transaction fees also makes cryptocurrency payment method to be really one of the best payment method, it offers something that isn't readily seen on a regular basis, who would have guessed that there would be a form of payment which is fast l, reliable and cheap. I mean isn't it always so that good things don't come cheap, well welcome to cryptocurrency where fast payment is offered and the cost of doing so is incredibly cheap than any other payment method we have heard of, truly the fact that cryptocurrency transaction method is cheap that makes it really stand out above every other payment method and a great advantage no doubt.

While this is particularly interesting is that if we look at fiat form of payment which we are used to the processing time associated with fiat payment method especially with traditional banks is very slow and not only is it slow but the transaction cost is considerably higher, the slow and higher cost of transaction associated with traditional banks is especially severe even for cross border transaction as we see loading time slows down even more and cost of facilitating such transaction grow even more while crypto payment method is very cheap even for international transfer which is a great pro to cryptocurrency payment.




- **No Bank Account Needed**

Hardly before anyone facilitate any transaction traditionally when you don't own a bank account, I mean transfers especially cross border transaction requires one owns a bank account that is really the natural order of things and that really cuts out many people from involving in financial transaction due to the fact that not everyone is opportuned to especially those who are in places with little technological infrastructure, they don't own an account because no bank around to open one and they can't send or receive money because they have no access to one but then crypto payment proves a much better option due to the fact one doesn't need a bank account to transact.


With cryptocurrency anyone is free to participate in digital commerce and when I say everyone I mean both those who are underbanked or the unbanked population they all have free access to participate in digital commerce something that is hard to come by in traditional banking where it's hard for anyone without an account to participate or be involved in financial services, with crypto payment method you don't need to open an account in any physical location at all all you need do is have your phone and internet connection then you would have access to financial services.





[source](https://pixabay.com/photos/finance-business-bitcoin-document-6749717/)

Cons Of Cryptocurrency Payment

- **Price Volatility**

Crypto is volatile making it really unpredictable as a form of payment, hardly one sees any payment that is as volatile as cryptocurrency, fiat isn't as volatile and something that makes it stand out is the fact that they are stable and that should be how a currency should be, cryptocurrency price volatility makes it really hard for some to use it as a standard for payment as they wouldn't know if the value of their money will remain the same or depreciate or appreciate the next day, the uncertainty can be quiet unsettling and thus that's something many can't have.


An example of this is when I want to get something online just recently I had the money in cryptocurrency and what I wanted to get online is around $15 and I had crypto worth $16 and then the next day I want to make the purchase I couldn't again due to the fact the market dipped over night and the value of my coin is now around $13.5 no longer up to $15 and that made me miss out on the promo that day and that right there is exactly the kind of uncertainty that cryptocurrency brings with it, so the price volatility of cryptocurrency is really a con to having it as a payment method because anything can happen it's not stable.







- **Irreversible Transactions**


Another downside to cryptocurrency as a payment method is due to the reason that transactions involving cryptocurrency is usually irreversible, meaning in an event of mistake the your money is gone there isn't really any remedy, any wrong button you press by mistake and initiate a transaction to the wrong address or make any other transaction related mistake there isn't really any other way you can retrieve your money that's why you need to take great care so as not to make any silly mistake which may jeopardize things for you, in cryptocurrency transactions can't be reversed.

With traditional banks though there is often a provision for one to reverse a wrong transaction let's say one mistakenly sends millions to the wrong account you can act quickly to contact your bank to reach out to the other banks and they will probably put that account on hold until everything is sorted out as long as the other party hasn't withdrawn yet but with crypto there isn't such provision once the funds have left your account it can't be reversed again for whatever reason, it's either gone to someone else or lost forever in blockchain.






- **Regulatory Uncertainty**


Regulatory uncertainty is one of the great cons associated with cryptocurrency payment, many places have different laws guiding cryptocurrency and for that reason it could affect how cryptocurrency transaction is used in the place, there maybe restrictions concerning crypto use or ban by some government which will make it really hard for those staying there to use it for making payments since doing so could land them in prison as it would be in direct violation of the law of the land and the thing with cryptocurrency regulations is that is constantly changing a place may have favorable laws guiding cryptocurrency only for it to suddenly change in an instant of time and affect users greatly.




Truly the cryptocurrency space is growing and it's regulations continues to evolve and as such the laws of the land may play a huge part in determining if cryptocurrency is used in that place so that present a big challenge that is one of the great cons that comes with using cryptocurrency payment method, the uncertainty in regulations greatly place a restriction or is a determining factor as to where crypto can or cannot be used as a payment method.





[source](https://pixabay.com/photos/cryptocurrency-concept-rail-tracks-3412231/)

Conclusion

Truly cryptocurrency being used as a payment method and if really is the best form of payment to me it depends on the individual really and what the person's priorities are, the person or the industry that would determine how they view cryptocurrency taking in to consideration circumstances as well.