Cryptocurrency analyst. Founder and editor at btcpeers.com
In the current economic landscape, the cryptocurrency’s worldwide adoption is picking up at an ever-increasing pace.
While the most developed countries like the US have doubled it on the time span from 2018 to 2019, an echelon of developing countries shows interest towards crypto and blockchain as sharp as never before – the amount of cryptocurrency holders in countries like Nigeria, Vietnam and South Africa now exceeds the US by as much as 3-5 times.
Also, facilitated by the global health crisis caused by coronavirus pandemic, the collective monthly trading volume of cryptocurrencies has grown to reach $1.2 billion in its peak time – the figure further strengthened by the total value of dollars locked in Defi, which at the moment is prohibitively close to $5B.
On the dimension of business activities, adoption of cryptocurrency methodically turns into an important source of competitive advantage. With the help of it, a growing number of modern organizations are trying to satisfy the interest of young tech-savvy consumers who are much more inclined towards cryptocurrency assets than fiat.
By the mean of digital money built on blockchain, millennials have a chance to evade the negative consequences of an unfavourable economic climate bred throughout ages and facilitated by the latest COVID-19 outbreak, as well as turn into participants of the new type of economy built upon the promise of more advanced economic infrastructure with wider inclusion opportunities in terms of jobs.
Leveraging cryptocurrency for regular business operations has an impressive number of advantages on its own. Above all, it lies in a transaction execution that with certain cryptocurrencies does not stretch longer than a fraction of a second. Next, cryptocurrencies offer lower execution fees as well as border interoperability, which makes it an excellent alternative for conducting international business activities.
That’s why, notwithstanding the always-present element of legal uncertainty, cryptocurrency is regarded as a new remedy to the old problems and is capable of giving the new breath to the business.
There are already several platforms that give opportunities for an expanding range of clients to implement cryptocurrency invoicing it as an essential part of their ongoing business activities. Let’s take a deeper look into some of them.
As an integrated B2B payment solution tool for all types of businesses, it allows to receive an uninterrupted flow of incomes through recurring payments and attract new customers through the wide range of supported payment means. To get started on DAOWallet, it is important to issue an invoice in fiat currency. The platform is further generating the link which the client can follow to see the amount of crypto needed to be sent in order to cover the invoice. Once this all is set and done, the user receives a final amount of deposit in fiat currency. DAOWallet allows versatility of payment methods, which is especially crucial for niches like online shopping used so extensively by the youngsters – according to statistics, 57% of users who strongly favour cryptocurrency find themselves under the age of 34.
The newly-incorporated feature of Crypto.com App allows a seamless creation and sending of invoices to a client. While the invoice in fiat can be created free of charge, a buyer will have to compensate the requested amount in any crypto from the list - BTC, ETH, XRP, LTC or CRO. The settlement fee waiver is available during the first 6 months. By introducing the feature of invoicing, Crypto.com aims to attract a growing number of businesses which will be interested in free instant transactions that are nowadays much more widespread in a cryptocurrency world than in a banking sector. Crypto.com has recently announced its partnership with Kudelski Security, which is the first signal on a long global path of cryptocurrency adoption.
Settling down on a marketplace since 2011, it has already expanded the list of its clients to embrace such loud names as Microsoft and Shopify. While providing instant transactions, BitPay also boasts of a wide network of supported countries, where at the end of the day clients are receiving payments in local currency. Even more than that, this platform shields its clients from market volatility by settling short time constraints within which the invoice has to be validated. On top, BitPay combines in itself an offer of a credit card with a secure wallet for storage. The feature of email invoicing is also available.
This platform delivers on promise with the offer to create an invoice link to the clients’ accounts with a choice from over 1900 altcoins. CoinPayments also conducts automatic conversion from fiat to crypto and back, while allowing to send direct payments to partners’ addresses. What’s even more, there’s a possibility to integrate CoinPayments service into the most popular e-commerce websites, such as Shopify, Magento and WooCommerce. The platform also allows purchasing gift cards from top retailers of various industries (apparel, entertainment, transport) while also integrating the feature of voluntary donation to a cause of choice. Last but not least, CoinPayments gives an opportunity of acquiring its own credit card.
As one of the pioneers in peer-to-peer invoicing services, Blockonomics currently embraces over 300,000 addresses, with 140,000 processed payments and 6,500 created invoices. This platform does not ask users to provide sensitive information, has customer support which functions 24/7, and culminates with supporting Segwit protocol.
Moreover, customers are not even required to register on the platform and only need to type in their wallet address in the search bar, which will already enable them to create a P2P invoice with QR code, later meant to be sent to the client.
In the atmosphere when worldwide economic uncertainty is heating up, an increasing number of companies are becoming interested in implementing cryptocurrency as a part of their daily business operations, in a move that is clearly geared towards mainstream adoption.
That, in turn, already brought to life a number of essential services such as crypto invoicing, which will prove to be indispensable for ongoing business activities in the next years to come.
By integrating these tools at an early stage, many forward-thinking companies can count on long-term success, as traditional industries will too soon realize the benefits of crypto and start following the trend.
Disclosure: I am a DAOWallet user, therefore I have a vested interest in the project.
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