The origin of cryptocurrency traces back to 2009, when Satoshi Nakamoto introduced the world’s first crypto coin – Bitcoin – to the world. It was the first time a decentralized digital currency was introduced, and since then, the lure of crypto has been on a constant rise. Not just that, but there are chances of further improvement in the future.
The world is becoming more modern, digital and advanced, and as of now, not just individuals but businesses are also adapting to the changing standards. If you think that your business isn’t able to reach its potential in the local market, taking it to the international market and taking advantage of crypto might prove to be beneficial for you.
That said, before we tell you how crypto can benefit your business, let’s have a brief overview of cryptocurrency and its working algorithm.
What is Crypto and How Does It Work?
Cryptocurrency is the term given to a digital currency that doesn’t have an intermediary party to control its flow of transactions. With the help of a transparent digital process, consumers can connect with each other directly.
Whenever a transaction is to be carried out in cryptocurrency, it is submitted to a public ledger, and it won’t be completed until confirmation of proof of ownership via an encrypted e-signature. Miners are individuals who know how to solve computation puzzles, and they confirm the authenticity of a transaction before adding it to the blockchain.
Additionally, it should be clear by now that unlike traditional banking systems, you don’t have to trust third parties to facilitate the transactions.
Top 3 Ways That Prove How Crypto Can Benefit Your Business
Despite the fact that crypto has managed to create a firm foot in the market now, people are still not aware of how it can benefit them. Now, you must be wondering how cryptocurrency can benefit your business? Fret not, for your ease, we have tried to break it right down below.
1. New and Improved Payment Processing
When it comes to boosting the growth potential of a business and opening new doors for it, cryptocurrency can prove to be beneficial as it improves the ability to process payments by a significant margin.
Businesses usually head to financial service companies to get the payments processed. These companies may charge hefty fees to provide the services businesses usually require. Cryptocurrency, on the other hand, can remove this hurdle and prevent businesses, as well as customers, from paying this fee.
In addition to that, cryptocurrency payments are blazing fast, which means that there will be no delays when receiving payments from the clients.
So, if you’re looking to accept crypto payments on your e-commerce business, you can check out the Opencart plugin by Coingate and receive opencart bitcoin payments without any hassle.
2. No More Chargeback Scams
Businesses often have to deal with the problem of chargeback. If you’re a business owner, you might also have faced a situation when the customers buy a product and then suddenly cancel the payment. Quite frustrating, isn’t it?
It is understandable that this can lead to a considerable loss for the business. That said, since payment records on the blockchain are permanent and irreversible with crypto, it can help to tackle such issues.
This means that with crypto as a payment method, there will be no way for the customers to reverse the payment. However, customers can still do this if they contact the business owner directly.
3. Private and Simplified International Transactions
Many businesses out there face a lot of hurdles in reaching their full potential. One of the main problems they face is affiliated with international payments. The issue of cybersecurity serves to be one of the top issues as loss of finances and identity theft isn’t something that business owners would want.
Since cryptocurrency tends to provide privacy to both the business owners and the customers, they can decide among themselves the kind and amount of information that they want to share.
Other than that, crypto has opened up an ample space for businesses to trade internationally as well. Often, there are many barriers and hefty payment processing involved when it comes to international transactions.
Hence, with crypto, businesses will be able to trade across borders more profitably. They won’t have to overprice their products as they will be able to receive payments quickly without unwanted delays and without involving intermediary parties.
Nobody can ignore the fact that crypto is a worthy investment. Especially if you observe the history of Bitcoin, you’ll understand that it has been able to perform exceptionally well over the past few years. Incorporating the blockchain technology and crypto payments in your business will certainly be a huge step for you as it will boost your chances of growth and success.