Over the past few years, the idea of cryptocurrencies has propagated and seen a boom in use while gaining varied public favor and backing from several governments. Companies first hesitated due to its relative newness, but more and more are beginning to join the crypto bandwagon due to the advantages this method of payment produces.
As company setups begin to integrate cryptocurrency and the associated blockchain technology into their operations, an increasing number of benefits have been uncovered, making it a lucrative field for established companies and startups alike.
Stated below are some of the many benefits of using cryptocurrencies in your business operations:
- New Customer Groups
The introduction of cryptocurrency has brought forth an entirely new group of customers who are loyal to the payment method. Companies that have integrated cryptocurrency blockchains have seen an increase in these customers, leading to a bigger customer base and increased sales, which is the goal of any organization.
Many early adopters of Bitcoin and Ether prefer to use these as payment methods thanks to their drastic appreciation over the course of this year, making their current purchases, technically, cheaper when compared to the fiat monetary value they purchased them at.
- Introduction to the Digital Landscape
The use of cryptocurrencies is inadvertently an introduction to digital business. With the recent boom in online shopping due to the pandemic, many companies have expanded their business into the online sphere. SPC Free Zone provides amenities related to e-commerce and promotes the creation of new avenues for income, and opportunities for the business venture’s long-term success which is in alignment with what cryptocurrency seeks to achieve for businesses.
- Competitive Advantage
Venturing into the world of cryptocurrencies earlier than your competitors can result in one of the biggest competitive advantages your company can have. By the time competitors catch up, your venture has already claimed the first mover advantage and the benefits associated with it are yours to claim.
- A Hedge Against Inflation
Trends in the market teach us that cash depreciates over time due to inflation, so idle liquid cash is in fact detrimental to the profitability of an organization. Cryptocurrency provides a capital investment opportunity for individuals and businesses alike to protect their profits against economic forces of inflation and deflation in real-time.
- Lower Transaction Costs
Transacting in cryptocurrencies is cheaper than banking transactions, making it a better alternative than credit or debit cards.
- High Security and Fraud Reduction
Cryptocurrencies are well known for being one the most secure modes of payment as well as possessing low risks with regard to account breaches and frauds. A popular method exploited by fraudsters that call for chargebacks through a reversal of payments at banks is rendered completely useless with the use of cryptocurrencies, which do not allow for payment reversals.
- No Barriers to Trade
Even with the advent of payment gateways allowing any legitimate business to process online transactions, the barrier to entry, fees, processes, and restrictions in place can cause small businesses to lose out on certain markets or not be able to transact online at all.
Transacting with cryptocurrencies has little-to-no barriers to accepting and processing payments on a website. This means that your customers can transact virtually anywhere in the world with no hassle.