How Cryptocurrency Affects Business Transactions

How Cryptocurrency Affects Business Transactions

Namaynyat, the last bitcoin to be produced, will be mined in 2140. This means you still have a century to take advantage of the numerous applications of cryptocurrency. You might ask, “What is cryptocurrency?” and “how can cryptocurrency be of help to my business?” You’re not alone. This article is in place to enlighten business owners like you on how to leverage cryptocurrency.

Designed to work as a medium of exchange, Cryptocurrency initiates and authenticates transactions swiftly and seamlessly.  Even though cryptocurrencies are not government regulated, they have been accepted as a digital means of exchange globally; with a few exceptions.

How Cryptocurrency Can Help your Business

Secure Instant Payments

If your business involves the transfer of huge sums of money across various time zones, you will understand the pain of these transactions. Businesses that employ Western Union and other similar platforms are already used to having delayed payments, fluctuating rates, or even denied transfers.

For wholesale trading businesses where access to funds is a matter of urgency, every second matters.  It is important to find a system whereby payments are initiated swiftly. Fortunately, cryptocurrency is that solution to this problem.

One of the widely accepted applications of blockchain technology is cryptocurrency and this provides various platforms wherewith secure payments can be made swiftly.  Bitcoin authenticates transfers in about 10 minutes, Ethereum does it in seconds. Customers and employees can now receive their payment in real time, enhancing your brand credibility.

Crowdfunding

For newly burgeoning businesses, the problem of raising capital to start-up is recurring. Many business managers have to source funds appropriate channels in order to compete with other companies. Apart from the problem of getting the funds, getting access to it as soon as it is needed is a herculean task. However, the advent of cryptocurrency heralded a lasting solution to these challenges.

By employing the decentralized system of raising funds, protracted meetings with potential investors are eliminated. There is no need to go back and forth due to the false protocols banks have. In essence, you are eliminating delay.

With this technology in place, your business sees rapid growth since you have unbridled access to the funds when it is needed. This ensures the speedy execution of your business solutions. Because of the secure nature of cryptocurrency transactions, you are also guaranteed of safety.

More Payment Options

Have you ever had a foiled transaction due to the unavailability of your preferred payment option? How bad did that hurt? Well, you are not alone. In fact, a survey was carried out where respondents showed that an individual can use up to 5 different payment types.

There are thousands of cryptocurrencies and more currencies spring up daily. If your company accepts payments for services and goods, consider accepting payments in cryptocurrency. This will not only give your customers more options to work with, there is a chance that the cryptocurrency you accept is the next best thing.

Skeptics have been silenced by the success of Bitcoin, Ethereum, and other currencies. Cryptocurrencies may go up and down in valuation but they have created a transaction medium that’s in keeping with the underlying spirit of a meritocracy. It’s in fact opened the eyes of the public towards believing in new possibilities beyond the conventional systems they have been exposed to.

Biztruss has been helping companies understand and navigate through the challenging course set by advances in digital technology. Whether it’s building an app to accept crypto payments or developing a trading chatbot or even gaining insights from blockchain data, Biztruss helps you identify the right frameworks to utilizing the most appropriate API’s.

It’s never too late to join the race. Till we pull out another blog out of our currently overcrowded shelves, think about the possibilities cryptocurrencies offers your business. And we’ll drop in a bitcoin for your thoughts.

 

 

 

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