business, Digital

Should Your Business Accept Cryptocurrency?

Cryptocurrencies created a whole new approach to online transactions. Accepting them would mean opening new doors and gaining more opportunities that your...

Avatar Written by Keith Coppersmith · 3 min read >
Business Accept Cryptocurrency

Cryptocurrency has been one of the main buzzwords for some time now. Ever since Bitcoin, the very first crypto, entered the market back in 2009, the popularity and the interest surrounding cryptocurrencies have been on the rise.

Today, there are over a thousand different cryptos, and they all rise and fall in value depending on the market conditions. This new digital asset is certainly a great opportunity for businesses of all sizes. The main reason is that cryptos are an asset completely independent of traditional financial institutions.

What that means is that there are still no governments or centralized banks to regulate cryptos. Of course, this is sort of a double-edged sword because the lack of rules and regulations makes cryptos somewhat unstable and volatile.

Still, the market has been able to regulate itself for all these years, and many individuals and businesses alike have been leveraging the full potential of these digital assets. With that in mind, here are a few reasons why your business should accept cryptocurrencies.

More convenience

As mentioned before, a lot of individuals and businesses have been using cryptos for some time now. Cryptocurrencies became a pioneer in peer-to-peer transactions over the Internet. What that means is by accepting cryptos as a method of payment, you open yourself to more customers or B2B relations.

This is especially important today because the online market is growing to be more and more competitive each year. Being able to attract more customers and business opportunities is a competitive advantage you simply cannot neglect. Relying on this new technology may be disruptive at first but you’ll soon see the benefits cryptos can provide your business with.

Seamless transactions

Another reason why accepting cryptocurrencies is a smart move is that they offer seamless transactions. That means that there are no third parties to regulate the transactions. Instead, blockchain technology is used to record and enable transactions.

This may not seem like much, but without third parties to oversee transactions, you’re looking at instant transactions with no fees.

Some platforms that regulate transactions, such as Bitpay, charge 0.5 to 1% per transaction, but that’s nothing compared to how much credit card companies charge for transactions. In 2017, merchants spent around $90 billion on card swipe fees. Now, you have access to digital wallets that are completely free, and you can make seamless transactions all over the world.

A powerful asset

Accepting cryptos is not just about having an additional currency you can trade with. Cryptos are an asset that can be used to fund your business when you need it the most. Moreover, it’s a digital asset that doesn’t deteriorate or requires maintenance like property or inventory.

What’s more, you don’t have to acquire cryptos by selling products only. Take Bitcoin, for example. This is the first and the most valuable crypto on the market.

One of the ways you can get your hands on this crypto is through cost-effective Bitcoin mining, and it’s not much of a fuss. This is a way to earn extra income. You can save your cryptos for rainy days or save them to make an investment when an opportunity presents itself. You can further boost your asset allocation by accepting Bitcoin, as well as other cryptos, as a form of payment.

More certainty

Yes, the crypto market is volatile and unpredictable due to a lack of regulation. Lack of regulation can be both a good and a bad thing. The good part is that there are no third parties, financial intermediaries, or government-imposed rules, and you can trade with anyone in the world easily.

The bad part is the uncertainty and high volatility, which is a result of an unregulated market. Despite all that, there’s a way for merchants to avoid such inconveniences and ensure more certainty when dealing with cryptos. Although you don’t have to, you can always exchange cryptos for real money. Moreover, you can do so in real-time.

By converting cryptos straight into your bank account to a base currency of your choosing, you can easily avoid the unpredictability and volatility of crypto values. In other words, you can still safely trade and accept cryptos while eliminating any unwanted risks.

Improved security

Many cryptos, like Bitcoin, are based on blockchain technology. Once the blockchain records the transactions, they are made permanent and can no longer be altered, deleted, or otherwise tampered with.

That ensures highly secured transactions. In addition, the blockchain is virtually impossible to hack. Changing one block would require that a cybercriminal alter all other blocks within the blockchain. That’s currently impossible to achieve as such efforts would require more computing power than it currently exists.

Therefore, aside from secured transactions, your sensitive data is also protected. The crypto payment processors only require your name and shipping address, whereas banks collect more than they’ll ever need.

Cryptocurrencies created a whole new approach to online transactions. Accepting them would mean opening new doors and gaining more opportunities that your business can capitalize on.

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Written by Keith Coppersmith
Keith is a business journalist and freelance blogger. He enjoys writing and providing insight into the marketing industry.
   
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