How Crytocurrency Could Revolutionize Businesses
The widespread internet usage has paved the way for the development of virtual currency – cryptocurrency. However, the popular form of cryptocurrency is bitcoin it gained traction, and people began to trade and invest in it across the globe, despite the trade not being regulated. This cryptocurrency brings in various reasons for people to own as some prefer to stock cryptocurrency as value due to the restricted supply of bitcoins and its similarities. While storing it for speculation that is with the intention to earn more profit as the currency value increases. However, the main reason to own cryptocurrency is to carry out regular transactions such as billing, shopping, and more across the globe. But, how is this cryptocurrency altering the business arena? Let’s take a look.
- Minimizes transaction charges- Any business usually involves a transaction that is carried out through banking like credit or debit cards which come with a certain percentage of extra charges. However, these cryptocurrencies eliminate the need for extra charges as they are not exchanged.
- Eliminates Fraud Activities: The transaction in cryptocurrencies are based on blockchain and thus reduces the fraudulent, also, the payment made through cryptocurrencies could not be reversed and thus keeps the fraudsters at bay.
- No Boundaries for Transaction: The regular banking transaction is usually restricted within the countries. However, cryptocurrencies has no such limitations and enable the customers to make international transaction and trade with ease. This is comparatively cheaper and gives access to different currencies.
- Enables Quick Payments: At times the transaction initiated through the credit or debit cards might take even some days to complete the transaction. But, cryptocurrency enables instant transfer.
- Brings in New Customers: Generally, in any business customers tend to get attracted to new features or things that are introduced. Thus, a cheaper and efficient transaction would certainly attract new customers.
Cryptocurrency in Banking Sector
For a long time now, banks have been our go-to option to safely stock up our money and use it securely as and when required. However, the bank customers are also rising with every passing year. The use of blockchain has given induced the banks to adopt cryptocurrency. The use of these cryptocurrencies could minimize the flaws that are presently found in the banking system. The baking sector being the crucial one to secure customer’s data. These cryptocurrencies could play a vital role in fixing the issue of a data breach as it involves blockchain technology which is known for secured data storage.
Additionally, these cryptocurrencies are saved on the decentralized system of blockchain and thus eliminates the need for middlemen and give the privilege to the customers to perform their transactions independently without any bank assistance. Most importantly, cryptocurrencies cut down the transaction charges and are way too cheaper as compared to traditional transactions, as the regular transaction through debit or credit cards have additional charges while this cryto transaction eliminates those extra charges.
Cryptocurrency in Online Shopping
Now, customers could easily complete their shopping using cryptocurrency for merchant payment. Like PayPal has enabled this feature of enabling its customers to buy cryptocurrency using their accounts and use these cryptocurrencies for merchant payments. This initiative would certainly aid in boosting the company’s record. This would save a lot for the customers while going on to be a shopping spree. While indulging in shopping people tend to buy many things and end up swiping their cards several times. But the use of cryptocurrency could eliminate the unnecessary extra charges laid on each transaction.
Company's statement on adopting cryptocurrency, "Starting early next year, PayPal users will be able to use cryptocurrency to pay for goods or services from merchants who accept PayPal. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with the certainty of value and no incremental fees.”