Why most companies don't use crypto as their payment gateway.

[btaliat]

Most reputable companies do not always want to use crypto as their payment gateway. I could remember when a friend that is into transcription website needed to withdraw his money and wrote a letter to them asking if they can pay through crypto, the mail was replied and he was disappointed when he was told that he could only be wired the money or got it through PayPal.

Of recent as well, I was trying to get myself familiar with how domain selling works. When it got to means of receiving payment, I got to know that it is either through PayPal or wired service. This makes me wonder why will most companies be running away from paying with crypto.

The first reason maybe because it is not always a mean to make a legal transaction. Just because it cannot be traced. You can trace crypto transactions in case there is any conflict between the sender and the recipient. I think to avoid this, most of them always want to make sure they pay through a means by which can be easily be traceable in case of incasity.

The fact that crypto is not universally accepted can be another reason why they don't use it.

 

[Jasz]

The main reason why companies don't use crypto as their payment gateway is because of the volatility. The prices of Bitcoin, Ethereum and other cryptocurrencies are extremely volatile and can change drastically in a matter of days or even hours. This makes it very difficult for companies to accept cryptocurrencies as payment for goods and services.

Another reason why companies don't use crypto as their payment gateway is because there is no regulatory framework for cryptocurrencies in many countries. This means that there are no laws to protect consumers who buy products or services using cryptocurrencies such as Bitcoin and Ethereum. There is also no legal recourse should something go wrong with a purchase made using cryptocurrency like Bitcoin.

This is why most companies don't use crypto as their payment gateway yet but they will begin using them when more regulations are put in place that protect both consumers and merchants alike.
The current state of cryptocurrency is very much like the wild west. There are many people who don't understand it and there are many scammers and con artists who are trying to take advantage of this. This makes it difficult for businesses to accept crypto payments because they don't want to risk their reputation by accepting payments from untrusted sources.

 

[saoussen5765]

The main reason is suggestions from users. If the website owner decides to accept as for example Monero then some people suggest ROSE Network while others XRP while others USDC while others Dogecoin. It will be hard work to handle all user's decisions at once except if the website owner is accepting FaucetPay for paying or Coinbase or Coinpayments.

 

[Mika]

One of the main reasons for paypal not being used as a payment system is because of its volatile nature. For example, you paid $10 for a product, and by the time the merchant received the payment it could be $9 or even lower. Well, it could also be $11 but let’s not always be optimistic. The same goes around with the receiving end. If you received $10 via paypal it will be $10, but with crypto payment, the value will fluctuate. This is the main concern with crypto payments. Even the companies that accepted crypto payment are trying to switch back to fiat payment due to this bearish market. Another reason is because of mistrust. A lot of governments around the world are distrustful of crypto. Some governments have even gone further to ban crypto use. Another possible reason might be due to the banking system. Our all monetary system is under the control of banks, and they do not want to give away that monopoly.

 

[Ajebo25]

Crystal has been one of the best ways by which you can send and receive money anonymously online which is why many people use it but if we think it in another way crypto also has a bad side bye which many people use it for bad things there are many people who can people crypto simply because the want to take people's money in it the main reason why many company doesn't like to use crypto as a means to send and receive money mainly is because of the anonymity in it because when you send money through crypto it is irreversible.

Another reason why many people doesn't like to send and receive money through crypto is the problem of exchange there are many platforms which exchange different type of cryptos at different type of exchange rate this depends on the kind of platform where you want to exchange your crypto but many people prefer PayPal and other forms of payments than crypto simply because of how much the exchange rate might take some time it's might be high and sometimes it might be lower many people doesn't like to send money through crypto simply because of wallet problems yes! Crypto wallets are one of the most secure ways to save money in the world and this can actually turn into a problem when you forget your password for most of crypto wallet doesn't allow password reset once you forget your password that the end your money is gone.

 

[saoussen5765]

This is not true if you lose the password on Coinbase there is a crypto reset password, only 2FA needs support contact.

 

[Abigael]

There are so many companies indeed who do not pay through crypto currencies. This is one thing that is keeping me from working in most earning sites that tend to offer PayPal as the only payment option. I wish more companies could embrace using crypto currencies for payment.

I think one of the biggest reasons why they don't is due to people not being confident or knowledgeable enough about crypto currencies. There are so many companies that are so skeptical about crypto currencies because of the little they know about them.

Others are afraid of it's volatile nature. Of which that is so understandable, it can lead you to making huge losses. You may end up paying people more than the amount they are actually worth.

Then there are those who cannot access the crypto because it is not available in Their country. Some countries have taken a bold stance of banning crypto currencies fully.