Cryptocurrency’s transition from an outcast idea to a multi-billion dollar industry since Bitcoin’s inception in 2009 has been transcendent. The security advantages and promise of better financial services touted over the years have contributed to global cryptocurrency acceptance. Encouraging market performance by cryptocurrencies has attracted more users to digital assets.
But what does this mean for business? And would it be wise to accept cryptocurrency as payments?
In this post, we explore cryptocurrencies, their merits as P2P payments, secure transactions, and their overall impact on businesses.
Cryptocurrencies are digital exchange currencies that employ cryptography, which is a way of safeguarding digital communications between parties. Aside from the monetary potential, security is also a fundamental reason for the considerable cryptocurrency interest.
Crypto overcame its mischaracterization as a reserve currency and established itself as a route to financial freedom. But is crypto suitable for business?
One estimate from late 2020 suggests that 15,000+ global businesses accept bitcoin, excluding bitcoin ATMs. More global enterprises are adopting cryptocurrencies for transactional, operational, and investment needs.
The advantages of P2P payments and secure transactions have made cryptocurrencies a popular choice in the retail industry. Top sellers are allowing customers to pay with bitcoin and altcoins despite the price volatility because of the transactional security. Consumers will soon have access to innovative crypto-related services, so which is only expected to grow from here.
Mainstream institutional adoption encourages belief in crypto, as seen in companies such as Tesla, which bought Bitcoin worth $1.5B. With an expected increase in cryptocurrency usage, what benefits will businesses draw from adopting cryptocurrencies?
Traditionally, digital transactions from banks or credit cards attract transaction fees as they involve intermediaries. Cryptocurrencies operate without intermediates, reducing the transaction cost substantially.
The ability to offer a second payment option that few firms have adopted is perhaps the most essential. Although it may seem unimportant, additional compensation methods could cause a sale increase. With growing cryptocurrency adoption, owners are seeking platforms to spend their tokens.
Cryptocurrencies provide an avenue for improving eCommerce. They:
Crypto provides options unavailable with fiat currencies, such as programmable currency, for accurate, real-time revenue sharing while enhancing transparency. Immutability programmed into crypto through Blockchain ensures all back-office accounting remains transparent, saving businesses losses from internal fraud.
Therefore, adopting cryptocurrencies impact business revenue by establishing or facilitating measures to prevent losses and increase transparency.
Adopting cryptocurrency as a payment option for businesses is simple. Users can easily integrate cryptocurrencies into their accounts with the right crypto payment gateway. An example would be integrating CoinPayments’ cryptocurrency payment gateway for transactions, with increased flexibility and monetary options.
Regardless, cryptocurrency use has increased for personal and professional in daily payments and investments. Mainstream companies continue adopting or supporting cryptocurrencies in various ways. For businesses, now is the time to join the future of transactions.
Are you a business considering integrating crypto payments? CoinPayments is the leading crypto payment gateway with industry-low fees of 0.5% and over 100 cryptocurrencies supported, Contact our expert team today to get started.
Want to learn about the latest crypto trends, breaking news, and more? Visit the CoinPayments Media News page.
You can also check out the Merchant Tools, Store Directory, Integration Guide and FAQ sections for more detailed information about the services CoinPayments offers.  
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