Reasons To Accept Cryptocurrencies As Method Of Payment

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Cryptocurrencies have become a sensation since they were born in 2009 with bitcoin, but not only that, they started a financial revolution. Today they can be used as any type of currency, to make purchases, investments, payments, transfers and any type of transaction.

Today it is of great importance for companies, businesses, and shops to adapt to new technologies to meet the needs of their customers. Therefore, many entities have begun to accept payments in bitcoins and other cryptocurrencies. However, to begin accepting these types of payments, it is very important to understand the advantages offered by this technology compared to traditional methods.

Reasons to accept cryptocurrencies as payment for services and products

Today there is a long list of businesses that have decided to accept Bitcoin and other cryptocurrencies as a means of payment, the main reasons being:

1) Speed when making transactions

In any part of the world, unlike conventional bank transfers and operations, transactions with cryptocurrencies work more transparently and quickly. End-to-end transfer on Bitcoin Pro Live varies according to the type of cryptocurrency; it can take just over ten minutes. Its speed is convenient, especially for international merchants since the time of each transaction ends up being less than the “average time” of traditional bank transfers.

2) It is a global currency

Cryptocurrencies are in the total and complete public domain, since it does not have a single owner, for example, each holder of Bitcoin (or fraction of Bitcoin) is its total owner. Until you choose to transfer it to a third party. Digital currencies can be used and transferred anywhere in the world as long as users have the Internet, regardless of geographic and political barriers.

3) Fees and taxes are minimal

Normally, transactions carried out internationally have high fees, there are even some that must pay pre-established taxes. There are also cases of other digital payment systems whose commission percentage is relevant. In the case of bitcoin and other cryptocurrencies, the transfers that are made have a minimum cost, which can approach 1% of the amount.

Bitcoin is one of the most beneficial and cheapest payment methods. By accepting payments in bitcoins, companies offer their clients the opportunity to save when making their purchases. Their payments are made in a faster, safer and more efficient way.

4) It is impossible to fake

It is impossible to duplicate a Bitcoin or create a fake one without the network detecting it. For something like this to happen, more than half of the globe would have to be left without Internet access.

5) There are no intermediaries

Each operation carried out with cryptocurrencies only occurs between the transferring user and the receiving user, that is, no third party is required, nor does anyone else intervene.

6) Maximum security

Bitcoin, like other cryptocurrencies, has strong crypto backing, making even the most elaborate forgery impossible. Furthermore, each of the operations that occur on the Blockchain network is stored on each of the computers that process the network, making the network even more secure.

7) Irreversible transactions

It is no secret that sometimes people reverse their payments or transfers once they have received the item or service. It is a world full of cheats, but, when using cryptocurrencies there is no possibility that customers try to reverse their movements a time they were carried out.

This is because the transfers are made directly between the parties involved without any intermediary (as explained above). If a customer makes a payment, they do not have the possibility of recovering it without the consent of the seller. The use of digital currencies would avoid risks and possible losses to businessmen.

8) Easy to use and configure

Using Bitcoin is much easier than bank account platforms. To start accepting payments with the cryptocurrency, both sellers and customers simply download one of the different cryptocurrency wallets.  It will be associated with a QR code that contains a public address, also called a ‘Bitcoin address’. To receive payment, the seller must show the QR code or provide the Bitcoin address. Then, the client must copy the address or scan the QR code and make the transaction for the requested amount.

9) The advantage of offering various payment options to increase sales

It is an excellent method to attract more customers, offering various payment options that suit your needs. Today many people, usually young and tech-savvy, have decided to put aside traditional payment techniques. Cryptocurrencies are a technology that, due to its characteristics and demand, opens unexplored markets for those companies that accept them.