Cryptocurrencies have become a famous brand thanks to their huge money-making potential in the financial world. It’s definitely has paid its way in the financial market as we see a lot of investors that add crypto to their portfolios.
Also, there are many businesses that are using cryptocurrencies as a payment method and are accepting crypto payments. Just recently, Tesla has announced that it would accept crypto payments, and PayPal is one of the more famous brands that will support crypto transactions. So, there are a lot of businesses that are paying attention to the crypto word thanks to the range of benefits offered by cryptocurrencies. Let’s take a look at the crucial benefits for businesses of accepting crypto payments.
Global Crypto Payment Audience
The habits of customers are changing, and they are rapidly accepting new technology, including cryptocurrencies. This means that crypto users are ready to use their crypto funds in order to buy goods and services. So, it might not be long before cryptocurrencies enter the public sphere and become common payment methods in both brick-and-mortar and online businesses. But the main advantage of accepting crypto payments is the option to connect with the global crypto audience.
This is especially beneficial if your business is working on a global scale online. It will give you an opportunity to increase your client base and introduce a new demographic of users to your product and services. To this date, there are around 300 million crypto users worldwide. When it comes to the number of businesses that accept crypto, it is estimated that there are 18,000 businesses worldwide. So, generally, there’s a lot of potential for communicating with a huge audience of crypto users.
The future potential of cryptocurrencies cannot be ignored, especially since Bitcoin, in a span of a decade, became the largest asset to achieve a market capitalization of $656.85 billion. This means that different cryptocurrencies hold great potential for becoming valuable crypto assets to the business.
For this purpose, you can register on automated trading sites Quantum AI and invest in crypto or exchange cryptocurrencies for other altcoins and traditional currencies. Automated trading sites allow you to trade instantly because the Artificial Intelligent powered software is the basis of the trading process. So, you only need about 20 minutes per day in order to trade here.
Another advantage for businesses is that they can accept different crypto payments without any additional fees. They only need to set up a crypto wallet and share it publicly in order to receive crypto funds. So, the process of accepting crypto payment is pretty straightforward, while as a business owner, you can access a range of different cryptocurrencies and add them to your portfolio or trade them for other altcoins on trading sites.
Low Transaction Fees
As we mentioned earlier, except for the fees associated with investing in crypto wallets because you need a storage option for your cryptocurrencies, you don’t have any additional fees for receiving crypto payments. In comparison, credit card companies can charge up to 4% for the transaction, which for small business owners can become a burden.
Furthermore, cryptocurrencies are generally associated with low transaction fees, even for international crypto payments, so this is another perk for both the users and the businesses because it won’t have additional costs for exchange rates.
Another advantage for businesses is that they can accept crypto payments even as a brick-and-mortar store because there are a lot of mobile wallets which allow users to instantly make crypto transactions from their mobile wallet plus, there are also Bitcoin ATMs that allow users to exchange their crypto funds for traditional currencies or vice versa. So, in general, you are making the payment process convenient and simpler for a large number of customers.