If you own a regular company, at some point, you might have thought about moving towards decentralization or accepting cryptocurrency payments. But even if you haven’t considered it, it’s definitely worth rethinking your perspective on this matter. Cryptocurrencies have become very popular, even in the most remote corners of the planet. Today, we’d like to delve a bit deeper into this topic and share with you how you can transition your business from what’s known as Web2 to Web3.
To Begin With: Why is This Necessary?
This will help you increase competitiveness if you’re an entrepreneur in entirely different fields of operation. It will particularly come in handy in significant transactions. Those who successfully invested in Bitcoin a few years ago aren’t too keen on converting it into dollars or euros. Their reluctance is grounded in the costliness of such transactions. In reality, it’s quite straightforward if you follow specific advice from reputable companies that offer such services.
By the way, you might be interested in how to Start a Payment Processing Company.
Even if you’re trading with small amounts, it’s still lucrative. If you accept currencies like USDT or USDC, you don’t even need to bother calculating their equivalent in dollars. These are special currencies that mirror the current dollar exchange rate one-to-one but exist entirely in a decentralized space. This lets you experience some advantages such as:
- You don’t have to manually calculate or convert money into the usual currency.
- All hidden fees are transparent to you since you already know the currency pricing.
- Your customer won’t get confused about the price because you likely state it in dollars.
You can also explore other cryptocurrencies, known for their high speed and low transaction fees at present. For example, notable representatives are Cardano and Stellar, both having minimal transaction fees but impressive speed.
Cryptocurrency is Gaining Ground in the Business Realm
The relevance of cryptocurrency at the moment is hard to underestimate. Even if you venture beyond the European or American continents, you’ll discover widespread use of these assets in everyday life. For instance, Africa has long embraced blockchain technologies, and the population is gradually getting accustomed to the routine use of these assets due to the continent’s relatively weak monetary system. Moreover, it simplifies transactions with tourists. Not to mention the option to pay for various services online, like taxis, without the need to develop special apps or purchase POS terminals. For residents of some countries, this is one of the fundamental principles of conducting business.
Afterword
Right now, you can kick off your journey with cryptocurrencies, blockchains, and this system in general as described above.
Also, you can explore the major players in a category of payment orchestration through the link: https://payspacemagazine.com/all/the-best-payment-orchestration-platforms-in-2022/. You won’t be disappointed, as it’s sure to enhance your competitiveness across various business domains.
