Is Cryptocurrency Really A Safe Payment Method?

[Good-Guy]

There are many kinds of payment methods that are in use by many people across the world and one of the favorite method of sending or receiving payments is cryptocurrencies. Cryptocurrencies are being used for many kinds of things in the world and its utilization as a payment method is also one of them. I am sure that cryptocurrencies are quite safe because most of the people have been using it without any issue. However, I have still heard of many horror stories of people trying to receive the coins and the address is also correct, but they never received the coins despite the confirmation on the blockchain networks! This has happened to a few people and this makes me question if cryptocurrencies are safe or not. So, what do you think? What might have had caused this issue? What if the blockchain network shows that payment transfer is successful, but you never received the coins?

 

[Crmart]

This is really a very frightening post, being a crypto enthusiast I accept payments in cryptos and never faced any such transaction failure issues till now, nor my customers reported any such. I hope this will not happen with anyone as no matter how much part of the BTCs or ETH someone is sending but its fiat value remains unchanged.

 

[Good-Guy]

This is really a very frightening post, being a crypto enthusiast I accept payments in cryptos and never faced any such transaction failure issues till now, nor my customers reported any such. I hope this will not happen with anyone as no matter how much part of the BTCs or ETH someone is sending but its fiat value remains unchanged.

Well, apart from this kind of issue, there are several other issues many people have faced while using cryptocurrency for transactions. For example, they accidentally sent cryptocurrency to some other address instead of sending the cryptocurrency to the correct address. I am really not sure why this happens. I think this happens due to human error when they insert the address of someone else instead of inserting the address of the concerned person. Usually, when the blockchain confirms the transaction, the payment usually arrives in the recipient's wallet. In very rare cases, the payment may not arrive despite getting confirmed on the network.

 

[moonchild]

Failed payments are really rare in crypto except maybe you're dealing with scammers that pull a fast one on you with a fake transaction, but millions of dollars are being transferred in and out of different crypto platforms without any sort of complain, I can even go as far as saying, In today's world crypto is the safest online payment method that is borderless and transparent, and also you can make your transactions with minimal charges compared to our local banks.

Presently I have a developer friend that work remotely from Lagos in Nigeria and his company pays in us tether known as USDT

 

[Deleted member 28127]

Most earning platforms in cryptocurrency offer many methods to avoid such kinds of errors while typing addresses except Picoworkers. The first is to provide a saving address in the profile then in the profile, you have the possibility to add or edit your cryptocurrency address and double-check if they are correct but some sites prevent edit address if you misspell it except you contact support to prevent fraud. The second is to confirm details means after request payout and then there is a second confirmation page to double-check if the address is correct. I have seen some complaint on the Picoworkers group about some people having misspelled their address because Pico does not even send the address to cash out to it in a confirmation email.

 

[Jasmine]

I think paypal is safer than crypto currency if you want to pay for goods and services. That's because you cannot reverse transaction of you used crypto currency but you can reverse the transaction f you paid with pypal in a situation when you are not satisfied with the product and services you purchased. However, using crypto to receive payment can be consider safer than paypal because there will be no charge backs. The crypto payment cannot be reversed and you do not have to refund in case your buyer is not satisfied with the products or service you sold.

 

[Crmart]

I think this happens due to human error when

Agree, there is very high probability of entering an incorrect address mistakenly as the address is very long. I always reconfirm the address 2 - 3 times before making any transaction.

saving address in the profile then in the profile, you have the possibility to add or edit your cryptocurrency address and double-check if they are correct but some sites prevent edit address if you misspell it except you contact support to prevent fraud.

Yeah i have heard for this too and found this convenient but this can bring scammers along with as the copied content remain in RAM of the device and can be accessible by anyone.

 

[Cryptoworks]

Failed payments are really rare in crypto except maybe you're dealing with scammers that pull a fast one on you with a fake transaction, but millions of dollars are being transferred in and out of different crypto platforms without any sort of complain, I can even go as far as saying, In today's world crypto is the safest online payment method that is borderless and transparent, and also you can make your transactions with minimal charges compared to our local banks.

Presently I have a developer friend that work remotely from Lagos in Nigeria and his company pays in us tether known as USDT

I agree with you, transactions made in crypto currency require minimal charges, also the transactions made are faster and secure as well since it runs on a blockchain technology. I started accepting payments in cryptos after one of my friend’s recommendations, having a good experience so far.

 

[Crmart]

I agree with you, transactions made in crypto currency require minimal charges, also the transactions made are faster and secure as well since it runs on a blockchain technology. I started accepting payments in cryptos after one of my friend’s recommendations, having a good experience so far.

That’s nice buddy, how much is the fee for conversions?

 

[Cryptoworks]

That’s nice buddy, how much is the fee for conversions?

Its 0.5%, quite low comparatively.

 

[Deleted member 28127]

I have seen that Binance is stopping supporting Litecoin for cashout means for an unknown reason you have to cash out in other crypto methods.

 

[Alexandoy]

In one forum some members have opted to receive payment (from the forum) via crypto. They say that it saves them from the Paypal fees. To be honest, I have no crypto wallet so I cannot do that for my withdrawals. But I believe those members who are receiving payments in crypto are really saving in high fees charged by Paypal. However, is there no fee to pay when you convert the crypto to cash? What I mean is that in Paypal I just let my money stay or I can transfer the balance to my bank account. The fee is $1 if the balance is below $140 otherwise there is no transfer fee charged. That is what I want to know for the crypto users - how do they convert the crypto into cash, is there a charge in the conversion? One forum member said that the digital wallet also charges gas fees and sometimes the charge is high.

 

[goodmoneygoodlife]

Generally I find the whole situation of 'never received coins but confirmed by blockchain' something that happens due to a centralized process failing, as opposed to the blockchain failing.

For example, I might transfer something to Coinbase and I actually have succeeded in the transfer. But Coinbase doesn't show that I've received my own funds for a while. Gemini has done this as well. And OpenSea has down this as well (bought an NFT but doesn't show up for days -- I file a ticket and it takes them weeks to resolve it).

I think people will eventually get their tokens (unless it's a scam token) -- and the risk comes in when there's potential huge time lag for you to receive your goods/tokens, as the price might have moved very adversely from when you were supposed to get your asset.

 

[funmi]

Yes. Cryptocurrency is very safe to make payment with. The platform is okay to make payment and it is better than using banks transfer at times where they charge people at every transactions. But before you start making payment or receiving payment, you must make sure that you make use of platform that is reliable and the one that is very popular. The platform that I know and I can vouch for is binance although, there maybe other ones that are legit but the one that have used in the past that is working is this binance. You can make more researches on your own too.

 

[Crmart]

Its 0.5%, quite low comparatively.

Impressive! One more thing I want to know, how long do you have to wait for the withdrawal process and have you also tried coinbase commerce?

 

[Cryptoworks]

Impressive! One more thing I want to know, how long do you have to wait for the withdrawal process and have you also tried coinbase commerce?

For mine it took around 5 days, but I have seen most of the other payment gateways also take that much time to get your account on board.

 

[Finger Geek]

This is really a very frightening post, being a crypto enthusiast I accept payments in cryptos and never faced any such transaction failure issues till now, nor my customers reported any such. I hope this will not happen with anyone as no matter how much part of the BTCs or ETH someone is sending but its fiat value remains unchanged.

You are right. No one have ever complained about using cryptocurrency as mode of payment before?
In my own thinking. Bitcoin and other cryptocurrency are very secure way of payment. Because they uses blockchain technology for there payment. And to hack blockchain, the hacker or the software must be super fast to solve mathematical problem on the blockchain and which is not possible for now.
And talking about it's fiat value. The value can never be the same and that is why it is Cryptocurrency. The value is supposed to rise and fall. There are some stable coins that can be used in place of bitcoin if afraid of the price like usdt.

 

[Crmart]

For mine it took around 5 days, but I have seen most of the other payment gateways also take that much time to get your account on board.

Well in that case, that is quick and reasonable. Will have a look into that.

 

[Crmart]

You are right. No one have ever complained about using cryptocurrency as mode of payment before?
In my own thinking. Bitcoin and other cryptocurrency are very secure way of payment. Because they uses blockchain technology for there payment. And to hack blockchain, the hacker or the software must be super fast to solve mathematical problem on the blockchain and which is not possible for now.
And talking about it's fiat value. The value can never be the same and that is why it is Cryptocurrency. The value is supposed to rise and fall. There are some stable coins that can be used in place of bitcoin if afraid of the price like usdt.

Yeah right stable coins can beat the voltility issue which is important for payments.