Granted, there is some controversy and challenges with the use of cryptocurrency, but many business owners are quickly embracing it for several reasons.
One, transactions can process quickly. In fact, transactions happen in real time, or within a few minutes, and sometimes in a few seconds. High transaction speeds are an added bonus.
Businesses can also avoid fraud and charge-backs because both parties must first approve each transaction before it goes through.
Such transactions can save you money, too.
U.S. merchants have paid more than $78 billion in fees related to credit and debit card processing, notes Business.com. However, since cryptocurrency is decentralized, they don’t require a bank to verify transactions. That means the possible elimination of fees.
With new technologies and features to decrease transaction costs and provide instant settlements, coins become even more appealing with time.
Growing Acceptance in Global Community
Expedia, Subway, PayPal, and Microsoft are just a few of the companies that already accept cryptocurrency payments.
Even Overstock.com announced their acceptance of cryptocurrencies as a form of payment. They now accept Bitcoin, Ether, Litecoin, Dash, and Monero, for example.
Whole Foods, Bloomberg, BigFishGames, Dish Network, and Intuit accept it, too.
However, that list may grow even more after Coinbase.com released a new plug-in. This now gives millions of sites the power to accept cryptocurrencies, including Bitcoin, Litecoin and Bitcoin Cash.
According to the Coinbase blog:
“For merchants using WooCommerce, one of the most popular eCommerce platforms on the web, it’s now easier than ever to start accepting cryptocurrencies as a form of payment. The widely-used plugin powers more than 28% of all online stores — and all of them now have access to cryptocurrency payments from customers around the world. This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”
As Ethereum co-found Vitalik Buterin recently tweeted, “I personally think the current level of adoption is imbalanced, i.e. there’s relatively speaking too much investment and not enough usage.” However, it would appear that’s quickly changing.
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