Accepting Cryptocurrencies As A Payment Option

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Since its debut in 2009, cryptocurrencies are slowly but steadily moving into different aspects of life. From music to sport, art, movies, and even most recently porn, the adoption of cryptocurrencies all over the world is commendable. According to a recent study by Finder.com, at least 25 million American's own cryptocurrencies, 44.5% of which is Bitcoin. Just like the internet in today's world, it is certain that the first wave of adopters already have an upper hand when compared to the second and third wave. As more projects launch and more governments are building their own digital currencies called CBDCs like China's Yuan, it is certain that in more years to come it will be almost everywhere.

Which means that very soon, rather than reaching for your hard notes, payments would be made from a digital wallet on your smartphone. These days, more major companies bare starting to accept Bitcoin and other altcoins as payment options. The likes of Microsoft, Starbucks, Whole foods, Home Depot, Overstock and many more have started accepting not just Bitcoin but other cryptocurrencies in exchange for goods. Whether it's for marketing purposes or not, they have opened the floor for smaller businesses to see and believe in the benefits of accepting crypto as a form of payment. Accepting Crypto as a form of payment as more advantages than many are noticing. Here are some advantages of accepting cryptocurrencies as a payment option.

Lower transaction fees. Whether small business or not, it's not news on how frustrating processing fees can be. Even on the side of the buyer, there are still fees to be paid when a purchase is made. Compared to other payment options, crypto fees are very low. With debit or credit cards, one is charged 3-4% transaction fees, unlike crypto payments that require less than 1.5% transaction fees. Due to autonomy and no third-party interference, cryptocurrencies are not subject to hidden charges and other fees that accompany transactions. The same goes for international transactions, as crypto has no borders compared to fiat currencies. Standard wire transfers and foreign exchanges require high fees and exchange cost which when compared to crypto are practically non-existent. Since there are no intermediaries or banks involved, the costs is low.

Fast and secure. Built on the blockchain, this ensures a fast and secure means of payment. Blockchain plays a crucial role in maintaining a secure and decentralized transaction record without the need for a conventional third party. It stores information electronically in groups known as blocks which are visible to the entire public, forming a chain of data known as blockchain. Without the need for third-party verification, many transactions move faster and also give people faster access to money for different purposes.

And finally, its irreversibility is a bonus to business owners, especially small business owners. One major characteristic of bitcoin is that it is immutable, meaning transactions on its blockchain are irreversible. In cases of refund, cash back and others, business owners have full control over how this works. Especially in the case of customers who try to get refunds after damaging or using products for a very long time.