The growth of cryptocurrencies has been one of the predominant themes in finance for more than ten years, since the publication of Satoshi Nakamoto's paper in 2008, in which the first direct payment system between peers is mentioned.
But despite the headlines and supporters that Bitcoin and other cryptocurrencies have garnered, one of the main criticisms leveled at them is that they are not currencies in the true sense, because they have little practical use beyond being a store of wealth. and an asset for trade.
For cryptocurrencies to become a credible alternative to fiat currencies, they must make the leap from having value to being a widely accepted payment method, both online and on the street.
The appetite for crypto payments
Despite some initial concerns, it appears that we have reached a tipping point when it comes to the appetite for using cryptocurrencies as a source of payment. Businesses that are aware of the pressing need to remain relevant as the payments ecosystem fragments by accepting more payment methods at checkout are increasingly open to the idea of accepting cryptocurrencies, in line with increasing appetite. of consumers for making payments in crypto.
Currently, 6% of online businesses accept cryptocurrencies (up 9% in the US), but another 15% have the ambition to accept them in the next two years. This 250% predicted that the increase in acceptance rates was the highest of any new payment method, ahead of subscription payments (156%), loyalty cards (127%), and through mobile applications ( 116%).
But the willingness to adopt cryptocurrencies as a payment method and the ability to do so are not the same; If cryptocurrencies are about to break through as a dominant alternative payment option, as our data suggests, then companies should strategize to incorporate cryptocurrency acceptance into their cash register efficiently, and without compromising their existing payments infrastructure. nor restrict the spectrum of other payment methods they can accept.
This journey begins with partnering with the appropriate payment service provider that offers a merchant account service that includes cryptocurrencies within its available payment methods. With the right payment service provider, merchants can accept multiple alternative payment methods through a single, simple integration; Including cryptocurrencies such as Bitcoin in the payment mix is the most effective way to include Bitcoin payments at the checkout.
How to accept cryptocurrencies
Skrill Quick Checkout is one of those integrations that offers merchants this feature. By integrating Skrill Quick Checkout, an online business can connect hundreds of payment methods at their checkout simultaneously that can be selected and deselected through their merchant account tools; and the ability to accept cryptocurrencies is included in these options.
Thus, through this integration and selection of cryptocurrencies, online merchants can quickly incorporate currencies such as Bitcoin into their accepted payment methods, so that their acceptance of traditional payment methods or other alternative methods is not compromised.
Prepaid cards
From a consumer point of view, the use of cryptocurrencies to make payments does not depend on the merchant being able to accept it. Instead, their focus is on being able to take the wealth they have in their crypto portfolio and put it to practical use by being spendable in the real world.
One method to do this is to give crypto wallet holders the option to link their account to a prepaid card. Similar to a prepaid card linked to a digital wallet, this allows crypto deposit account holders to make purchases using the contents of their account immediately without actively converting their finances to another currency, which can be a lengthy process. and expensive.
Earlier this month we announced a card issuance partnership with Coinbase that enables Coinbase account holders in the UK to do just that. The Coinbase debit card instantly converts finances to fiat currency when used and has all the in-store functionality of a traditional bank card, meaning consumers can make contactless or EMV (Chip & Pin) verified payments with everyone. merchants who accept VISA debit card payments, as well as make cash withdrawals from their Coinbase accounts from an ATM. Consumers can also make payments at any online cashier that accepts traditional credit and debit cards.
The Coinbase debit card, which will be available to account holders in the rest of Europe in due course, is also linked to a mobile application that allows consumers to not only select the cryptocurrency they want to spend, but also provides to users spending summaries, receipts and notifications to better inform them about their purchasing habits and their budget.
The advantage of the prepaid card model is that the company does not need to take into account the cryptocurrency in its box in any way; As funds are seamlessly converted to fiat currency before the transaction is completed, no further integration is required beyond accepting VISA card payments, making this solution scalable and of maximum benefit to customers. consumers.
Conclusion
Through alternative and inventive payment facilities, such as the Skrill Fast Cash Box and the Coinbase Debit Card, industry-leading payment service providers such as Paysafe are evolving cryptocurrencies from being a purely commercial product. or a storehouse of wealth and move on to the real world. Although we are still a long way from seeing cryptocurrencies advertised ubiquitously as accepted in stores or online, the functionalities that enable purchases in Bitcoin are coming to light.
To be sure, these payments innovations, which are being driven by the growing appetite of consumers and businesses to transact cryptocurrencies, will continue to evolve and gain popularity as they seep into public awareness and the use of cryptocurrencies to perform. payments more common.
Some of the challenges with Bitcoin specifically, most notably its volatility, may hamper its adoption, which is why we believe stablecoins can provide the eventual solution to the widespread use of cryptocurrency payments, in tandem with integrated online cashiers and prepaid cards.
The exchange of value in the form of money and funds has been an essential process since time immemorial. It only makes a difference in how forms have changed throughout human history. A new method of exchange has taken shape as technology has made its way over time. But could crypto applications change the future of digital payments?
Digital exchange
Cryptocurrency is a digital exchange medium used for financial transactions. The cryptocurrency powers blockchain technology to achieve transparency, immutability, and decentralization.
The cryptocurrency is mainly controlled by the central authority and falls under the control of the government. It is a very efficient method of exchange of value, and can be sent between two parties, either privately or using public solutions.
It can be difficult to send and receive large sums of money, which is why cryptocurrencies are the new face of finance in your business.
People all over the world use the method of cryptography, and it is certainly also very useful. With the help of crypto-currency, funds can be exchanged more quickly. Cryptocurrency is simply the future of digital payments, and therefore has a strong effect on the global economic system.
In this article, we will discuss the points regarding the advantage of cryptocurrencies and why it can be a significant benefit for industries and businesses. In this article, you will find out how cryptocurrency and Bitcoin usage will soon be validated by businesses.
Where to start with Cryptocurrency?
Cryptocurrency is a way to convert your conventional financing system to Bitcoins. More and more companies are adapting to the cryptocurrency method for faster and cashless payment benefits.
Bitcoin is basically a type of currency that includes all the functions like transaction processing, verification that needs to be enabled by the network. These Bitcoins are created digitally through the mining process, and they also need very efficient and powerful computers to unravel the crunchy numbers, and algorithms.
25 bitcoins are created every ten minutes. The currency of Bitcoins depends exclusively on the investors and what they are willing to pay at that time. It is definitely a more efficient way to trade money, and if you have a balance of bitcoins, then you cannot get them back.
Individuals can use contracts that are smart and enhance peer relationships where they have no clue of knowing each other.
Big companies like Expedia, eBay and Microsoft use the cryptocurrency as it will surely become the future of at least the next ten years.
Bitcoin is simply the future because fiat currencies will eventually lose their value due to over-printing. There is a tendency for fiat money to fall to zero and worthless.
There are chances of a downturn, and a particular nation may have an economic downturn. Cryptocurrency is a valid currency, and it reduces the risk of all kinds of fraud. It is possible to trace the originality of the product with the help of blockchain technology.
Due to the rise in online fraud and threats that are serious to business, Cryptocurrency has yet to gain more recognition. Governments are gradually getting into the concept of Bitcoin. There are essentially no fees through Bitcoin and all payments are done correctly as well.
Why use Bitcoin?
It is basically a digital currency that was created in 2009. Bitcoin balances are kept in a public ledger that exists in the cloud. There is no government endorsement for Bitcoins, and they are simply less valuable than commodities.
Bitcoin charts are very popular, and that has led to the launch of several other currencies on the virtual platform, and they are known to each other as Altcoins. The price of Bitcoin is highly dependent on the size of the network and is also more difficult.
The prices of Bitcoins will increase according to the cost of production. The aggregate of the dispensing power of the Bitcoins mining network is known as the hash rate, which refers to the number of times in a second that the network can attempt to complete the puzzle just before the block to be added to the Blockchain. .
The new generation coin
Virtual forms of currency are regularly used by people due to faster transfers and ways of working. Therefore, credit and debit transfers are necessary to make payments. Cryptocurrency is still a very misunderstood concept, as people mainly rely on bank transfers.
However, applications such as Square, Circle and Revolut have incorporated the buying and selling of crypto-currency. You need to find out more about a smarter form of transactions that are possible through portals and that can attract new customers from time to time.
These online applications help to pay and buy via virtual money and also to keep track of the cryptocurrency markets through a single application. These digital tokens are compared to virtual money and are very similar as well and because of this, a new type of user is attracted to the cryptocurrency market.
Businesses are getting ahead of accepting it as an opportunity and making sure fund / coin transfers are faster and better too.
Mobile cryptocurrency wallets
You must have heard of services like PayPal, Android pay, and Apple pay that are financed with credit and debit cards. But if you are with Blockchain then you can use encrypted wallets and they should not be linked to any other account, in addition to the ease of use of credit card wallets.
The crypto-wallet is a faster, easier and cheaper way to use your currency. You have the encrypted payment that provides a mobile wallet where users can manage and store their coins.
It is useful and easier for users to send and receive their amounts via Bitcoin and there are ways to exchange pounds and euros in the bitcoin app feature. It is easier and simpler because one can choose to pay via bitcoins even if the merchants accept fiat currencies.
New programs that incorporate debit cards for bitcoins along with other educational programs as well. Companies like Cryptopay bring Bitcoin banking to a global trading level.
Cross border payments
One of the most important aspects of cross-border transactions is cryptography and the blockchain. With the evolution of the blockchain, these platforms can evaluate virtual transfers and transactions in real time.
Unlike traditional fiat transactions, these are often routed through clearinghouses and various payment processes. Therefore, as blockchain transfers occur within the system, transactions can be completed more quickly than any other.
Being a decentralized substructure, the blockchain can be very easy to maintain and providers can reduce the cost of operations.
Additionally, Bitcoins also send remittances that show the country's populations with deployed migrant workers. Workers can send their money back home using the blockchain method and that is more affordable than Western Union.
The question of security
When you don't have cash, the chances of keeping your money safe are greater because physical money can be lost or stolen. Users using cash are safe and secure because even if they lose their phones, their funds are safe in their mobile wallets. And a mobile wallet is protected by multiple layers of security.
Security is included in the application and the security measures of the phone so that the money remains intact in the cloud.
Although there will be some problems in data breaches, the strength of security is beyond the reach of cybercriminals. Bitcoin users do not need to reveal their true identities to receive or send bitcoins.
All transactions are easily traceable through the blockchain. With proper augmentation, blockchain services can be controlled by governments. Security is a big concern when it comes to monetary transactions and therefore blockchain can easily provide end-user experience and trust.