For a long time, it felt like cryptocurrencies were just some kind of digital commodity that was bought and sold for ludicrous sums of money. You could “mine” it with your computer in hopes that you’d generate free money for just leaving your computer on.
These days, cryptocurrencies have grown a lot. They’ve matured into an actual usable currency and there are many companies that accept cryptocurrencies as valid payment options. However, this has been happening for some time now. Cryptocurrencies are becoming increasingly popular for a number of different reasons, hence why many businesses are starting to look into adopting it as a valid payment method.
So how can you get started? Let’s take a look at some of the main concerns to keep in mind before you adopt cryptocurrencies in your business.
How likely is it that my customers will use cryptocurrencies to pay for a transaction?
The growth of cryptocurrency has exploded in the past few years and it’s expected that by 2030, there’s going to be another massive spike in the use and adoption of cryptocurrencies such as Bitcoin. While it’s not exactly the most common payment method yet, adoption in the U.S. is estimated to be around 5% right now. It’s important to keep in mind that Bitcoin is around 11 years old and has come a long way. It’s one of the more mature cryptocurrencies, hence why it’s so popular.
These days, more and more people are open to the idea of using a cryptocurrency exchange to buy, trade, and own cryptocurrency for a variety of uses. This ease of obtaining cryptocurrency has made it a relatively popular payment method. As such, we can expect more and more people to start using cryptocurrencies as a payment option in the near future, especially with popular ones such as Bitcoin.
Are there benefits to accepting cryptocurrencies as an accepted payment method?
Much like any kind of payment method, adding something new means that you’re more likely to attract new customers that like to use cryptocurrency as their preferred payment method. However, cryptocurrencies also have a range of other benefits.
- It’s a lower risk for buyers.
- Transactions can’t be reversed.
- There are no taxes on purchases.
- It’s easy to use.
- The transaction fees are lower.
- It provides anonymity of the buyer.
How can your business adopt cryptocurrency payments?
One of the easiest ways to start using cryptocurrency payments is to partner with a payment processor that offers it as an option. There are a number of different cryptocurrency payment gateways that you can pick from these days and there are new companies being added to the list every year.
Simply contact one of these companies and let them know that you’re interested in taking cryptocurrency payments. You may want to shop around for a better deal to see which company offers you the best solutions. Once you’ve set up the payment method, you can instantly start accepting cryptocurrency payments.