The cryptocurrency market has grown noticeably this 2017 and are playing a important role in the evolution of online shopping. More consumers are looking for retailers to accept digital currencies, which motivates many business owners to get on board to stay ahead of their competitors.
Like any new technology, there are obvious risks associated with digital currencies. The biggest is that they are still a new concept for the public and are widely unknown to many people. As a business owner, if your customer base is not familiar with cryptocurrencies, accepting this form of payment may not benefit your business.
The current opportunity falls on the younger generation, as the use of digital currency continues to increase. According to this 2017 survey commissioned by LendEDU and conducted by OnePoll, adults in the United States between the ages of 18-34 are much more aware of digital currencies than previous generations, and are more likely to adapt cryptocurrencies as a investment strategy and payment option.
Cryptocurrencies have also become more stable. The number of active cryptocurrencies has remained the same since 2013, indicating an increase in the distribution of market share.
So, how do you know if accepting cryptocurrencies is the right approach for your business?
Accepting digital currencies such as Bitcoin, Dashcoin or Ethereum can give companies the opportunity to improve business processes and lower transaction costs. You will receive your payment in minutes instead of days, beacuse it not require a bank to verify every transaction
More importantly, using a digital currency can save your business money. Typical online payment options, such as credit and debit card services, charge between 2 and 5 percent per transaction. What does this mean for your business? It means that when your company uses cryptocurrencies, your online transaction fees decrease to almost zero.
Cryptocurrencies can also help you avoid foreign exchange rates and transaction rates. Services like CoinDesk make it easier for companies to switch to their preferred type of cryptocurrency.
Benefits of cryptocurrencies
The digital currency can improve the overall shopping experience of its customers by almost completely eliminating the risk of fraud.
The cryptocurrency is a shipping protocol that does not require customers to provide personal information. Therefore eliminating the existence of personal information and any potential risk of fraud. Cryptocurrencies can also help you avoid foreign exchange rates and transaction rates.
Cryptocurrencies are faster, cheaper and more secure than any other online payment option. If you decide that cryptocurrencies are something you would like to implement for your business, Coinpayments is a good place to help you get started.