Since 2016, Bitcoin has gained major media coverage all over the world. Some think it’s a hoax and only facilitates shady business on the deep web, while others consider it a solution to cross-border payments. Both of the speculations have some merits rather than mere rumors. People use Bitcoin to buy pretty much anything on the deep web, not necessarily drugs, illegal firearms, or real humans, but more like prescription medicine and valuable antiques. Then people realized that using Bitcoin is much less cheaper than credit card, and even faster. They wonder: “Can I use Bitcoin in my store?” While possessing some advantages over the traditional payments, BTC has shown some setbacks, thus, new cryptocurrencies are invented to cover the downsides of it. This article will explore both pros and cons of cryptocurrency in payment for any merchants who are still raising questions about this new type of payment.



This is one of the big pluses not only for Bitcoin, but also Ethereum, and Ethereum-based projects. Bitcoin and other cryptocurrencies are digital assets, operating based on a public ledger. The public ledger is controlled by many miners, which share all the versions of the ledger and confirm the transactions. The ledger is divided into many blocks that are connected with each other, hence the name “blockchain”. Changing a block’s information will create an avalanche effect, which also change all the information of the network. This cannot be done because there is a consensus that every miner has agreed upon, and they only agree one valid version of the network. (Unless the majority of the miners agree on a different version of the network) 

This technology allows everyone to view what’s happening on the blockchain. Major blockchain providers often add an explorer, e.g., Etherscan, Tronscan, or Nexty explorer to view every transaction inside the network. Moreover, due to the decentralized nature of blockchain, every transaction is final.

Low Fee

Cryptocurrency transactions on the Bitcoin network cost around 0.1-0.5 USD. For cross-border transfer, 0.5 USD is much lesser than 6% of the transaction total. Traditional payment often has to rely on multiple intermediaries to process each transaction. This is the reason why merchants and customers have to suffer fees as high as 6%. Cryptocurrency could solve this problem by dividing the fees between the user, giving them incentives to confirm the transactions while keeping the fee low. However, as in 2019, BTC is no longer the optimal choice for payment, even though its fee has dwindled compared to the past few years. Other cryptocurrencies could provide payment with zero fee such as TRX, EOS, NTY, etc. It might be one of the reasons for the steady increase in the number of cryptocurrency wallets from 2016 – 2019. (Statista, 2019)

Blockchain Wallet Growth 2016 – 2019 (Statista)


To say conventional payment has not developed is an understatement. Until now, digital wallets have taken over the domestic payment market by storm. Apps like WechatPay, Alipay, Apple Pay, Samsung Pay, Google Pay, Venmo, etc. are dominating the market. They offer zero payment fee or even at a discount for users in just an instant. However, for international payment, merchants still have to accept cards through Visa, Mastercard, or Paypal. The settlement time could be 1-3 business days. But for cryptocurrency, settlement time is under an hour. Merchants could exchange their coins for desired fiat currency on the OTC exchange, or use them as a currency. Additionally, there are many existing gateways that provide P2P communication, which helps customers interact directly with merchants.



This is the major concern of merchants who want to accept cryptocurrency payment. In 2019, the market for crypto currency doesn’t fluctuate as much as before, but going down 10% is still a normal phenomenon. It could discourage anyone from joining the market. However, stablecoins like USDT, USDC, PAX, DAI, etc. could solve this problem. Their value is relatively stable and backed by stable currency like the U.S. Dollar or Euro. Additionally, many OTC exchanges provide adequate liquidity for those stablecoins, so merchants don’t have to worry about price fluctuation when accepting cryptos.


The boom and bust economy that cryptocurrency presented a few years ago pushed lawmakers in developed countries to be cautious about regulating this new type of asset. Luckily, things have changed positively around the world as many governments and big corporations are creating their own stablecoins. China, Canada, J.P. Morgan, Facebook, and the European Union are the leading names in this area. Most of the current laws are surrounding anti-money laundering and know your customer policies. Currently, China, India, and the United States are the two nations having strict laws for cryptocurrency, so merchants should be aware about the market they are selling to.

Too Complicated for New Users

Even though cryptocurrency has been around for almost a decade, the number of people who know how to use it is still limited to the millenials and the younger generations. It’s not a surprise that the same generation is adopting new technology quicker. However, cryptocurrency is much easier to buy with credit cards, bank transfer, or Paypal. Furthermore, companies are providing increasingly user-friendly wallet apps for new users to interact with cryptocurrency at ease.

EzDeFi for Everyone

EzDeFi was created to fix the current problems of payment gateway for cryptocurrency. With the lowest processing fees in the market, for just 0.1% compared to 1.0% of other crypto paygate and 5% of traditional paygate, EzDeFi shall help merchants to reduce the cost of transaction. Not just cutting down the cost, EzDeFi applied P2P communication to greatly reduce the settlement time for the merchants. Every transaction is happening directly on the blockchain between the customers and the merchants.

Moreover, EzDeFi is launching its cryptocurrency payment gateway and offering the biggest deals for Early-bird merchants who join the Launching Event !

HOLD ON! Do you want to accept cryptocurrency on your website with absolutely 0% transaction fees? Checkout our Beta Program for more details!

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