The cryptocurrency market has evolved dramatically over the past decade. While many businesses have started accepting crypto payments for their products and services, most of them are still relying on fiat currency payments. Some business holders even still doubt whether it is as safe as conventional methods. Hereby, we are going to discuss several ways businesses can use cryptocurrencies to accelerate their progress over their competitors.
One of the great benefits of crypto is that it can be used to exchange value between two parties. This can be done independently of any third-party, making the transaction about as free as it can get.
Banks, or other payment processors, can choose to cut off services to anyone for any reason. While for cryptocurrencies transactions, when there is no intermediary, the cost of the transaction is extremely low. In particular, small businesses, which are highly sensitive to small cost differences, can use this to reduce cost.
New business possibilities
Anyone who has used Bitcoin to pay for goods and services will tell you it is the most convenient and seamless way to perform a transaction. As an emerging financial technology, blockchain also brings many new business types. Accepting cryptocurrencies can open you up to a whole new market, which is bound to positively impact your reputation, sales, and bottom line.
Simplify cross-border transactions
In the digital era, you may think that businesses can sell to anyone they wish regardless of their geographical location. Unfortunately, there are still many barriers, and the high cost of processing payments is undoubtedly among the most notable ones.
Cryptocurrencies make it possible to trade internationally without having to part with a chunk of your profit or overpricing your product. Note that the value of Bitcoin anywhere in the world is the same, and a lack of middlemen makes transactions quicker and less costly.
The fact that the digital currency market is constantly open is one of the main advantages of such currency. You don’t have to wait for the markets to open if you want to buy, sell, or trade crypto.
The market is constantly open to trade in your favourite digital assets. It allows businesses to conduct transactions at any time of day.
Curb chargeback fraud
Chargebacks are a significant problem for both land-based and online businesses. Customers will purchase a product then cancel the payment, oftentimes after using the product. This can prove costly on the business’s end and may lead to considerable losses in the long run.
Luckily, chargebacks only apply to fiat currency transactions. Payments recorded on the Blockchain system
are permanent and irreversible, leaving the customer with no choice but to contact the business directly if they want a refund.
Protection from inflation
Fiat currency inflation in an inevitable cost for businesses. However, almost every cryptocurrency, at the time of its launch, is released with a fixed amount. The source code specifies the amount of any coin; like, there are only 21 million Bitcoins released in the world. So, as the demand increases, its value will increase, which will keep up with the market and, in the long run, prevent inflation.
Cryptocurrencies are far from penetrating the mainstream market, but their progress suggests that’s where they are headed. Adopting cryptocurrency now puts you steps ahead of the pack and gives you a competitive advantage over your peers.
For more details, or just want to say hi, feel free to send us a note at firstname.lastname@example.org or https://t.me/ipeakoin (Telegram).
iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology.