Traditional Merchants Have to Adapt to Cryptocurrencies

Consumers have been experiencing the multiple benefits of using cryptocurrencies like Bitcoin or Litecoin. And many online merchants, retailers, shops and services have been taking advantage of the new virtual currencies to grow and expand their businesses. It remains to be seen if traditional (land-based) merchants will flex the multiple stringent requirements and conditions of money processing so they also can benefit from accepting cryptocurrencies.

There is to date no official or exact method for calculating transaction fees and this is just one of the issues that many merchants are unsure about, when deciding to add virtual currencies to their cashier methods. Other concerns include proper security systems put in place to protect merchants as well as users, especially when using these virtual currencies in land-based establishments.

There are three basic security domains to consider: confidentiality, integrity and availability. At the moment, the existing security systems put in place on cryptocurrencies is much lower than those put in place for credit cards or other virtual payment systems. But at least confidentiality is a lesser concern thans to moder cryptography paradigms and availability is basicaly out of scope.

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