Safety Concerns Over Crypto Payments

Many companies from Microsoft to AT&T are accepting cryptocurrency as a way to pay for products and services. This makes the crypto coins a viable revenue source. Perhaps this is the mature time for businesses to learn the process of receiving, processing and converting crypto payments into fiat currency.

But the question arises when talking about the safety. How safe it is to pay with Bitcoin or other digital currencies for a customer? What are the security concerns that hovers with cryptocurrency payments ? 

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Which Company Accepts Payment in Bitcoin?

Some biggest brands on the globe like Microsoft, PayPal, Mastercard, Starbucks, AT&T has now incorporated cryptocurrency as a new payment method. Also, many of the small businesses accept payment in Bitcoin. Now, you can’t go to the Starbucks counter and pay for your latte in crypto. But you can link the Bakkt crypto application to your Starbucks app and pay from there.

How to Accept Payment in Bitcoin 

There are generally two ways to accept cryptocurrency, and each system has its own security risk. Crypto wallets are similar to the real-world wallets. like, they are a place to privately store your cash. Cryptocurrency exchanges or payment gateways works as the third-party platforms that enable crypto transactions.

Security Concerns over Crypto Exchange

  • If the exchange gets infected with malware, the attacker potentially has access to all the wallets on the exchange
  • Exchanges have a wider attack surface. For example, any employee of an exchange could have their credentials compromised, thus exposing the entire exchange.
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How to Get Paid in Cryptocurrency Safely

After knowing about the risks of , you might be apprehensive about accepting cryptocurrency payments. However, traditional online banking is not immune to risk either. For example, the crypto Trojan infected banks as well. Also, any kind of phishing attacks can take place nearly anywhere on the internet . In all cases, strong security, which includes encryption and multifactor authentication, should be standard for any crypto platform you use. For maximum cryptocurrency protection, a physical wallet may be the way to go.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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