Since it was first developed over a decade ago, cryptocurrency has become incredibly popular. It was originally used as a form of investment or trade but now it can be used as a legitimate currency with more and more businesses allowing its use. There are some controversies surrounding this, but a lot of business owners can see the benefits. One of the major benefits is that showing your organization is progressive and embraces developments in technology which is a good way to stand out amongst the competition. That isn’t where the benefits stop though.If you own a business, then you have probably considered whether or not you should begin using cryptocurrency. The truth is, there are a number of benefits that come with your business allowing customers to pay for goods or services with crypto. These are all going to be discussed in more detail below.
Get More Customers
In a recent survey, it was confirmed that a quarter of adults in America have purchased cryptocurrency. This shows how it’s clearly popular amongst individuals and that a lot of people are using it. This popularity will be partly due to how many different coins there are available to those who are purchasing crypto at the minute. Cosmos is used frequently to allow for a more seamless migration of different tokens due to the fact there is so much choice out there. If you want to find out more, then have a look at OKX’s guide on cosmos atom.The fact that so many people are purchasing coins means that if your business doesn’t accept crypto, then you’re potentially missing out on custom. Customer acquisition should be a top priority for any business and by not using cryptocurrency, you’re potentially missing this.
You’ll Save Money
An unexpected fee that adds up over time for businesses relates to the processing of credit and debit cards. Over the past few years alone, companies in the US have spent upwards of $78 billion in these fees. Due to the decentralized nature of cryptocurrency, no bank is needed to verify or process a transaction. This means that there’s no need to worry about the different fees associated with transferring money. It’s easy to set your business up so that it can accept payments using crypto as you can create a wallet using a service provider like PayPal or Stripe.
It’s important to note that some transactions aren’t completely free. The majority of merchant wallets come with a fee of about $30 attached to them. On top of that, fees could be incurred during transactions depending on how congested the blockchain is. Even with these aspects in mind though, transaction fees will still be less than with traditional currency.
Transactions Can Be Done Quicker
Due to the checks and balances put in place by banks when you transfer funds, this can be an extended process as well as an expensive one. Most transfers take around 24 hours, but some can be days in the making. You don’t need to wait when you’re making transactions with crypto as they’re done almost instantly. There aren’t various banks involved who will slow down the process and instead, when using crypto you’re in a position to take advantage of high transaction speeds.
The Currency Has No Borders
The internet and our reliance on technology has affected the world in a number of different ways but one of the most proficient in terms of business is our accessibility to other markets. Business no longer has borders, and you have the ability to work with different organizations from all over the world. With this opportunity also comes potential issues with payments, as accepting multiple currencies could come with problems regarding transaction rates. When your business accepts Bitcoin, you eliminate that problem. Crypto is cash comparable so when you conduct a transaction using it, you can have peace of mind knowing that transaction is final. This is because completed transactions can be added to the blockchain, which are then can’t be altered or removed. The currency remains the same worldwide, so you can work with different businesses overseas and be paid without issues relating to exchange rates.