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REASONS BANKS NEEDS CRYPTO CURRENCY:
Some controversy and challenges surround the use of cryptocurrency, but many business owners are embracing cryptocurrencies such as Bitcoin for transactions. One reason is that using the latest technology is a great way to stand apart from other businesses in the marketplace.
Not sure what cryptocurrency is? Cryptocurrency is simply a digital currency that relies on encryption technology to transfer the value via the internet. This form of currency operates independently of a banking system and can be used in many countries like cash. The most common use of cryptocurrency is selling and buying goods or services online.
Cryptocurrency is another way business’s can accept payments from customers or pay vendors. Wondering if accepting cryptocurrencies is the right fit for your business? The answer depends on your business’s needs, but typically, cryptocurrencies are advantageous for various reasons. Take a look at these six reasons accepting cryptocurrencies can help your business grow and succeed.
1. It will save you money.
Over the years, U.S. merchants have paid over $78 billion in fees related to credit and debit card processing. Cryptocurrencies are decentralized, so they do not require a bank to verify every transaction. This means your business will eliminate those fees, saving 2 to 5 percent on each transaction. This is also the case with companies like PayPal and Stripe. No more sharing your hard-earned revenue with financial institutions.
One important thing to note is that many merchant wallets charge a flat fee of around $30. There are decisions all entrepreneurs will face, and usually those revolve around whether you’re ready and willing to embrace change and the learning curve that comes with it.
2. Transactions will process quickly.
It’s frustrating to wait for funds to become available in your bank account. You don’t have to wait with cryptocurrency transactions. In many cases, the transactions occur in real time or within a few minutes. There aren’t various banks slowing down the payment process. High transaction speeds are a bonus; in today’s world of instant gratification, no one likes to wait.
3. The currency works worldwide.
There are a lot of benefits to an international currency, and it’s especially helpful if your business exports services and goods or purchases materials from other countries. Bitcoin and other cryptocurrencies help you avoid the expensive foreign transaction fees or exchange rates.
4. You will avoid fraud and chargebacks.
Cryptocurrency is comparable to cash in that you either have the funds available or you don’t. You should also know that all transactions are final when you use cryptocurrencies, because transactions are added to the blockchain via mining.
This system verifies funds and makes it next to impossible to spend more than you own. When paying with cryptocurrencies, both parties have to approve each transaction. As a result, there are no disputes to worry about and chargebacks will no longer happen.
5. You can acquire new customers.
Cryptocurrencies have some major followers — more and more people are learning about it, embracing it, and even turning to companies like SwissBorg to help manage crypto assets and learn about investment solutions. As your customers become familiar with and begin to use cryptocurrencies, it will really help your business if you accept digital currencies.
While this may still be a niche market, it won’t be for much longer. The more payment options you offer your customers, the better. Not only will you attract a wider customer base and more shoppers, you’ll also increase the chances that they all follow through with their intended purchases. According to a survey by Skrill, 28 percent of shopping cart abandonment is due to lack of the payment option the shopper wanted to use. Do what you can to shrink your shopping card abandonment rate so you can increase your revenue.
6. Paper options will slowly become a thing of the past.
Digital wallets and cryptocurrencies are growing steadily with the blockchain and Bitcoin both having banner years in 2016. This trend continued through 2017 and is anticipated to continue to grow as people become more familiar with digital currency.
While it may seem overwhelming for a small business, try to embrace this change. It makes a lot of sense for you and your business to become early adopters of cryptocurrencies so you can become familiar with it sooner than later. If you resist the change now, you’ll just delay the inevitable. Set yourself apart from your competitors by welcoming fintech.
ADOPTION OF CRYPTOCURRENCY BY GOVERNMENT:
As of 2016, over 24 countries are investing in distributed ledger technologies (DLT) with $1.4bn in investments. In addition, over 90 central banks are engaged in DLT discussions, including implications of a central bank issued digital currency
· Hong Kong’s Octopus card system: Launched in 1997 as an electronic purse for public transportation, is the most successful and mature implementation of contactless smart cards used for mass transit payments. After only 5 years, 25 percent of Octopus card transactions are unrelated to transit, and accepted by more than 160 merchants.
· London Transport’s Oyster card system: Oyster is a plastic smartcard which can hold pay as you go credit, Travelcards and Bus & Tram season tickets. You can use an Oyster card to travel on bus, Tube, tram, DLR, London Overground and most National Rail services in London
· Japan’s FeliCa: A contactless RFID smart card, used in a variety of ways such as in ticketing systems for public transportation, e-money, and residence door keys
· The Netherlands’ Chipknip: As an electronic cash system used in the Netherlands, all ATM cards issued by the Dutch banks had value that could be loaded via Chipknip loading stations. For people without a bank, pre-paid Chipknip cards could be purchased at various locations in the Netherlands. As of 1 January 2015, you can no longer pay with Chipknip
· Belgium’s Proton: An electronic purse application for debit cards in Belgium. Introduced in February 1995, as a means to replace cash for small transactions. The system was retired in 31 December 2014
WB Wallet :
The WBank wallet is the world’s first decentralized crypto wallet, based on the ERC-20 platform. completely based on blockchain technology. WBank wallet is the first wallet to integrate DEX Exchange “your funds are safu”. you can buy Crypto with VISA and Master on the WBank token platform. the system has an attractive mechanism , It generates stable revenue from DApps ETHEREUM, Games etc. it is the largest ecosystem on ETH ever.
By studying all the trading and decentralized economic applications in the market, the team has created an innovative income distribution model through many mathematical models and economic verification, which has solved the sustainability of equity premium and dividend distribution.
The highlight of WBank TOKEN WALLET is the combination of the automated pricing mechanism and also integration of smart contracts to protect the interests of both investors and project parties.