A Guest Post by Antonio Campos
Accepting cryptocurrency in your business might sound a little overwhelming as of now. However, with blockchain technology becoming better over the years, the transition will happen sooner or later. In this topic, we will talk about how to accept Cryptocurrency in your business.
People will prefer to pay with crypto sooner or later. This is because Cryptocurrency provides you with the benefits that have the potential to surpass our traditional methods of payments. Adopting blockchain technology is going a little overboard now.
However, with this perfect chance, you can adopt this future trend and make your company future proof.
Before getting deep into our topic, we need to understand cryptocurrency. Cryptocurrency works with the decentralized blockchain system. It’s an internet-based medium of exchange through which the users can apply transactions.
The best thing about cryptocurrency is that it is not controlled by any organization or person. With no government interference, this system is totally secured. Cryptocurrency works with the use of keys. There are two types of keys: public and private.
The transfers are done with minimal processing transaction fees which enables the users to avoid having to pay a massive amount of money.
What is Cryptocurrency Payment?
It’s as simpler as it gets. The process of making a payment through cryptocurrency is called as Cryptocurrency Payment. Pay with crypto and have a secured payment system. This is exactly what’s done with the use of crypto payments.
Cryptocurrency money is in the form of digital money. In simple words, the cryptocurrencies are just entries in database that cannot be changed until a certain condition is fulfilled. Cryptocurrency runs with a network of peers. The peers keep all transactional information about everything that has been made.
All this is done by the use of the Blockchain system. Whenever there is a transfer of money, there is a file made up of sender and receiver keys. Moreover, the keys are broadcasted onto the whole system. And when a transaction is done, nothing can stop it. This is how you pay with crypto.
How Cryptocurrency Impacting Small Business?
With a more secure system, the future is most likely to change. Transaction systems will change with the change of time. But how does it affect a small business? Adopting blockchain technology will surely take some time.
However, with that decentralized system in our world, we can expect a lot of significances. For small businesses, cryptocurrency offers a cost-effective payment system with a minimal transactional processing fee. The cryptocurrency payment processor makes sure that your transactions are done securely and safely.
Not just limited to cost-saving but if you pay with crypto, your security will be looked forward too. It’s the most secure system compared to our traditional payment methods. Moreover, many companies are already shifting towards it. Hence, it is expected that over the years, all of the companies will shift towards cryptocurrency and it will become a well-known standard of payment.
That is why accepting cryptocurrency in your business has become essential to this point.
Reasons Why You Should Start Accepting Cryptocurrency Payments
This list contains the reason why accepting cryptocurrency in your business is important especially at this stage of time.
1. Low Processing Fee
The cryptocurrency payment system ensures that the processing fees will be lower as compared to the traditional methods that we use today. If we talk about our traditional methods, everyone just tries to leech money from us.
Go to the bank and they will demand a processing fee. Even withdrawal from ATM cuts some fee. These fees could become a big amount of money for us. On the other hand, crypto payments charge almost 0.5 to 1% fee per transaction and it’s so minimal.
Another interesting fact is that if you are using a digital wallet, you won’t need to pay anything but just a minimal transaction fee.
2. Security factor
Customer’s data is always on the brink of getting exploited and shown to banks, websites, and different service providers. Our personal data is not that safe within the banks. However, if you pay with crypto, you be assured higher data privacy and security would be top-notch.
Crypto payments make the data encrypted in the form of code that is impossible to decrypt. This saves the user’s sensitive data and a crypto payment processor is a 3rd party in the transaction that only needs to know about the name of the user and its address.
All the data remains hidden and is protected all the time. That is one of the biggest reasons to shift towards cryptocurrencies.
3. Increase in market value
Many cryptocurrency payment companies like Bitpay are having transactions worth of 1 billion USD every year. These coin payments are already done by thousands of users in all over 200 countries. Moreover, we can expect this business to go skyrocket over the years.
Considering all these facts, more compares should think about accepting cryptocurrencies in their business.
How Do You Adopt Cryptocurrency for Your Business?
Accepting cryptocurrency in your business can be tough. However, with the use of blockchain, it has become easier for many businesses to adopt crypto in their business. We are going to talk about some of the ways you can adopt cryptocurrency for your business.
Consider Amazonian Greencoin for instance, it’s a payment token that is completely decentralized. They have done good in making a crypto service that is revolutionary.
1. Using Crypto as Transactions
One of the most obvious reasons to adopt cryptocurrency is to accept cryptos as transactions. It will benefit both users and your business. Especially if you run a product selling business, you might want to give it a shot.
A lot of people will buy things using cryptocurrencies. Moreover, with new technologies, these bitcoins and cryptocurrencies can also be changed into our traditional money easily. With the use of cryptocurrency, companies can pay their workers in crypto too.
As this technology is still a work in progress, it’s uncommon in most businesses. However, many blockchain startups are using cryptocurrencies to work. This makes the whole currency system a lot more secure than the traditional methods.
2. Build a crypto company
Many businesses are trying to get into the circle of cryptocurrencies day by day. This is because it provides a more secure and cheap solution overall. Hence, if you want to acquire crypto, why not just make a cryptocurrency startup?
Companies will come running towards you as the cryptocurrency startups are still in lesser numbers. Adopting blockchain technology will soon become a must for many companies. Let say for instance that a bank company will try to acquire cryptocurrency payment method.
If you’re trying to create a crypto company, consider checking this guide out.
3. Develop a bitcoin service
Developing a cryptocurrency service can prove to be quite beneficial as there aren’t many apps developed. Thus, if you were to develop a cryptocurrency app or wallet, it will prove to be quite rewarding. Not only you’ll be serving the blockchain system but you’ll also be getting a lot of significance from it.
However, a startup needs more consideration and tax breaks.
What Businesses are Accepting Cryptocurrency?
With this new technology going crazy day after day, many companies and industries have started to accept cryptocurrency already. These companies know the significance of accepting cryptocurrency as a whole.
This blockchain system makes a company future proof. Therefore, let’s talk about companies that are already 6 feet under the influence of cryptocurrencies.
Bitcoin has already been accepted as a form of payment by PayPal. Many cryptocurrency payment processors like Coinbase, GoCoin, and others are used for this purpose. PayPal is among the earliest companies to adopt the blockchain system.
With the use of Shopify, you can set your own store. In 2013, Shopify was amongst the earliest companies to join the game of accepting cryptocurrencies. The only crypto they are accepting as of now is Bitcoin. However, it’s great to see bigger companies transitioning towards the blockchain system.
Since 2014, Microsoft has been accepting bitcoin. However, they’ve changed their statements. Sometimes, Microsoft said to stop accepting crypto, while on the other hand, they have encouraged it.
With companies going towards this decentralized blockchain system, you should also start accepting cryptocurrency in your business. It will provide you with significance as a whole. From cost-saving to data security, not even one aspect of your business will be vulnerable to any threat.