Businesses and entrepreneurs are gradually expressing more interest in cryptocurrencies and blockchain technology, which are now trending topics. Being a CEO of global financial ecosystem Kyrrex CEO, let me outline why companies need crypto and explain the advantages of
implementing it.
implementing it.
In recent years, blockchain technology and cryptocurrencies have become the hottest topics. The hype around them isn't going away anytime soon. The global economy isn't standing still, and the crypto sector is launching new projects almost every day. Take, for example, the rise of NFT and DeFi. In such circumstances, it is natural that businesses are interested in cryptocurrencies.
Visa has revealed that its customers had made crypto-payments totaling $2.5 billion in the first 2022 quarter. The company will significantly affect the adoption of cryptocurrencies by launching a relevant consulting service. Thus, crypto is progressively making inroads into the realm of traditional payment systems, making it wise for entrepreneurs to consider its use.
Why Should Businesses Consider Using Cryptocurrency?
Blockchain technologies are, first and foremost, innovations that open up many unique opportunities. It is what attracts entrepreneurs from all over the world.
Let's start with some facts on the present state of crypto adoption:
● As of 2021, there are 13,951 Bitcoin ATMs in 58 countries worldwide.
● According to research published in late 2020, there are
over 15,174 bitcoin-accepting businesses worldwide, with 2,300 based in the US.
over 15,174 bitcoin-accepting businesses worldwide, with 2,300 based in the US.
● Microsoft is the most prominent bitcoin supporter.
● Gambling, finance, food, tourism, and retail are the most
prevalent industries supporting crypto-usage.
prevalent industries supporting crypto-usage.
Businesses that wish to assure superior transaction transparency and attract a new layer of clients would find cryptocurrency handy. Some company owners have seen an increased demand for crypto payments;
that's why they are incorporating them into their operations.
that's why they are incorporating them into their operations.
Entrepreneurs also value cryptocurrency for its capacity to enable secure transactions, for example, through smart contracts. That's how crypto allows businesses to manage risks and company capital effectively.
Of course, we must keep in mind that cryptocurrency is a solid investment. Businesses may raise funds considerably faster and at far greater rates with its help than they could with traditional assets. So, it's hardly surprising that entrepreneurs seek advantages in crypto.
Advantages of Cryptocurrency Implementation for Businesses
As previously stated, crypto is all about innovation. And, more often than not, innovation entails revolutionary changes. Let's look at the prospects of implementing cryptocurrencies in business.
Fast and Safe Transactions
Cryptocurrency adoption can significantly speed up business processes and make them more efficient. Traditional transactions might take a long time, up to a day or more. There will be no such issues with crypto.
Low Transaction Cost
It's especially significant for entrepreneurs because businesses regularly receive a high number of payments. Cryptocurrency is known for its relatively low transaction costs compared to credit cards or other financial instruments.
Decentralization
Businesses can make crypto transfers without the involvement of a third party, such as a bank. It enables increased decentralization as payment occurs only between sender and recipient.
Effortless Cross-border Transactions
Crypto knows no boundaries and simplifies business transactions between companies from different countries. It also provides a substantial competitive edge.
Minimal Fraud Risk
Blockchain technology securely stores information about all money transfers, so businesses can easily track any transaction. It lowers the likelihood of encountering scammers.
New Revenue Streams
The use of cryptocurrencies in business has created a slew of new investment options. An initial coin offering (ICO) or access to liquidity pools are just two examples.
How to Implement Crypto in Business?
Businesses may implement cryptocurrencies in the following methods: integrate crypto into their organization themselves or contact a third-party provider.
● The first method implies that the company handles the private keys and incorporates crypto into its systems. Furthermore, businesses must set up a crypto gateway to accept cryptocurrency payments.
(It's a piece of software that lets companies operate transactions involving
the products and services purchases). It may be more complicated, but it gives the business more privacy.
(It's a piece of software that lets companies operate transactions involving
the products and services purchases). It may be more complicated, but it gives the business more privacy.
● The second one is smoother since the service provider will be responsible for storing crypto. In this case businesses only transfer their assets to trusted third parties. For example, the crypto merchant service by Kyrrex will help expand business opportunities by accepting payments in cryptocurrency. The company will take responsibility for all matters related to the maintenance and storage of funds. The launch of this service is planned for the second quarter of 2022.
Final Thoughts
Entrepreneurs are starting to recognize the potential of crypto. No wonder, as such technology enables secure, fast, and low-cost transactions. Using cryptocurrency in business also means lowering the risk of fraud and increasing decentralization. Proper implementation of crypto will be an advantage for any company.