Cryptocurrency & its Usage For Small Businesses

May 13, 2019 CoinCentric 0 Comments

Cryptocurrency is an electronic currency or a digital currency that is based on encryption technologies, as a mode to transfer value within the internet. Cryptocurrencies such as Bitcoin operate autonomously of a banking platform and may be utilised in several nations as a storage or exchange of worth like money. This is the most distinctive usage of cryptocurrency that is selling and buying products and services on the internet. Thus, cryptocurrency investment is becoming the preferred option for investment today in this digital age.

There is a significant positive aspect towards That is, the cryptocurrency market is still young and emerging, and the most optimistic of investors are being prognostic about future prices that would make buying any of the major cryptocurrencies.

Cryptocurrency represents a whole new way for small businesses to acknowledge customer payments and even make payments to vendors or suppliers. However, cryptocurrency is relatively recent and many businesses are exploring this opportunity of investment.

Small business owners however might be unsure about how exactly cryptocurrencies will affect their operations. This is because there are both positive as well as negative ways that these new digital currencies can affect the small business environment. But this entirely depends upon how wisely they choose to accept it.

In the current stage there are many multinationals that are executing cryptocurreny investment widely. Basically, Cryptocurrency provide a faster and are a less expensive way to accept customer payments when compared to the conventional payment types like credit cards.

Cryptocurrencies can Can positively affect small businesses in ways like –

No Processing Fees – The way digital platforms have their processing fees, Cryptocurrency, on the other hand, do not have any processing fees because there are no intermediaries that are present. Cryptocurrencies use decentralized ledgers and act as a peer-to-peer digital currency.

High Transaction Speed

Cryptocurrency transactions happen on a  near real-time basis. For example, it takes  Bitcoin  miners approximately 10 minutes to verify and facilitate a transaction from one person’s wallet to another. There are even cryptocurrencies like   Litecoin  and  Ethereum  that verify transactions in as little as 20 seconds. 

More Payment Options for Customers

Usually, the more payment options small business owners provide its customer the better. For example, a 2016 payment processing  survey that was conducted found out that consumers use as many as 5 different payment types. Thus, if small businesses decide to accept cryptocurrency, then it has the potential of acquiring a wider customer base.

While  Bitcoins are the most accepted cryptocurrency with the highest use and market cap, there some of the best cryptocurrency to invest, that are available in the market and are in a growing phase.

Bitcoin (BTC)

Bitcoin  is the first decentralized, peer-to-peer digital currency to become popular in the market. It was introduced in late 2008.

Ethereum (ETH)

Ethereum  is a comparatively new type of cryptocurrency that’s considered as a “Turing complete.” This means that while it works much like  Bitcoin  in its transfer of value, its fundamental technology  can support other applications.  

Litecoin (LTC)

Litecoin  was created specifically to lessen the time it takes miners to verify the transactions on the blockchain.

Monero (XMR)

Unlike most other cryptocurrencies,  Monero  is a coin that is based on the CryptoNote protocol, which is different than  Bitcoin. 

Zcash (ZEC)

Zcash  is similar to  Bitcoin  in almost every respect except for its privacy. 

CoinCentric is an ultimate solution for Crypto trading with the world-class security and expeditious transactions.

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