Benefits of Accepting Cryptocurrency as Payment

News | April 13, 2022, 9:41 AM | The content is supplied by a Guest author

It has been 13 years since the first digital currency, bitcoin, was created. Since then, a real financial revolution has begun in the world. And cryptocurrencies are still perceived differently. Some see it as a new payment reality, some just want to make money on crypto, and others are skeptical and perceive it only as a temporary phenomenon.

Yet, if seen objectively, digital money should save us from banks and regulators, commissions and fees. They are cheaper and easier to use. Businesses take interest in crypto because they are looking for safer and more effective ways to work. Many companies already accept digital money as payment — for example, Amazon or Time. In this article, we will explain what cryptocurrency is and why accepting crypto as payment is full of benefits.

What is a cryptocurrency

Simply put, a cryptocurrency is a digital currency made up of coins. The coin is protected against counterfeiting because it is encrypted information that cannot be copied. Thus, the name is a part of “crypto”. Cryptocurrency exists only on the Internet. You can’t print, touch or take it to the bank to be sent to your electronic account. Its value is uncontrolled, so inflation can’t affect it.

Neither banks, nor the government, nor the creator of the cryptocurrency has access to it. After all, cryptocurrency is stored in the blockchain — a system with not a single controller. The blockchain is managed by many participants. Built on mathematical calculations, the system protects the digital currency from counterfeiting or hacking.

If you are looking for where to buy cryptocurrency, then you have several options. Online or offline exchangers, crypto exchanges, P2P platforms, terminals — any of these is eligible.

Where to pay with crypto

Crypto processing is a great opportunity to offer customers an additional convenient payment method. Many online stores and services are already accepting cryptocurrencies, because they see it as a source of their growth in the future. Thus, the appearance of a site where students pay for their essays using cryptocurrency for nowadays online users is no longer an innovation. And it's commonplace — writing essays - not something inaccessible or complicated, which is usually associated with cryptocurrency. We use this service in everyday life. We use digital currency in everyday life now.

Furthermore, we have already mentioned the possibility of paying with a crypto on Amazon. And for good reason: this is a site where you can buy everything from your favorite book to Shrek's inflatable costume. We all know about the world’s most exhaustive encyclopedia, Wikipedia. But few are aware that it accepts financial contributions in crypto. A U.S. based online library called The Internet Archive also accepts crypto donations. But it is not only about the Euro-American market. Sapna — India’s most popular online library and bookstore — also allows people to make payments with crypto. And this is just a meager of those resources that accept payments in cryptocurrency.

Advantages of crypto transactions

No territorial restrictions. Blocking cryptocurrency transactions is almost impossible. This is a huge advantage for those making international payments. You can send virtual currencies to any country and accept payment at any time. Yet, there are also disadvantages — you can’t cancel a sent transaction. This requires customers to be extra vigilant when making purchases and sending funds. Reliability is one of the main advantages of finance decentralization over centralization. Transactions controlled centrally, that is, banks can reject them, freeze, and so on. Cryptocurrency transactions are not regulated by anything, so they cannot be cancelled. No one can block a cryptocurrency transaction.

Also, decentralized cryptocurrency makes it easy to scale a business. If you sell products or services, crypto allows you to freely accept payments from abroad, expanding your potential audience and boosting your career. High transaction speed is another benefit. Crypto does not need intermediaries for transactions, so the money will come to the account much faster. And since transactions are instantaneous, they cannot be intercepted.

Also, there is no need for registration as an individual entrepreneur or a legal entity — you can accept cryptocurrency payments as an individual, regardless of your citizenship. There is no commission for the transfer of funds and there is no need to pay taxes, because bitcoins are not tied to any country and governments cannot influence them.

Security. Blockchain data cannot be faked or copied. They are encrypted with cryptography, and stealing or hacking them is not as easy as it might seem. But you need to remember about the security of storing passwords from your crypto wallets. If you lose them, you can forget about access to them.

Conclusion

The constant development of ecommerce has led to the quick implementation of cryptocurrency as a payment method. And it has already proven its safety for both entrepreneurs and their clients. So no wonder that the usage of cryptocurrencies for payment is becoming so popular. After all, the more payment options an entrepreneur provides, the more profitable it is for him. This way you can attract a new target audience, which prefers to make payment only with digital currency, as well as increase the conversion to payment.