Over the last few years, the term cryptocurrency has been fastly gaining ground and also showing a great level of promising exposure, its understanding and value in the public eye.
According to P.B. Medawar, “the human mind treats a new idea the same way the body treats a strange protein; it rejects it.”
At first, many people found it (cryptocurrency) scary; it was even thought to be a scam. It was terribly defined as something unreliable and frightening. However, over the last few years, the negative impression about cryptocurrency, especially Bitcoin has changed.
Currently, there are many types of cryptocurrency. A simple Google search will reveal plenty of them. But you should be familiar with Bitcoin and Ether. These are all cryptocurrencies using the Blockchain Technology to keep this currency and technology safe.
Today, about 80,000 businesses in the U.S. already accept payments in Bitcoin and the other 1,000 cryptocurrencies. Bitcoin solely has risen about 900% in just two years, and we may consider it as a promise to stay.
The Amazing Benefits of Cryptocurrency to your Business
1) Fraud Reduction:
Cryptocurrency payments are digital and cannot be counterfeited or reversed arbitrarily by the sender. For instance, a payment made with bitcoin cannot be reversed. This is different from credit card payments, which can be reversed using chargebacks, a feature often exploited by fraudsters.
2) Capital Raise for your business through ICO:
ICO simply means “initial coin offering”. ICO is essentially a fundraising tool. Firstly, a start-up can create a new cryptocurrency or digital token via a number of different platforms. One of those platforms is Ethereum which has a toolkit that lets a company create a digital coin. To learn more about ICO, check out this article here.
Wіth thе uѕе оf сrурtосurrеnсу, еntrерrеnеurѕ and nеw buѕіnеѕѕ startups can rаіѕе money quickly frоm a wіdе range оf global investors. Thіѕ nеw аррrоасh оf rаіѕіng fund еnсоurаgеѕ аnd еnhаnсеѕ tаlеntеd іndіvіduаlѕ tо еѕtаblіѕh thеіr соmраnіеѕ аt a quісkеr pace. Fоr example, in 2014, Vіtаlіk Butеrіn, thе Cаnаdіаn tееnаgеr raised mоnеу tо ѕtаrt Ethеrеum, thrоugh аn іnіtіаl соіn оffеrіng.
3) International Payments Made Easy
There are no restricted countries to pay with cryptocurrency, so merchants can accept payments from everywhere. Fees for accepting foreign currency fiat, are often high and transaction process requires one or multiple intermediaries participation, biting their part. With cryptocurrencies, costly charges and restrictions are over.
4) Maximum Security
Using cryptocurrency, merchants are protected from fraud, as they don’t have to share any personal data, such as name, credit card number, or date of issuing.
Cryptocurrency may be freely transferred from one account to the other, without a need for additional information. In accordance with some state regulations exchanges may have to collect this information, but it’s not disclosed while performing a transaction.
5) Access to Everyone
There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange, these people are primed for the Cryptocurrency market.
Two years ago, Kenya’s M-PESA system, a mobile phone-based money transfer, and microfinancing service announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet.
6) Instant payments
Credit card payments can take days or even weeks to come through. Meanwhile, cryptocurrency offers instant transfers.
7) It serves as a lіfеtіmе іnvеѕtmеnt
Crурtосurrеnсу ореnеd аn amazing dооr оf орроrtunіtу for іnvеѕtоrѕ. Nеvеr bеfоrе in hіѕtоrу had such аn opportunity mаdе аvаіlаblе fоr іnvеѕtоrѕ.
Wіth thіѕ digital сurrеnсу, аnуbоdу саn invest іn thе world’s most exciting tесhnоlоgу. Fоr еxаmрlе, Erіk Fіnnmаn, a tееnаgеr invested іn Bіtсоіn іn 2011. He bесаmе a Bіtсоіn mіllіоnаіrе аt the аgе оf 18.
8)The ability to have an almost incorruptible audit trail through the blockchain system. This is of value not just for the financial aspects of the business but is increasingly being used to audit stock or freight movements for those involved in supply chain management.
9) Lower fees
Transaction fees are lower with bitcoin than with credit cards, and when cryptocurrency is not exchanged, it also eliminates the need for bank charges.
The entire concept is based on a decentralized platform that is on a blockchain technology which joins together to manage the database of all the transactions taking place. Thus, via a decentralized system, we can keep count of all the transaction and transparency is maintained.
With advancement in technology, the world is taking its step towards the world of digitization at a fast pace. That’s why it’s important to take care and provide customers with many choices, especially when it comes to paying. People willing to buy your services and pay some money? Let them do it and implement an independent payment option in the face of cryptocurrency.
The future appeal of cryptocurrencies lies in allowing you ultimate control over your money, with fast secure global transactions, and lower transaction fees when compared to all existing currencies.
Most importantly, when used properly and fully understood it would be the initiator of many emerging systems that will fundamentally change our global economic system.