Why You Should Accept Cryptocurrency in Your eCommerce Store
Cryptocurrencies have taken over the world today. It is becoming increasingly common among payment methods, and you need to pay special attention to using it in your eCommerce business. Cash has long since become obsolete. It’s time to embrace the technological development trends that have ushered in a new era of payment systems, creating new payment methods.
This is the age of cryptocurrencies, so accepting cryptocurrencies as a payment method can enhance your customers’ journey and expand your consumer base by offering more choices at the checkout.
What is Cryptocurrency?
Cryptocurrency is a digital, encrypted, decentralized exchange that is stored in digital wallets.
A decentralized system is used to record transactions and issue new units as they have no central issuing or regulatory authority. Cryptocurrencies are increasingly popular alternatives for online payments. There are more than 17,000 cryptocurrencies, but some of the most popular include Bitcoin, Ethereum, Tether, and Binance Coin. The “crypto” in the name refers to the fact that transaction details are encrypted on the blockchain, with cryptocurrency owners holding a digital “key” that proves that they own the currency.
How to use Cryptocurrency in eCommerce
A cryptocurrency is an additional option for those who are looking for a faster, more convenient way to pay for goods, services. It’s time to think about getting this payment method on your eCommerce site. Why use cryptocurrency as a payment method, some important points to pay attention to.
Market Expansion — Using cryptocurrency as a payment method in your online store will allow you to expand your target market. Customizing your platform so that people can pay using their crypto wallet makes the purchasing process simpler, speeds up, and helps drive more website traffic.
High security — Cryptons are decentralized. It allows the use of encrypted wallet addresses to make purchases without providing personal data, this proves that cryptocurrency payments are so secure that no one can ever attack them or commit any kind of fraud.
Fast transactions with low fees — One of the most important advantages of cryptocurrency is the immediate processing of data and the fast execution of the transaction. And the fees for each transaction are lower than, for example, fees for services like PayPal or other providers.
Top 5 Cryptocurrency to Trade in 2022
Bitcoin
Bitcoin is the best cryptocurrency in the world. Bitcoin is the coin that started it all. According to the creator of the currency, he created a system that will centralize the financial sector, will return power through the system of digital transactions of people.
Ethereum
This digital asset is in second place after Bitcoin with a market capitalization of billions of dollars. Ether’s value is tied primarily to the Ethereum blockchain. As one of the biggest names in the market, Ether is always on the news — whether due to some adoption news or because of upgrades coming to the Ethereum chain.
Binance Coin
The asset was launched by Binance, it is the third most valuable cryptocurrency in the world and is accepted by most cryptocurrencies. One of the great advantages of this is that Binance’s assets are linked to the world’s largest cryptocurrency exchange, Binance is always up to date. This means that stock market updates will definitely be released to affect the price of BNB.
Lucky Block
Lucky Block uses the blockchain to ensure transparency and fairness in transactions. The platform was built with the aim of disrupting the online gaming industry, using blockchain technology to transform the way gamblers play online games.
Dogecoin
Dogecoin is one of the best cryptocurrencies in the world. They are assets in the form of a meme coin poster, which are endowed with price volatility.
How to Accept Payments in Cryptocurrency on your website?
Cryptocurrencies have taken over the world and you need to know how to start accepting cryptocurrencies as a payment for goods and services. Companies like Microsoft, Overstock and Tesla have all started adopting bitcoin and other digital currencies. Several companies to help you accept cryptocurrency payments.
BitPay
BitPay is one of the best options for sites that want to accept crypto payments, it has a 1% transaction fee, but helps protect you from price volatility with its Zero Price Volatility feature.
It offers a variety of payment methods for your customers, including payment buttons, embedded cash registers, built-in invoices, and several plugins and integrations. All of this is easy to handle, which means you can start accepting Bitcoin payments without much hassle.
Coinbase
Coinbase is one of the best markets for buying and selling bitcoin and other cryptocurrencies. It makes it quick and easy for websites to accept Bitcoin payments, which also speaks to high security.
GoCoin
Another cryptocurrency processor that has been helping businesses manage cryptocurrencies for years offers a 1% transaction processing fee and works with most eCommerce services.
Summary
Whatever your views on cryptocurrencies, cryptocurrencies are the future of finance, so its impact on eCommerce must be taken into account. Whether you decide to adopt cryptocurrency in your business or not, you should at least be aware of virtual currency.
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