Cryptocurrencies aren’t news anymore. They have been around for a serious amount of time. However, they are still not as widely used or accepted as traditional forms of currency. That being said, there are more and more businesses that are beginning to implement and feel the effects of accepting payment through cryptocurrency. So, with this in mind, if you own a business, you have likely already considered whether it is worth your organization accepting the use of crypto. This article will be discussing crypto and whether it is something your business should be using.
What Is Crypto?
Let’s start with the basics – what is cryptocurrency? Crypto are virtual tokens that can be used as a unit of exchange, like other forms of currency. Cryptocurrency is stored online in digital wallets that can only be accessed using an encrypted password. There is also proof of reserves available that allow people to stay on top of their funds easily and make for the transparent viewing of tokens. More information on proof of reserves can be found at okx.com.
Given their online nature, crypto payments can happen quickly between any two parties around the world. This is because there is no need for the interference of a centralized authority, such as a bank.
The first ever form of cryptocurrency created was Bitcoin back in 2008. Since then, a large number of tokens have been made and there are now more than 20,000 variations listed. They are all decentralized, which means they are not controlled by one government or financial institution.
The Benefits of Your Business Accepting Crypto
Several benefits come with your company accepting the use of crypto. These include but are not limited to the following:
- Payments Are Quicker and Easier
Only two parties are needed for cryptocurrency: the sender and the receiver. There is no need for the involvement of any kind of third party, like a bank or a payment processor. Because of this, crypto payments can happen almost immediately, regardless of where in the world the sender and receiver are. This is one of the main reasons that so many businesses have begun accepting the use of crypto.
- Payments Are Secure
When a payment is made using cryptocurrency, it is incredibly secure and cannot be reversed or counterfeited. This is because payments done using crypto are carried out and recorded on the blockchain, so cannot be altered. If they are altered, then that block is rejected by some of the other users who are on the network.
- No Fees Attached
There are no fees attached to the use of cryptocurrency in contrast to some of the traditional payment methods people are already familiar with, such as debit cards and credit cards. Traditional payment methods often charge quite high fees and this can be a massive problem for small businesses that are just starting. As such, it makes more sense for them to opt for the use of crypto.
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