Are cryptocurrency web services better than fiat ones?

Are cryptocurrency web services better than fiat ones?

Hello, my name is Dmytro Kizema. And my answer to this question is - Yes, they are better, but it is not obvious.

Confidence in cryptocurrency services is currently not very high, although, in terms of security, they are much more transparent and safer than fiat ones. However, the high volatility of crypto assets makes any long-term deals between a buyer and a seller riskier.

Why is it necessary to develop cryptocurrency gateways?

Having a cryptocurrency gateway on the platform makes life much easier for users because it frees them from the banking bureaucracy of opening and managing an account. At the same time, there is a problem with declaring crypto income in some countries, but it will disappear over time.

The following advantages of using crypto can be distinguished:

  • Security of your assets.
  • Transparency of the deal. The smart contract for money transfers (cryptocurrency money) is always publicly available and can be verified with the help of a professional.
  • Speed of money transfer from one wallet to another.
  • Inability to cancel the transfer.
  • Fixing all information about the agreement in the blockchain forever.

The simplicity of creating a crypto-wallet is now commonplace; it remains only to understand the current blockchains. In general, it is enough to know Ethereum and BSC networks. By researching otc exchange options, you can find something even more suitable for your business. For example, the Bitcoin network is arguably the most well-known and widely used blockchain. However, it has its limitations in terms of scalability and transaction fees.


Typical view of a crypto wallet

The role of banks in transactions

A fiat gateway has only one advantage - more trust credit. All people are familiar with the concept of the banking system; almost everyone has a bank to which they trust their money without thinking that it will deceive them. But it should not be forgotten that using the services of a banking institution at the same time imposes responsibility for transactions not only before the tax authority but also before the bank. With the use of cryptocurrencies, control is carried out only by the tax inspectorate.

By the way, banks sometimes block payments both from the client and to the client, referring to their internal policy, which does not overlap with tax legislation. It is precisely because of such actions on the part of the banks that any agreement can be significantly delayed and increased in cost. And as a result, the time and price of the payback of the project or product, which is the subject of the agreement, will also increase.


Bank errors

In conclusion, all crypto services need is a little more time - in a year or two, crypto will be used everywhere. That is why, when developing the service, it will not be superfluous to add the possibility of payment with cryptocurrencies right now. A person who used a fiat gateway on your service will someday want to use crypto, and you should be ready for that!

Dmytro Kizema - entrepreneur and investor.