Why You Should Add Cryptocurrency to Your List of Accepted Payments
Cryptocurrencies are an emerging technology using decentralised systems to store coins/tokens with a paired value versus fiat currency. We have all seen and heard about the infamous Bitcoin, which is the most valuable crypto of them all now worth over $11,000 for 1 BTC. There are also 4,000 other digital currencies out there. To cut to the chase, this is a financial world that is here to stay!
One of the biggest developments within the cryptocurrency industry during August 2020 is the legitimisation of cryptos that has pretty much confirmed that some digital currencies are as near as dammit regarded as legal tender.
A: In the USA the Supreme Court has already admitted that Bitcoin, the world’s leading crypto, is a legitimate currency in a court case that is prosecuting a tycoon that passed more the $300 million of BTC through his Dark Net crypto exchange.
B: On top of this, US state financial authorities gave the go-ahead for licensed US banks to offer crypto services to their customers.
The USA is the world’s largest economy worth $21 trillion while $2.1 trillion of this figure comes from online sales and services. Now a small portion of those sales are from cryptocurrency transactions, but in the future, it is looking increasingly likely that cryptos will be the new way to pay for goods online.
With the US leading the way and plenty of other countries around the world, especially those in Europe, now allowing banks to offer crypto services, the steady introduction of cryptos is going to ensure very shortly and you do not want to be left on the sidelines.
Looking for a way to become competitive from start?
Many of us marketers, especially online affiliate marketers, wish we were one of the first to have been involved in a trend. For example, Amazon affiliates were earning thousands of dollars before the affiliate percentages were cut. Those that started their websites first within this niche were the trendsetters and still earn a decent amount now.
As with any emerging industry, it is always best to be one of the first out there. You can quickly grab hold of the market share and become a well-known pillar of the industry’s community.
This is exactly why offering crypto payments for services sooner rather than later could bring your company additional business and build a name for itself amongst the crypto community.
If you are not a fan of cryptos, or you know nothing about how they work, then do not worry because the crypto trend is one that is only just emerging. You have time to learn about the ins and outs of how they work before they do become mainstream. For those of you that are already involved in cryptos in some way, then you already have 1 foot in the door.
Offering Crypto Payments Now Is as Good a Time as Any!
Now is as good a time as any to start learning how you can begin offering crypto payment options for your products or services. There are very few online stores that accept cryptocurrencies and even fewer offline merchants and high street stores that realise they can accept crypto payments.
You may even be surprised how many of your existing customers will take advantage of crypto payment services – especially if you offer the main ones such as BTC, BCH, ETH, LTC, and maybe even XRP and DOGE if you want to push the boat out.
Your store will also start to attract those that prefer to pay using their cryptocurrency. There are all kinds of cryptocurrency buyers out there. Those that just made $200 from increases in the worth of their investments often like to use that increase to buy good online and if your store offers a way for them purchase good, then you could make sales.
There are plenty of online products being sold these days with crypto subscriptions too. For example, VPN services, loan services, movie download subscriptions, and more.
Even Offline Stores Can Offer Cryptos
Offline stores such as restaurants, clothes stores, and more can either use cryptocurrencies like DASH, which you should look up, for a very cheap to install crypto payment system as well as give customers the chance to pay via their crypto apps via a 2D payment code at the counter.
Payments using DASH occur in a matter of 1 second while BTC and other cryptos may be slower and will not work for some customers. That said, as long as you see the customer has made the payment and you see the transaction leave their wallet on the blockchain, then you can be sure their payment will arrive soon.
The best offline service right now to start with is payments using DASH and if you could be the restaurant or shop to start this trend, then great. If your customers can use something like Coinswitch, then anyone with almost any crypto will be able to use your DASH system to pay instantly.
In the end, the idea of this article is to make sure you start to think about crypto payments and don’t get left behind!