⚒️Accepting crypto as payments is complex

Accepting cryptocurrencies as a merchant can be more complicated than accepting traditional payment methods such as credit cards or cash.

Factors that can make it more complicated include:

1. Technical expertise: To accept cryptocurrencies, merchants need to have a basic understanding of how blockchain technology and digital wallets work. They may also need to set up a cryptocurrency wallet and integrate it with their existing payment processing systems.

2. Volatility: Cryptocurrencies are highly volatile and their value can fluctuate widely in a short period of time. This makes it difficult to set prices in cryptocurrencies, as their value can change rapidly, making it challenging for merchants to determine the value of the goods and services being exchanged.

This means that merchants need to be able to quickly convert the cryptocurrency they receive into a more stable currency, such as fiat currency, in order to avoid losses.

1. Security: Transaction between individual buyers and sellers from social media such as Instagram, Facebook, Whatsapp or any other form of transactions between two people outside of an ecommerce platform carries huge risk of frauds and scams. The risks can be initiated both ways such as, the risk of fraud or non-payment by the buyers or non-delivery of goods or services by the sellers.

2. Acceptance: Cryptocurrencies are still not widely accepted by merchants and businesses, making it challenging for consumers to use them to purchase goods and services. While some major retailers, such as Microsoft, Overstock.com, and Expedia, accept cryptocurrencies, many others do not.

3. Regulation: Cryptocurrencies are still relatively new, and there is no uniform regulatory framework governing their use. This means that merchants need to be aware of any legal or regulatory requirements in their jurisdiction related to accepting cryptocurrencies as payment.