Bacancy Bacancy
  • Customers

      Fortune 500 Clients

      Verizon
      Verizon
      Franklin Templeton
      Franklin Templeton
      The Container Store
      The Container Store
      KPMG
      KPMG
      AdviceWorks
      AdviceWorks
      Bridgestone
      Bridgestone
      NatWest Markets
      NatWest Markets
      Shell
      Shell
      Bangkok Bank Ltd
      Bangkok Bank Ltd
      The Children's Place
      The Children's Place
      Edward Jones
      Edward Jones
      United Parcel Service
      United Parcel Service
      Academy Sports & Outdoors
      Academy Sports & Outdoors

      Case Studies

      React JS VueJS Angular JS React Native Flutter Full Stack
      Ruby on Rails Node JS Golang AI & ML Data Science Java
      Python Salesforce DevOps Block Chain Mobile App Embedded & Hardware

      Industries

      Information Technology BFSI Education Marketing & Advertising Manufacturing Retail Logistics & Transportation
      Healthcare eCommerce Public Services Travel & Hospitality Cloud Telecommunications Real Estate
      Explore All
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
  • what we do

      Experience

      Digital Workplace Services Product Enhancement

      Insights

      AI & Automation Data Analytics

      SAP Solutions

      SAP Consultation

      Innovate

      Robotic Process Automation Software Engineering Services Internet of Things (IoT) Data Science Artificial Intelligence Machine Learning

      Accelerate

      Cloud - Bacancy Combat Digital Process Automation Open Source Microsoft Dynamics Salesforce

      Assure

      Quality Assurance IT Staff Augmentation

      Embedded & Hardware

      Product Engineering Analog Design Services FPGA Engineering Service Wireless Design Embedded Software Design

      not list

      Hardware Engineering Power Engineering IoT Hardware
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
  • who we work with

      Industries

      Banking Financial services & Insurance Startups Oil & Gas

      not list

      Healthcare Life Science Real Estate & Construction Logistics
      bacancy

      Let’s grow together Partner with us

      get quote
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
  • about us

      Culture

      Agile Mindset Bacancy Values Bacancy Culture

      About Company

      About Us Leadership Team Awards & Recognition Infrastructure

      not list

      Customer Reviews Our Locations Partnership Media Coverage

      WE ARE

      GREAT PLACE TO WORK - CERTIFIEDTM

      Building and sustaining High-Trust, High-Performance CultureTM

      Bacancy Great Place to Work
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
  • technology

      Front End

      Angular Reactjs Vue.js UI/UX

      Platforms

      MS Dynamics Salesforce

      Back End

      Ruby on Rails Node.js Golang Laravel .NET Java Python

      Mobile

      React Native Flutter Android iOS

      Cloud

      AWS DevOps

      QA

      Automation Testing Software Testing

      Embedded & Hardware

      Embedded
      bacancy

      World-class expertise,Delivered

      get quote
      Explore All
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
  • PRODUCTS

      EV Products

      Battery Management System Motor Controller AC Charger Explore All

      not list

      CCS2 Controller DC Fast Charger AC Charge Controller
      bacancy

      Let’s grow together Partner with us

      get quote
      skype-icon

      Skype ID

      bacancy
      gmail-icon

      Email Us

      [email protected]
      call-yellow-icon

      USA

      +1 347 441 4161
      wp-icon

      UK

      +44 127 479 2316
hire developers

Bacancy

Bacancy represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™.

12+

Countries where we have happy customers

1050+

Agile enabled employees

06

World wide offices

12+

Years of Experience

05

Agile Coaches

14

Certified Scrum Masters

1000+

Clients projects

1458

Happy customers

  • Customers
      Case Studies
      • React JS
      • Angular JS
      • Vue JS
      • Node JS
      • AI & ML
      • Explore All
      Fortune 500 Clients
      • Verizon
      • The Container Store
      • KPMG
      • Academy Sports & Outdoors
      • Bangkok Bank Ltd
      • The Children's Place
      • Edward Jones
      • Franklin Templeton
      • AdviceWorks
      • NatWest Markets
      • Bridgestone
      • United Parcel Service
      Industries
      • Information Technology
      • BFSI
      • Education
      • Marketing & Advertising
      • Manufacturing
      • Retail
      • Logistics & Transportation
      • Healthcare
      • eCommerce
      • Public Services
      • Travel & Hospitality
      • Cloud
      • Telecommunications
      • Real Estate
  • What we do
      Experience
      • Digital Workplace Services
      • Product Enhancement
      Insights
      • AI & Automation
      • Data Analytics
      SAP Solutions
      • SAP Consultation
      Innovate
      • Blockchain
      • Software Engineering Services
      • Internet of Things (IoT)
      Accelerate
      • Cloud - Bacancy Combat
      • Digital Process Automation
      • Open Source
      • Microsoft Dynamics
      • Salesforce
      • Service Experience Transformation
      Assure
      • Testing
      • Resource Augmentation
      Embedded & Hardware
      • Product Engineering
      • Analog Design Services
      • FPGA Engineering Service
      • Wireless Design
      • Embedded Software Design
      • Hardware Engineering
      • Power Engineering
      • IoT Hardware
      • AL/ML
  • who we work with
      Industries
      • Banking Financial services & Insurance
      • Startups
      • Oil & Gas
      • Healthcare Life Science
      • Real Estate & Construction
      • Logistics
  • About Us
      About Company
      • About Us
      • Leadership Team
      • Awards & Recognition
      • Infrastructure
      • Our Locations
      • Partnership
      Culture
      • Agile Mindset
      • Bacancy Values
      • Bacancy Culture
  • Technology
      Front End
      • Angular
      • Reactjs
      • Vue.js
      • UI/UX
      Platforms
      • MS Dynamics
      • Salesforce
      Back End
      • Ruby on Rails
      • Node.js
      • Golang
      • Laravel
      • .NET
      • Java
      • Python
      Mobile
      • React Native
      • Flutter
      • Android
      • iOS
      Cloud
      • AWS
      • DevOps
      QA
      • Automation Testing
      • Software Testing
      Embedded & Hardware
      • Embedded
      Explore All
  • Products
    • Battery Management System
    • Motor Controller
    • CCS2 Controller
    • AC Charger
    • DC Fast Charger
    • AC Charge Controller
    • Explore All
  • Careers
  • Work @ Bacancy
  • Blogs
  • Resources
  • Customer Reviews
  • Contact
  • Get Quote

How Accepting Cryptocurrency As a Payment Can Help You Expand Your Business Globally

Cryptocurrency As a Payment Can Help You Expand Your Business Globally
Last Updated on October 12, 2021 | Written By: Riken Solanki
December 4, 2017 6 min read

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units and to verify the transfer of assets.

Wikipedia

Ever since the introduction, cryptocurrency has gained an immense acceptability and Bitcoin was the first financial player that has gained a sinister reputation. At present, it has become a preferred financial medium and most commonly it is being used to buy and sell goods as well as services online. Small businesses have started accepting cryptocurrencies as currency, not just as an investment or commodity. As there are definite benefits of accepting Bitcoins for the small businesses.

In the comparison of existing payment method, it is relatively a new payment method and not too many entrepreneurs and businesses are aware about its advantages and tax implications. Still, it is becoming increasingly popular.

Cryptocurrency is a hybrid digital currency and commodity. Cryptocurrency – widely known as digital currency is being used to store value just like any other fiat currency and it has exchange rate for most of the existing legal tender around the world. Almost all the kind of cryptocurrencies have a fixed supply, and this is what making them a precious metal just like gold and platinum. In order to use cryptocurrency, you will be required to open a cryptocurrency wallet account. These wallets are similar to the bank account explicitly for cryptocurrency.

Incase if you want to make purchases of cryptocurrency, then choose cash as an open exchange option and buy it from the most trustable and widely used platforms like Coindesk, Coinbase, and Bitpay at a stated exchange rate. You can make use of cryptocurrencies to buy goods/services at contributing businesses who have wallets and are willingly ready to accept cryptocurrency payments.

Wallets inbuilt have an option to convert the incoming cryptocurrency to cash, letting merchants “cash out” any cryptocurrency sales into a foreign or native currency. You can also store cryptocurrency in your wallet for later use. Conventionally, fiat money is formed by a sovereign government when it prints currency and controls it via a central bank. In such case, the currency that is created by the government is distributed via a treasury and it is tracked by a central banking system that manages and issues the currency via a centralized ledger.

On the other hand, cryptocurrencies are created by the tech savvy individuals known as “miners.” Such miners let the cryptocurrency algorithms access their computing power to preserve a decentralized ledger of transactions on the Blockchain. In return, miners create new cryptocurrencies known as “coins”. There is no central authority or entity to manage and access.

Miners are the only people who solely have right to generate cryptocurrency. Such coins they mine can be used by consumers and businesses to exchange for purchase goods, sovereign currency and services, as well as to keep as an appreciating asset. Cryptocurrencies are restricted to a fixed amount of coins and that can never be mined.

Cryptocurrency & How It’s Impacting Small Businesses

Entrepreneurs or small business owners won’t be sure like how cryptocurrencies will affect their operations. It is because there are pros as well as cons with these new digital currencies. At present, multinational establishments such as Amazon, Microsoft, Overstock.com, and other top-notch brands on this list is accepting Bitcoin, the most widely used cryptocurrency. These multinational corporations have encouraged small businesses to follow suit. Still, it’s significant to understand how cryptocurrency can positively or negatively affect your business before you make a firm decision.

Cryptocurrency offers a quick yet less expensive way to accept customer payment in the comparison of traditional payment type like a credit card. Let me get you through the 4 favorable ways like how Cryptocurrency positively affects your small businesses.

1. No Processing Fees

All the digital payments have processing fees. When you accept credit cards, you’re typically charged 2% – 3% by your credit card processing company. This is also the case with PayPal or Stripe. On the other hand, cryptocurrency doesn’t have any processing fees as there is no intermediary. Cryptocurrencies act as a peer-to-peer digital currency and use decentralized ledgers, means that you don’t have to pay anyone to facilitate the transactions. It means you can pass on your savings to your customers with lower prices.

2. High Transaction Speed

Transactions happen in real-time. Like how, it takes roughly 10 minutes to verify and facilitate a transaction from one person’s wallet to another. There are even cryptocurrencies like Ethereum and Litecoin that verify transactions in as little as 20 seconds. So, the coins are deposited into the merchant’s wallet in less than 10 minutes.

3. All Transactions are Final

Similar to the credit card transaction, all the cryptocurrency transactions are final. Merchants can better control their return policies and eliminates the risk of chargebacks and other things that might eat your revenues. It is also favorable for the businesses with customer fraud, such as when fake credit cards or bills are used or incase a customer fraudulently disputes a valid transaction.

4. More Payment Options for Customers

The more payment option a small business offers, it’s better for their ROI. As per the payment [processing survey, it has come to the notice that consumers use as many as 5 different payment types. If a small business is planning to accept cryptocurrency, then there is undoubtedly a potential chance of attracting a wider customer base.

Cryptocurrency and Your Small Business: What You Must Know

As Cryptocurrency and Your Small Business: What You Must Knowa general rule of thumb, let’s have a look what the Chief Investment Officer and Post Modern Marketing has to say.

cryptocurrency cryptocurrency

Still, if you are planning to choose cryptocurrency as a small business, it won’t hurt to accept all types of cryptocurrencies. This is because most merchant wallets are not limited to accepting all forms of coins, but also automatically alter any sales transaction to the business’s base currency.

Cryptocurrency: Facts & Figures

Bitcoin is one of the most common type of cryptocurrency that was created as a peer-to-peer electronic cash system. Since the launch of Bitcoin there have been as many as 2000 various types of cryptocurrencies are available. The cryptocurrency market driven journey is based upon supply and demand. Almost all the cryptocurrencies have a fixed supply of coins that can be mined; however, the demand is typically speculative and volatile, causing large swings in the value of most cryptocurrencies.

The current total market capital of all the cryptocurrency is $347,609,733,669. Whereas the total number of crypto-bank account is ~17 million, more than doubling in the past year alone. It has resulted in an explosion of cryptocurrency transactions. Only Bitcoin itself boasts to exceed daily transactions of 150k – 375k globally.

For the small businesses it is completely favorable to accept cryptocurrency if they’re B2C; however, it is advisable to think twice if they’re B2B. Being a small business owner, it’s an opportunity to become an early adopter and stand apart your business from the herd. Consider the listed above advantages and implement cryptocurrency into your business to expand your consumer base, cut business costs and ensure your business and your customers are secure in the age of digital security breach.

The Bottom Line

If you are planning to start accepting Cryptocurrency as a payment for your small business, then you should undoubtedly get in touch with Bacancy Technology. We design and build business-driven, decentralized cryptocurrency exchange platforms. We are always committed to provide services that we know will be the most effective in creating lasting and impactful impression. Our skillful designers and dexterous developers work closely to create best Cryptocurrency software development and cryptocurrency exchange software development services.

For any further assistance, just drop us an email at [email protected] to get an ongoing support regarding Cryptocurrency development services. Feel free to contact us in case of any queries.


Expand Your Digital Horizons With Us.

Start a new project or take an existing one to the next level. Get in touch to start small, scale-up, and go Agile.


Or
E-mail us : [email protected]

Your Success Is Guaranteed !

Related Articles

Blockchain Predictions
Chandresh Patel

January 28, 2019

Blockchain

Blockchain Predictions for 2019: The Potential Technology will Surely Revolutionize the World

By : Chandresh Patel

2019: Finally Blockchain Seems to be Travel in the Right Direction Following the Initial Coin Offer – ICO boom in 2017-2018 along with Cryptocurrency –...

4 Minute Read
Read More
An Introduction To Your Security Token Marketing
Chandresh Patel

December 26, 2018

Blockchain

An Introduction To Your Security Token Marketing

By : Chandresh Patel

Like any ideas that may come to your mind, even a project related to the launch of an ICO (Initial Coin Offering) should be disseminated...

5 Minute Read
Read More
HSBC, ING carried out trade transaction for RIL via blockchain
Rajiv Mehta

November 5, 2018

Blockchain > Technology News

HSBC, ING Carried Out Trade Transaction For RIL via Blockchain

By : Rajiv Mehta

In a first of its kind for India, HSBC and ING Bank Brussels have facilitated the trade finance transition with Reliance Industries and Tricon energy...

2 Minute Read
Read More

How Can We Help You?

india India (HQ)

Corporate House
15-16, Times Corporate Park, Thaltej, Ahmedabad, Gujarat 380059

USA USA

601 Brickell Key Drive, Suite 700, Miami, Florida, 33131, USA

canada Canada

71 Dawes Road, Brampton, On L6X 5N9, Toronto

australia-flag Australia

351A Hampstead Rd, Northfield SA 5085

UAE UAE

1608 Clover Bay, Business Bay, Dubai, UAE. PO Box 62049

sweden Sweden

Junkergatan 4, 126 53 Hagersten


Get in Touch

call-yellow-icon

Contact Number

+1 347 441 4161

gmail-icon

Email Us

[email protected]


  • Employee
  • Brochure
  • Quality Assurance
  • Resources
  • Privacy Policy
  • Sitemap
  • Solutions
  • Careers
  • Testimonials
  • Tutorials
  • QandA
  • Contact Us
  • bacancy google review 4.6
    bacancy google review
    bacancy glassdoor review 4.5
    bacancy glassdoor review
    bacancy clutch review 4.8
    bacancy clutch review
    bacancy goodfirms review 4.5
    bacancy goodfirms review
    iso
    X

    Get Our Newsletter

    Be The First To Get The Latest Updates And Tutorials.

    Request A Free Consultation