The use of cryptocurrency is growing at an immense pace, and the day is not far when it becomes an accepted medium of mainstream payment. Today, more and more businesses have started accepting this currency to avail the benefits that come with it.
Today, cryptocurrency is being used by the world’s leading companies, such as Expedia, Lionsgate Films, Microsoft, PayPal, Tesla, WordPress, Virgin Galactic, to name just a few. Their reason for adopting this currency is it not only eliminates various drawbacks of traditional payment methods but also offers some great benefits.
Benefits of cryptocurrency for businesses
- Instantly available: Unlike bank-owned payments that involve a third party, cryptocurrency can be accessed in the wallet almost immediately, since there is no third party controlling it. Cryptocurrency can also be converted into local currency, whenever required.
- Reduced transaction costs: Credit cards, as you may be aware, attract up to four percent fee payment. In comparison, cryptocurrency comes with a low transaction cost. So low that it is not even a percentage of the full transaction!
- No trade barriers: Cryptocurrency has already become a universal currency that makes international trade most accessible. This currency has eliminated barriers and other restrictions faced by businesses.
- Provides a competitive edge: The growing universal usage of cryptocurrency offers a competitive edge to businesses using it since it is one of the most efficient ways of payment.
- Attracts new customers: Such is the lure of cryptocurrency that new customers are eager to try it out. This attraction has the potential of bringing new customers to businesses using this form of payment.
- Eliminates fraud: Crypto payments, especially Bitcoin exchange transactions, are deemed very safe since they are hard to imitate by scammers. Since bitcoins are purely digital, from creation to final payment, there is little chance of their being counterfeited.
Ways businesses can adopt cryptocurrency
#1 By acquiring a blockchain company
If a business is intent on using crypto, it can acquire a company that uses crypto that matches and complements its infrastructure and operations.
#2 By starting up a merchant wallet account
A wallet is a customizable portal that helps in converting cryptocurrency into local currency, and it can be set up in no time. However, businesses must ensure that their chosen merchant wallet accepts the currency used by it. Merchant wallet, such as Bitcoin, accepts different types of cryptocurrencies.
#3 By investing in a crypto service or product
Businesses can invest in a crypto service or product by turning a blockchain idea into a commercial application. One of the leading companies that have adopted this approach is Deloitte.
#4 By raising capital through ICO (Initial Coin Offering)
Businesses can attract investment and develop new markets by ICO. Not only this, but it can also create its currency through an ICO, which can then be used to pay for products and services.
#5 By entering a consortium
Blockchain technology provides an option for businesses in different sectors to work collaboratively by developing an infrastructure to use this technology.
#6 By using crypto exchanges
With businesses increasingly using cryptocurrencies, it was only a matter of time that crypto exchanges appeared on the scene to make buying and selling of cryptocurrencies safe and secure. One such reputable crypto exchange is Coinbase that was founded in San Francisco in 2012. Today, it is being used in 32 countries and has a customer base of over 12 million. It has been trading cryptocurrencies for over $40 billion.
The Coinbase erfahrungen (experience) is unique, in the sense, it allows its customers to buy their cryptocurrencies at a set price, matching their market value. This is unlike other exchanges, where the users need to trade in a market. What’s more, Coinbase accepts both bank transfers and credit card deposits, thereby cutting down on time.
Conclusion
There is little doubt that businesses that are growing more and more global need a global currency. And that currency is cryptocurrency. This currency obviates the need for businesses to deal with exchange rates or pay bank fees constantly. Not only this, but cryptocurrencies also have the potential to unlock various future developments in the financial world.
