Pros of using cryptocurrency in business

  • It is secure and fast.
  • Growth of the company. Using cryptocurrency in your business emphasises the important emerging space for currency evolvement.
  • Creates an avenue for gaining high profits. Providing your clients with as many payment options as possible ensures better user engagement and conversion rates.
  • It reduces friendly fraud (chargeback fraud). In cryptocurrency, it is almost impossible to do chargeback fraud.
  • Low transaction fees. Binance, the world's best-known crypto-trading company, charges a mere 0.04 - 0.10 per cent fee on transactions.
  • Removes the middleman.

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Pros and Cons of Using Cryptocurrency in Business

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Cryptocurrency as a mode of payment

In the financial transactions sphere, we have various modes of payment for goods and services. For example, we have PayPal, Amazon Pay, Apple Pay, cryptocurrency, etc.

Cryptocurrency is a relatively new system that people still try to figure out. There are currently over 2,000 types of cryptocurrency.

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  • It's highly volatile. The values can vary considerably.
  • It is not widely accepted. Digital currencies are still foreign to some people.
  • Complex set-up process. Setting up your cryptocurrency payment options may need extra time and effort.
  • You are solely responsible for protecting your digital assets.
  • Migration. With over 2,000 different cryptocurrencies, other companies and your clients may migrate from one digital currency to another.
  • No established bodies regulate financial activities.
  • Highly vulnerable to scams.

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Cryptocurrency is a digital payment system that bypass banks to verify transactions, making the financial processes more accessible and faster.

Cryptocurrency involves using virtual tokens or coins by private individuals and companies for operational and transactional purposes and investments.

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1. The total amount of bitcoin is limited:

That’s right. If you thought it would be possible to buy an endless amount of crypto, think again. Cryptocurrency is a limited resource, like gold or oil. This is why currencies like bitcoin continue to increase in value as the supply goes down. Investors know that somewhere down the road, the number of bitcoins and alt currencies available will come to an end.

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15 Important Facts about "Cryptocurrency"

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Bitcoin was born from a crisis

In the middle of the 2008 banking crisis, a group of anarchists, libertarians, and other tech-savvy true believers created digital cash.

In August 2008, bitcoin dot org was registered as a domain. On Halloween the same year, Satoshi Nakamoto put up a whitepaper describing a decentralised system of electronic transactions that did not involve a financial institution.

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How bitcoin grew up and became big money

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What is Bitcoin (BTC)?

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.”

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Bitcoin price today, BTC live marketcap, chart, and info | CoinMarketCap

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