Bitcoin is one of the most popular cryptocurrencies, with a capitalization of about $1.17 trillion as of early March 2023. There are more than 19.5 million coins in circulation.
Accepting Bitcoin payments is becoming increasingly popular for entrepreneurs selling goods and services abroad. In this article, we will discuss the main advantages of using this cryptocurrency and give you 10 reasons to connect a cryptocurrency payment gateway.
Bitcoin as a Means of Payment: Main Advantages
1. Low commission
When choosing a payment method on a website, the transaction fee plays an important role. On average, bank transfer fees range from 1 to 3% of the transaction amount.
Bitcoin payments are made without the involvement of an intermediary. A blockchain network fee is charged for the transaction, and it is typically lower than the bank fee. It affects the speed of payment and can be calculated by the user.
2. Can be used to accept payments worldwide
Bitcoin as a means of payment is a generic world currency that does not require conversion and does not depend on the exchange rate. Connecting a cryptocurrency payment system allows entrepreneurs to sell their goods and services worldwide without restrictions and automate the acceptance of funds.
3. Technological advantage over competitors
Bitcoin payments are becoming increasingly popular. Major companies such as Airbnb, Adidas, Microsoft, and Nintendo accept the cryptocurrency. Start-up entrepreneurs are also gradually introducing this payment method.
Bitcoin acquiring is not only an additional payment option for your website, but also creates an image of a modern, tech-savvy brand.
4. Transactions are conducted non-stop
Bitcoin payments are made directly without the involvement of a third party such as a bank. It provides a significant advantage: transactions do not depend on the mode of operation of the intermediary organization. Bitcoin payments are performed 24 hours a day, seven days a week. This scheme of work is convenient for accepting payments from abroad: the time difference due to time zones will not delay the transaction.
5. Fast payment processing
In addition to the ability to send and receive payments every day without interruption, the absence of an intermediary provides another advantage — the speed of payment processing. Approval of a transaction by the blockchain network usually takes 10 minutes.
By raising the fee, you can speed up a Bitcoin transaction. An additional fee for miners' services allows you to «attract the attention» of the program and get a faster transfer confirmation.
6. Lack of centralized control
The laws of any particular state or authority do not regulate Bitcoin. With restrictions from international payment systems, Bitcoin is a suitable currency for transferring payments abroad and receiving payment for its services.
7. Private data security
Blockchain technology ensures the protection of personal data. No identity confirmation is required for a transaction, and the system does not store user information. Transactions are completely anonymous.
Data security is an important factor that users focus on when choosing a company. Adding the most secure payment method can increase audience loyalty and attract new customers.
8. Fraud protection
Irreversible payments protect entrepreneurs from fraudulent transfers. A regular bank or payment system can cancel a suspicious transaction, while the entrepreneur will not be compensated. The use of Bitcoins eliminates such refunds and related losses.
9. Investment Opportunities
Bitcoin can be used to invest in other products and projects or to make donations. In addition, Bitcoin itself can serve as an investment — changes in the exchange rate allow you to earn money on the purchase and sale of this currency.
10. Seamless connection of a payment gateway
Crypto processing for a website is the acceptance and processing of cryptocurrency payments. Unlike connecting a regular payment system, the integration of crypto acquiring usually takes a couple of minutes. At the same time, the entrepreneur does not need to go through a multi-step verification procedure.
For example, to connect the CryptoCloud service it is enough to register on the website, fill out a short form with information about your project and choose a suitable connection method.
Bitcoin Payment Processing
Bitcoin acquiring serves as an additional way to pay for goods and services in an online store or application, and also helps to increase conversion to purchase. Moreover, its integration does not require a mandatory rejection of the usual acceptance of payments via bank card or e-wallet.
Cryptocurrency processing is the most convenient way to process crypto payments. CryptoCloud service helps entrepreneurs to accept cryptocurrency payments and withdraw the received funds in a short period of time. If you have any questions about connecting crypto acquiring, please go to the FAQ section or contact our technical support.