Cryptocurrencies are gradually gaining more and more popularity, not only as a form of investment, but also as an everyday means of payment, a form of remuneration for work, and even a way of conducting business transactions. All because of the advantages and benefits that are inextricably linked to blockchain technology.
Is it worth enriching your business with cryptocurrencies? Can this increase sales? If you are wondering whether it is worth it, please read the rest of the article prepared in cooperation with the nationwide network of Cashify cryptocurrency exchange offices, which also offers cryptocurrency solutions for business.
Cryptocurrencies can expand the reach of your business
When your company starts accepting payments in cryptocurrencies, it automatically opens up to millions of users around the world who use this innovative means of payment. Cryptocurrencies, thanks to their ease and speed of transactions, attract new customers. However, if your company is one of the pioneers in its industry by accepting cryptocurrencies, you gain an unquestionable competitive advantage.
Moreover, cryptocurrencies are considered one of the safest forms of transactions. This is due to the blockchain mechanics, i.e. an immutable ledger of transactions that cannot be deleted or falsified. Each block in the chain is protected using advanced cryptographic techniques, ensuring protection against fraud and attacks.
Another advantage is the distributed nature of the network, which, thanks to the peer-to-peer (P2P) structure, guarantees resistance to failure points. An attack on one network node will not cause the entire system to collapse, which makes it more difficult to breach. Before a transaction is added to the chain, a majority of nodes in the network must agree to it. This prevents the substitution or entry of unauthorized transactions.
Cryptocurrencies simplify your international transactions
Cryptocurrencies know no boundaries or clocks. Thanks to them, selling on international markets becomes easier and faster. You don't have to worry about exchange rate fluctuations or high bank fees for cross-border transfers. Everything is done in one global currency, which is accepted by both parties to the transaction, and the transfer of funds is quick because it does not require the involvement of intermediaries such as banks or accounting. This ensures increased financial liquidity and eliminates the need to wait long for funds. All you need is confirmation on the block, and the cryptocurrencies will be transferred to the selected wallet in a few minutes.
Cryptocurrencies and blockchain will protect you from dishonest customers
How often does a customer place an order, use the product/service, and then cancel the payment, creating a lot of complications along the way or simply wanting to get free benefits? For many companies, chargebacks are a serious problem. Cryptocurrencies offer a solution to this problem because transactions documented on the blockchain are immutable and irreversible. Thanks to this, the payment once made remains safe in the recipient's wallet and there is no risk of its cancellation by the bank or other institutions.
Cryptocurrencies will lower your transaction costs
For companies that accept cryptocurrencies, there is a choice between transacting directly with the customer or using an intermediary. Direct transactions usually have much lower costs, which is especially attractive for small businesses where budgets are small and every penny counts. This model allows you to offer competitive prices and attract more customers who may also be interested in reducing transaction costs to a minimum.
Cryptocurrencies will help maintain customer anonymity
Cryptocurrencies give customers the opportunity to remain more discreet and anonymous. For your business, this in turn means greater trust in you. In times of increased attentiveness to data, customers value privacy more than ever before, and the ability to make purchases without sharing personal data is an important advantage for many of them. For you, it is an opportunity to build stronger relationships with the client, based on trust, and for the client – one more argument for using your services.
Which cryptocurrencies are best for your business and why?
The choice of cryptocurrency depends on the specifics of your business. Bitcoin (BTC), as the most recognizable cryptocurrency, may be a good choice for companies looking to gain widespread recognition. Ethereum (ETH), in turn, offers the possibility of using smart contracts. Stablecoins such as USD Circle (USDC), tether (USDT) or dai (DAI), i.e. tokens linked to a “stable” asset, such as gold or the dollar, are a good choice for those who are afraid of market volatility and exchange rate fluctuations. Therefore, it is worth carefully analyzing the needs of your business and adapting the selection of the appropriate cryptocurrency to them.
So how do you get into it?
Including cryptocurrencies in your company's offering can bring many benefits. It certainly opens the door to the global market, reduces transaction costs, and builds trust among customers, especially those who are enthusiastic about improvements and innovations in business. In the era of digital revolution, it is worth considering such a step and getting ahead of the competition.
If you are looking for a proven, trusted and experienced partner to implement such solutions, check out Cashify's B2B offer. This is the most frequently recommended nationwide network of cryptocurrency and precious metals exchange offices. They specialize, among other things, in cooperation with business.
