When cryptocurrencies were first introduced with Bitcoin, not a great deal of notice was taken of them. As time has passed, they have become more popular, and now more and more businesses are dealing with them. Like all currencies, their values can fluctuate. Bitcoin started out at less than a cent for each one, and at its peak reached nearly $20,000. The unknown inventor gifted 10 Bitcoin to two other people who were competing with him to introduce the first cryptocurrency. If they have held onto them, they will be worth much more money now.
The world of cryptocurrencies has changed the way we can buy things, especially online. There are now over 2,000 of them. But some of those will fall by the wayside because they are not strong enough to withstand market forces.
The Benefits of Accepting Cryptocurrencies for Payments
Cryptocurrencies are unregulated as there is no central point for that to happen. They work with a technology known as blockchain, which has crept into many other industries over the last couple of years. Using blockchain technology means there is no third person in a financial transaction. Without the banks in between the seller and the purchaser, the transactions are instant even if they are opposite sides of the world.
From a business point of view, this stops the waiting for credit card companies to pass you the funds, which can take days and sometimes weeks to happen. The money is in your bank within a very short time, and the charges are much lower. Transactions cannot be reversed. Once one has been confirmed you will not suffer any chargebacks as can happen with credit cards.
As the transactions are peer-to-peer, they are less open to fraud and hackers. In fact, there are some industries, such as online casinos, where this has made such a difference that they are able to give their players a better return by quite a substantial amount.
Other industries such as lawyers are now using blockchain, as it is so secure and can be viewed by several people at the same time without the fear of interference. That level of security for your business transactions has to be good.
There are now apps available for your customers to pay you with cryptocurrencies if you are a high street retailer, or online they are very easy for customers to use as long as you are set up to accept them.
Although Bitcoin was the first, there are now several other strong cryptocurrencies that are part of the trading world. You can change any cryptocurrencies you have accepted by trading them on the markets. FxOpen review can help you find the best place to do this. It might seem complicated, but really it’s never been easier to do.
However, as Cryptimi points out, you do need to make sure that you choose the right exchange. The collapse of Mt. Gox in 2013 showed that there are risks with certain cryptocurrency exchanges.
This can make you additional profits. If you are able to sell them for more than you accepted them in payment for, you are in a winning situation. If the price has dropped, you should just hold onto them a while longer as prices go up and down all the time.
At the moment, cryptocurrencies are valued in dollars, but there are some people that think in the future it will be dollars that are valued in cryptocurrencies, as they become more and more accepted by businesses and consumers.