Cryptocurrencies have several uses apart from the fact that they are investment tools. These uses can involve helping grow a business.
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Cryptocurrencies can be beneficial to businesses in the following ways:
Low Transaction Cost
One of the major problems businesses have is that of transaction charge for all payments made for goods bought. Most times these businesses end up paying over thousands of dollars to banks and other online payment companies. When cryptocurrencies like Ripple are used for the settlement of debts for goods purchased, they charge little or no fee for all transactions that are carried out on their platform.
They are Global Currencies
Cryptocurrencies are global currencies meaning that they are not bound by the territorial boundary of any nation. This clearly means that businesses can make payments for goods and services bought from anywhere in the world with cryptocurrencies and without changing or converting their local currency to that of another country before these payments are made. Also, the decentralized nature of cryptocurrencies ensures that business owners and users have 100% control of their funds as they are possession of their private keys.
Fast Transactions
Not only do cryptocurrencies offer low charges for all transactions carried out on their platforms, they also offer fast execution of transactions. For traditional banks, transfer of money can take about 2 to 5 working days for international transfers, but with cryptocurrency platforms like Ripple, business owners can make thousands of transactions in seconds. Also, since there is no conversion of currency, business owners can quickly make payments for goods bought from suppliers in other countries directly and in less than 2 seconds these transactions are processed and confirmed.
Anonymous Transactions
If as a business owner, you want to carry out untraceable transactions, banks do not offer you such privileges. With cryptocurrency platforms you can carry out hundreds of transactions that cannot be viewed by any other individual on their network. Cryptocurrencies offer users the opportunity to choose either to carry out transactions on the private ledger or public ledger.
More Businesses Are Accepting the Use of Cryptocurrencies as Form of Payment
More businesses have begun accepting cryptocurrencies as a form of payment. This means that businesses can buy several goods from these online merchants and pay with their digital assets or tokens. This will help businesses to quickly make orders and pay for goods that are bought without converting their tokens to fiat or traditional currencies.
Reduces Fraud
Most people have argued that cryptocurrencies are currencies for potential scammers, this can be true, but in general terms, businesses that accept cryptocurrencies as a form of payment are quite free from fraud. Fiat currencies can be counterfeited but Bitcoin and altcoins cannot. Paying for items purchased with coins reduces the risk of fraud or loss of funds compared to paying with cash.
Most businesses fail most times because of counterfeit currencies, but with cryptocurrencies, this fear is eliminated.
Generally speaking, businesses stand to benefit so much from cryptocurrencies. These platforms offer various services that will ensure business growth and development.
It will take some more time before people will start embracing this technology. Right now most people do not even understand it. They only know bitcoin because of the hype on December.
Great and informatiove article, thanks for sharing. I've smashed the upvote button for you!
I think it will just take some large businesses to adopt crypto and we will see a landslide of businesses evolving.
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Nice write , i love it , it is very illuminative .
I'm sure most people agree that crypto and blockchain tech is disrupting a lot of industries, but I don't think people understand that it can help so many businesses on a smaller scale. I'm sure a lot of businesses would benefit from lower transaction fees and transferring funds long distances with little to no fees. Mass adoption is coming!
Awesome article listing all of the benefits cryptos has to offer and free from the middle man with more privacy. This is how money transactions should have always been but many evil people ruins these good potential things for us. Thanks for sharing this. Hope more people will see Cryptos for what they truly are and not for the FUDs that mainstream media loves to spread fear into these people! Keep at it! Upvoted!
The internet has connected continents and countries in unprecedented ways, opening new doors for those who wish to conduct business outside of their home country. A currency that can be widely accepted by all countries is naturally the next step of a global economy. For those who embrace the economic advantages cryptocurrency has to offer, check out Blockbasis, where users can send and receive crypto using only an email.