With the development of technology, business methods are rapidly improving. In order to remain competitive, it is necessary to take into account customer preferences, including integrating various payment methods. One of the popular ways that arose relatively recently and has a tendency to increase is by paying for goods and services with cryptocurrency.
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Digital currency has become increasingly popular in recent years, especially among young people. Today, dozens of large companies accept cryptocurrencies for payment, such as: Microsoft, Amazon, PayPal, KFC (in Canada), Shopify, Expedia, Greitai, Playboy, Subway, Shopify, Virgin Galactic and others.
What is cryptocurrency?
Cryptocurrency is a form of digital money. They are mainly associated with online transactions and use encryption technology to protect and verify payment transactions. The main feature of cryptocurrencies is the lack of an administrator, both external and internal. Therefore, the tax and judicial authorities, traditional financial institutions, can not affect the operations performed in the payment system. The most famous cryptocurrency is Bitcoin, created by Satoshi Nakamoto in 2009. Despite the fact that bitcoin is most often used to make payments, there are other popular cryptocurrencies. The appearance of some of them was associated with the desire of developers to fix the shortcomings of bitcoin.
Ethereum (from the English ether – “ether”) is both a cryptocurrency (the second most popular after bitcoin) and a functional decentralized environment that has modernized the entire IT sphere. The Ethereum platform was launched by Vitalik Buterin in 2015 to operate decentralized applications based on blockchain using smart contracts.
Litecoin (from the English lite – “easy”, coin – “money”) is a virtual currency created by Charlie Lee in 2011, which is characterized by faster confirmation of transactions than Bitcoin. In addition, Litecoin is a fully decentralized payment system based on an open source code that allows you to protect and control your finances.
Dash (from the English. Dash – “rapid”) is the first digital currency using the mechanisms of anonymity and confidentiality of transactions. Dash was developed by Evan Duffield in 2014 on the basis of the blockchain. Dash was formerly known as Darkcoin and XCoin.
What is a merchant cryptocurrency account for?
In addition to the obvious need to develop a business and take into account the preferences of customers, there are many reasons why it is beneficial for you to ensure the adoption of cryptocurrency as a payment.
- Due to the decentralized structure of payments, information on transactions is transmitted directly online to the seller without the participation of third parties, as well as without hidden fees.
- Security is one of the main advantages for both sellers and buyers. Multi-level encryption technology provides additional security during transactions and reduces the risk of identity theft and fraud.
- Using cryptocurrency allows you to forget about refunding companies related to high-risk businesses.
- Cryptocurrency processing fees are lower than credit card processing fees.
- Cryptocurrencies are accepted both in a separate state and around the world. Transactions are also faster with no additional fees for international payments.
- Customer satisfaction is another important aspect. Cryptocurrency processing will help to stand out among competitors and attract new buyers, as well as provide the opportunity to serve a wide audience.
Would you like to connect a Cryptocurrency Merchant Account to your business?
Risks associated with price volatility, difficulties in processing payments in real time, and the unregulated digital currency from financial institutions, make it difficult to find a company to open a high-quality merchant account. Wellcoinpay offers high risk business solutions. We have an extensive network of acquiring banks and significant industry experience, we provide comprehensive solutions for processing merchant accounts, including a secure payment gateway for cryptocurrencies and a terminal for outlets to accept payments both physically and online. Our team provides round-the-clock customer support. For active Internet users, Wellcoinpay offers a payment gateway for buying cryptocurrency using a debit or credit card.