As people discuss the future of digital assets, one thing is clear: the exchange worth significant market share will be those that embrace crypto. True digital coins have no tangible backing, but their blockchain setup creates a legitimate form of currency that is revolutionizing the way we do business. Companies embracing crypto are experiencing unparalleled access to distant consumer pools and missing valuable opportunities is becoming increasingly risky.
The reasons crypto payments are becoming popular are rising, including major companies like Gucci and PayPal accepting them as well as Visa permitting crypto payment options. A growing number of businesses are seeing the benefits of integrating cryptocurrencies into their business model as they realize how it can improve efficiency and save time and money. By accepting crypto payments, businesses can tap into a new customer base that was previously unavailable to them.
Discover the Growing Popularity of Digital Currencies
The popularity of digital currencies has been growing exponentially in recent years. The crypto industry exploded back in 2017, with Bitcoin's market capitalization reaching all-time highs. Institutional investors joined the game and mid-sized businesses started accepting cryptocurrency as a form of payment.
Popular coins such as Bitcoin and Ethereum offered five-digit percentage returns for those who were brave enough to invest. In November 2021, Bitcoins price hit an all-time high, making it clear that purchasing crypto was no longer just a trend but a reliable investment option. Multiple platforms now offer easy access to buying and selling digital currencies, making it accessible to both institutional and retail investors.
Even traditional financial institutions are taking notice of the crypto boom. A US-based technical risk insurer has announced plans to start offering coverage for digital assets starting in 2021. As more businesses accept cryptocurrency as payment and more people invest, it's safe to say that the popularity of digital currencies is here to stay.
Quick Comparison: Embracing Cryptocurrency or Credit Cards?
Credit cards and cryptocurrencies share similarities in that they allow people to pay electronically for goods and services. For businesses specifically, both options can be used for in-person transactions as well as for online sales. However, a side-by-side comparison illustrates that key differences lie between the two.
One of the main advantages of cryptocurrency is its decentralized nature, which means it's not controlled by any government or financial institution. This makes it more secure against fraud and identity theft. On the other hand, credit cards are still subject to potential hacking and data breaches. Additionally, while credit card payments often come with high transaction fees, using cryptocurrency can be much cheaper and faster for businesses. Ultimately, it comes down to whether a business is willing to take on the risks associated with cryptocurrency adoption versus continuing to rely solely on credit card payments.
Begin Accepting Crypto Payments: A Simple Guide
Accepting crypto payments lets merchants tap into a whole new market of customers. The process for accepting crypto payments is straightforward: just create a supported cryptocurrency wallet address and display a QR code for customers to scan. Crypto transactions are fast, with an average transaction time of ten minutes or less.
To accept bitcoin payments, merchants need to create a decentralized bank account by generating a private key and public ledger. Once the wallet is set up, merchants can start accepting crypto payments by displaying their wallet address as a QR code. Unlike traditional payment methods where fees and limits are set by the payments company, cryptocurrencies offer instant transaction times and limit volatility.
Accepting cryptocurrency payments also means you're accepting bitcoin transactions, which can increase sales and customer loyalty. While the cryptocurrencys price can fluctuate rapidly, merchants have the option to hold onto their coins or convert them into fiat currency immediately after receiving them. With minimal setup costs and no ongoing fees, accepting crypto payments can open up exciting opportunities for small businesses looking to expand their revenue streams.
Why accept crypto payments?
As mentioned earlier estimates show that only a small portion of small businesses accept cryptocurrency payments. However, there are plenty of reasons why small business owners should start accepting crypto payments.
One main reason is that accepting bitcoin payments helps your business expand its international reach. The decentralized nature and blockchain technology behind crypto payments allow for easy cross-border transactions without the need for traditional fiat payments. Additionally, crypto transactions incur lower processing fees than traditional payment processors or bank transactions which can improve business efficiency and challenge competition.
Despite the high volatility associated with accepting crypto payments, pro-crypto payment business owners revealed fantastic advantages. Crypto adoption can be seen as a survival strategy for small businesses looking to meet customer demand and improve their bottom line. Innovative companies are taking advantage of this trend by integrating crypto payments into their services to benefit from the potential growth in this market.
Innovative Payment Convenience: Gocrypto Payment Solution
Global payment solution Gocrypto aims to ease crypto transactions for holders of crypto wallets and exchanges. The technology developed by Gocrypto enables small business owners to accept cryptocurrency payments as easily as they would accept local currency. Simply put, Gocrypto helps all stakeholders involved in the payment process - shop owners, customers, and merchants.
Accepting cryptocurrency payments can be a tricky endeavor for small business owners, but Gocrypto managed to create a viable payment solution that works seamlessly. The network of merchants accepting Gocrypto payments is growing steadily, and the platform supports multiple cryptocurrencies including Bitcoin Cash (SLP), Blockchain Smart Bitcoin Cash (SmartBCH) Chain, Binance Smart Chain (BSC), Solana (SOL), and more.
Gocrypto's GOC token is a multi-chain utility token issued on different blockchains such as the Bitcoin Cash (BCH) protocol, Ethereum (ETH) network, Binance Smart Chain (BSC), and Solana blockchain. With this level of flexibility, Gocrypto is redefining how we think about global payments in a world where cryptocurrencies are becoming increasingly mainstream.
1. GoCrypto history
The GoCrypto crypto payment application has an interesting history. Originally launched in Slovenia, the company quickly expanded to other European countries with the help of crypto experts. Now, it's the fastest-growing crypto payment network with a presence in 66 countries and counting. With GoCrypto, businesses can receive instant crypto payments from customers using over 50 cryptocurrencies supported by wallets like Bitcoin.com Wallet, Elly Wallet, and Binance Pay.
But that's not all - exciting developments are on the horizon for GoCrypto in 2022. In December 2021, Eligma released GoCrypto 2.0, a user-friendly protocol for decentralized payments that enables automatic processing of digital payments. The payment process runs through auditable smart contracts, making it a completely transparent system without any central entity involved. This means businesses can accept virtually any desired cryptocurrency without worrying about intermediaries or high fees. Keep an eye on GoCrypto's roadmap for even more innovations that will bring crypto into everyday life!
2. How exactly does GoCrypto work?
GoCrypto payments solution aims to facilitate global mass adoption of crypto payments by helping merchants integrate an effective crypto payment processor into their existing merchant POS systems. The GoCrypto software works in conjunction with a hardware point-of-sale (POS) device, which allows for seamless transactions using QR code technology.
When a customer wishes to pay with cryptocurrency, they simply scan the QR code displayed on the merchant's POS system using their compatible crypto wallet. A smart agreement is then established between the clients wallet and the GoCrypto gateway, allowing for funds to be transferred from the clients wallet to the merchants settlement account. A service fee is collected automatically and deposited into the merchant settlement account, making it easy for businesses to accept and manage crypto payments.
Frequently Asked Questions
Are people paying taxes on crypto?
Yes, people are required to pay taxes on cryptocurrency transactions as per the guidelines of their respective countries' tax laws. The tax liability depends on factors such as the type of transaction, holding period, and gains or losses made.
How much does it cost to accept crypto?
The cost to accept crypto varies depending on the payment processor you choose. Some processors charge a flat fee per transaction, while others charge a percentage of the transaction amount. Additionally, some processors may offer lower fees for high volume transactions.
Which cryptocurrencies are accepted by payment services?
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are among the most commonly accepted cryptocurrencies by payment services.
Which stores accept cryptocurrency?
Major stores such as Microsoft, Overstock, and Expedia accept cryptocurrency. However, the number of stores accepting cryptocurrency is increasing rapidly so it's best to check with individual stores directly.
Can you pay your taxes in crypto?
Yes, it is possible to pay your taxes in crypto but it depends on the tax authority's regulations and acceptance of digital currencies as a form of payment. It is recommended to check with your local tax authority for their policies on accepting cryptocurrency payments.