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Thinking of Allowing Cryptocurrency as a Payment Method? What To Know

Cryptocurrency is quickly becoming a payment option for many companies and can help boost your overall revenue. As a business, it enables you to expand your target audience and reach a greater number of customers.

What Is Cryptocurrency?

Cryptocurrency is a digital currency based on blockchain technology. Blockchain enables you to vary and retain all transactions using a peer-to-peer network. This keeps all cryptocurrencies separate from major banks and financial institutions.

Blockchain also mines units of currency called tokens, so they become a part of the economy. Miners solve algorithms on the crypto network, which enable them to add a block to the blockchain. This adds or verifies a transaction. In exchange, the miner receives a token.

How Is Cryptocurrency Accessed?

Cryptocurrency is accessed through a digital wallet using a computer. This makes it possible for customers and business owners to make and receive transactions.

The technology is easy to set up and use. The exact process will depend on the specific digital wallet. Users will need to:

  • Choose a digital wallet solution that supports different types of cryptocurrencies
  • Download and install the wallet software
  • Encrypt the wallet
  • Install the mobile app for use on-the-go

Large and small businesses alike are adding cryptocurrency as a payment option. Using it will:

  • Increase your web traffic
  • Result in repeat customers
  • Increase payment processing time
  • Provide greater control of cash flow

Using cryptocurrency enables payments to process in seconds. Customers prefer this because they won’t need to wait for hours or days for their payment to clear. As a business owner, you will receive your payment instantly.

How Can You Safely Accept Cryptocurrency?

Use a cryptocurrency app to safely receive payments. The BitPay app, for example, enables you to take payment in Bitcoin. This means you can accept global transactions, so you aren’t limited to only those payments that use a specific currency.

When using an app like BitPay, simply enter the amount you are owed, and the app will generate an invoice. The customer can then scan the provided QR code and make the payment.

You can integrate many of these apps with commonly used point-of-sale systems, making it even easier to keep track of transactions. You can then choose to convert your cryptocurrency to cash to streamline the reporting and accounting processes.

Using cryptocurrency will give you an advantage over other businesses. Research shows the use of cryptocurrency is expected to increase over the next few years, with the projected market size reaching $1087.7 million by 2026. Think of it as a way to help your business continue to grow while keeping you current with the latest payment trends and technologies. It’s an affordable option for your business that will help you reduce payment processing fees and appeal to customers all around the world.

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