Overview of Cryptocurrency
Put Simply; cryptocurrency is a kind of digital currency. While traditional currency, known as legal tender is recognised by the law of the nation that issues it, a cryptocurrency is not certified or tied to any government.
Cryptocurrency, as the name explains, makes use of encrypted codes to carry out a cryptocurrency transaction. These codes are recognised by the pool of computers in the user community. In place of paper money, an online ledger performs and updates the ordinary bookkeeping entries. Here, the seller account is credited and the buyer account is debited with the amount of transaction.
Cryptocurrency is open source software that anyone with access to a computer and internet connection can mine. Mining provides miners with the opportunity to solve the mathematical problems created by a cryptocurrency. When they do so successfully, they would be reward with certain units of the cryptocurrency mined. Cryptocurrency users can also purchase cryptocurrency of their choice from brokers and exchanges with their fiat and spend or store them in a cryptographic wallet.
Understanding Cryptocurrency Transactions
Traditional intermediaries such as banks have been over the years, seen as a nuisance when it comes to transaction processing. Although these traditional institutions provide a vital service in reviewing and authorising payments, processing transactions, depending on the where they’re being sent and the amount involved can take up to three to five days.
This delay has cost a lot of businesses huge revenues, and it’s a real pain for consumers who require urgent transaction processing. This and several other problems such as privacy are what blockchain technology aims to eliminate in the long run. Blockchain technology log payments made without the need for intermediaries. This means lower transaction fee and faster transaction payments.
Here is the exciting part. Cryptocurrency payment processing isn’t only interesting to cryptocurrency enthusiasts; traditional financial institutions are also actively experimenting with it too. In fact, several financial institutions are developing their own proof of concept to facilitate more secure and transparent transactions.
Why is cryptocurrency appealing to users?
Well, not everyone has accepted the use of cryptocurrency as a medium of payments. The simple truth is that more and more people are passing a vote of confidence on cryptocurrency payment processing because:
It is decentralised
Cryptocurrency uses a digital, decentralised ledger that cannot be controlled by any central body and can be tracked by everyone. The beauty of this is that no one determines where what goes and when it goes where in blockchain technology.
It Supports Privacy
Cryptocurrency supports a high-degree of user anonymity. This means that one can make a transaction without the need to use a bank. Depending on the kind of cryptocurrency a user adopts for payment, the degree of anonymity provided by different cryptocurrency vary.
It Is Secure
Cryptocurrency transaction information is stored on a blockchain using cryptography. This makes it a payment processing method that cannot be hijacked by third parties.
It Requires Limited Transaction Fees
Since middlemen do not interfere or control cryptocurrency, minimal fees are paid on each transaction.
It Is Borderless and Available to Everyone
Irrespective of location on earth, anyone with a good internet connection can make payment with cryptocurrency. You don’t need the approval of bank or other agency of government to pay or accept cryptocurrency.
It Is a lucrative Investment
Because cryptocurrency is still battling mass adoption, the concept has been known to boom massively. This means that a small investment in cryptocurrency today can bring a massive ROI in few years. People buy and HODL (Hold on For Dear Life) cryptocurrency with the hope that it increases in value.
Get Started with Cryptocurrency Payments Processing.
As an eCommerce owner, the more payment processing options your buyers have, the better you are empowered to connect with buyers innovatively with loads of benefits. Cryptocurrency payment processing provides a low cost, easy way to accept online payment in bitcoin or its alternatives from anyone, anywhere in the world.
Cryptocurrency Merchant Services
Cryptocurrency is now accepted as a means of payment online and in-person. For online transaction, a payment gateway that accept cryptocurrency is required. Finding companies that offer cryptocurrency payment solution is straightforward as there are several providers offering plugins for website using; WordPress, Joomla, Magento, WooCommerce, and SaaS hosted carts like Shopify. Kindly contact us for experts’ review and recommendation.
Integrate Cryptocurrency Payments
Integrating cryptocurrency payment processing on your eCommerce store can be done by you or an expert. All you need to do, if you have a basic developer skill, is to install open source plugins or other cryptocurrency payment integration solutions. When you’re done, your website will feature a checkout process that that will include the option for bitcoin, ethereum, ripple or other cryptocurrencies of your choice.
Accept Person-To-Person Payment
The easiest way to accept bitcoin or other cryptocurrencies as a merchant is in-person. You simply tell your customer to send the equivalent amount of the cryptocurrency to your digital wallet. This is quite similar to cash-in-hand payment.
The Benefits of Accepting Cryptocurrency payments
The borderless nature of cryptocurrency allows you to conveniently transact with customers anywhere in the world, through any internet-enabled device.
Lower Transaction Costs
Accepting cryptocurrency payments comes with the benefit of a flat transaction fee. With blockchain payment, you won’t be paying steep international transaction fees as you would do with a standard merchant account for fiat transactions
Higher Security Level
Blockchain transactions are stored on a digital distributed ledger. You don’t store expose your financial data or that of your customers to identity theft or other fraudulent practices. Plus, your sales are secure since there are no chargebacks.
Unlike the manipulated or controlled fiat currencies, the decentralised nature of cryptocurrencies eliminates the influence of political or economic circumstances.
Public Relation Value
What’s more? When you accept cryptocurrency payment, you win the respect of your current and potential customers by showing them that your business is tech savvy and in tune with the future of money.
How can we help you?
Our expert cryptocurrency advisors possess comprehensive knowledge of cryptocurrency merchant services. They will provide you with the necessary information required to set up and manage a cryptocurrency payment processing solution for your business or your new ICO. We simplify our consultation and explain the features of cryptocurrency in a language that everyone understands.
Kindly reach out to us today to position yourself in the center of cryptocurrency payment solutions.