Should Your Business Be Accepting Cryptocurrencies?

Category: Business 18

Cryptocurrencies have grown in popularity quite considerably since 2019. There are many people around the world who are looking to use Bitcoin, Ethereum, and others as their regular methods of payment for goods and services.

Of course, cryptocurrencies haven’t taken over yet – but there is a good chance that they may become a lot more mainstream in the next few years.

With this in mind, should you be looking to start accepting cryptocurrencies as a form of payment in your business? Here are four reasons why you should:

1. Cryptocurrency Wallets Are Widely Available

Up until recently, there wasn’t a way to easily accept cryptocurrencies. Now, however, there are numerous options for digital wallets that allow for quick, seamless transactions from one person to another.

There are even checkout systems that you can install if you’re a retailer, which allow customers to use their cryptocurrency at the till. Of course, this is a larger investment than just using a digital wallet but could be well worth it for bigger stores.

2. Enough People Are Using Cryptocurrencies To Warrant It

As with payment methods, up until recently, there weren’t enough people using cryptocurrencies for it to be worth your while as a business to set up digital wallets. Now, with digital wallets being available as mobile apps, people have their Bitcoin and others with them all the time.

3. Transactions Are Instant And Very Secure

Due to the fact that cryptocurrencies are decentralized and transactions don’t have to be verified by a bank, you usually see the money being transferred in real-time. The funds move seamlessly from your customer’s digital wallet and into yours – just like a cash transaction.

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This also makes things a lot more secure because it’s harder to make fraudulent transactions. Your customer either has the money in their wallet or they don’t. The wallet you use to accept the transaction will know immediately. Both parties also have to approve the transaction in real time for it to go through.

4. Your Business Could End Up Saving Money

Bank charges and transaction fees are the banes of any business. Credit card processing, cash deposit fees, and even transaction fees on PayPal and other digital methods are constantly eating into your profits.

With cryptocurrencies, you’re not operating through a bank. This means that you generally don’t need to endure a fee per transaction. The digital wallets for cryptocurrencies will charge a flat fee for usage rather than per transaction, and you can often find this information in cryptocurrency exchange reviews so you know what to expect for each coin. Remember, cryptocurrency is about breaking with the traditions and the norms of banking institutions.

Cryptocurrency Could Easily Be The Entire Future Of Finance

While cryptocurrencies are still in their infancy compared to more traditional currencies, they are fast-growing in popularity. It’s not possible at this point in time to know for sure if the likes of Bitcoin will overtake the dollar, pound, and others in terms of use. However, it does seem likely that they will become quite normalized and you could easily be cutting out a portion of your customer base by not accepting cryptocurrencies as payment.

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