Hopefully, you are not living under a rock, and you at least have heard about the rave going around cryptocurrency. The rise of cryptocurrency and digital wallets has been impressive, considering a lot of people globally have signed themselves upon exchanges and are actively trading in crypto assets and digital currencies. For those who don’t know, the most famous cryptocurrency, Bitcoin, was founded in 2009, and its price has been on the rise ever since then.
Since cryptocurrency does not answer to any higher financial institution or authority, it offers several lucrative features to individuals who want a digital currency with no strings attached. And if you are a retailer and wish to adopt cryptocurrency as a payment option for your online store, here are a few reasons why you should go through with the decision today!
However, before unraveling that mystery, let us explain from scratch what cryptocurrencies are and why they are so crucial in today’s world.
What are Cryptocurrencies?
If you want a basic definition of cryptocurrency, consider crypto coins as digital assets you can use to trade or even buy groceries. However, crypto coins have no intrinsic value (they are not backed by any tangible assets such as money or gold).
The digital currency is under zero regulation by banks and other formal authorities. Nonetheless, every crypto transaction gets stored on the blockchain and is verified by a network of computers operating on the system.
Since digital payments are driving the world, integrating a payment option for accepting cryptocurrencies can go a long way and become a beneficial decision for your business in the long run. However, there are people who wish to trade in cryptocurrencies exclusively. If you want to begin your trading journey, click here and register today! You can also gain further information by plunging yourself into the industry nuances and understanding the domain’s related concepts.
Benefits of Adopting Cryptocurrencies as a Payment Option for your Online Store
Let us look at some of the advantages cryptocurrencies bring to the table. Digital assets can help your online store better integrate with the latest developments in the technological domain and help you gain customers from worldwide.
1. Say Hello to more Customers
By opening your store to the idea of digital payments, you are welcoming international clients and broadening your store’s market horizon. Your store will get traction from crypto enthusiasts around the world. Please do not underestimate the crypto community’s numbers as they exist in thousands and can help your store better integrate with the global economy, thanks to the exposure they can provide. The rise of cryptocurrency has made it the most talked-about digital asset globally and you would be a fool if you don’t try to gain the advantage of its current popularity.
2. Faster Transactions
Unlike traditional payment options, blockchain can help you execute transactions quickly and more conveniently. We can understand that credit card systems take several days to process. Even then, there is a possibility that the transaction may be denied by the bank, leaving you with nothing as the amount will get credited into the customer’s account. However, to safeguard yourself from such unfortunate instances, start accepting cryptocurrencies from customers.
Unlike debit and credit cards, the cryptocurrency coins will be processed immediately, and you will receive a notification once the payment has been credited. Faster transactions can help your business with its liquidity and streamline cash flow. Apart from this, you can relax as the transactions will always get processed without leaving you with anything but additional charges incurred at the point of sale.
3. No Transaction Fees
Yes, it is one of the most significant advantages of adopting cryptocurrency as a payment option in your online business. If you want to save yourself from unnecessary transaction fees, start accepting Bitcoin or Ethereum for your products.
However, if the transaction is processed from a third-party application such as Coinbase or Binance, you will incur some transaction costs at the end of the process. However, you will find that even that fee is significantly lower than what banks charge for processing payments through debit or credit cards.
4. Better Security Features
With low transaction fees and exposure comes better security features, and you cannot say no to some extra security protecting your hard-earned money. Since cryptocurrency transactions are devoid of regulation from authorities, retailers are not subjected to fraud or transaction failures that occur in an otherwise loopy system.
There are no intermediaries meddling their way into the transaction. As a result, your money is more protected if you start accepting payments through digital assets. Apart from this, once initiated, a customer cannot reverse the transaction made in their account. Therefore, unless they did it mistakenly, you are under no obligation to return the money.
Another one of the most significant benefits of adding cryptocurrencies as a payment option to your online store is that digital assets such as Bitcoin and Ethereum are deregulated. It implies that there are no intermediaries such as banks or financial institutions overseeing the transactions. Therefore, you or your business will not be subjected to any inadvertent audits from national authorities. You can conduct your business as freely as you want and gradually make your payment process faster and more effective.
Although it will be a significant change to digest, your business exists in a dynamic environment. If you don’t learn how to adapt yourself to the changing times, someone else will take the lead, and you will lose customers. You can register yourself with an exchange today and get yourself a wallet that can help you make payments in cryptocurrencies.
You can also store this wallet offline for more security and protect your crypto funds from any malicious attacks. However, before signing up with an exchange, ensure that you have gone through all the details and risks of accepting payments in Bitcoin or Ethereum. You must be aware of all the aspects before you sign up for something entirely new and volatile (yes, cryptocurrencies are subject to extreme market volatilities).