Featured article by Jonathan Pereira, writer and content strategist
The world was introduced to the first cryptocurrency back in 2009 and since then it is all everyone is talking about. Today, we live in a world where almost everything is managed in a virtual space. Even through the 2020 pandemic, where multiple industries took a massive hit and the financial market crashed. Crypto continued to grow and it is considered a safe and stable investment compared to the traditional market.
Cryptocurrency is a great alternative to traditional payments as it can be used as a mode of payment for businesses. The technology used in this mode of transaction is found to be more secure and hassle-free. There are many companies in the market today that accept bitcoin and other digital coins for operational and transactional services.
Before you step into the crypto market, make sure you familiarize yourself with the payment processes to avoid any kind of confusion. One of the first steps in creating a crypto exchange account that can store all your digital money. Best Crypto Exchange Australia has reviewed some of the best exchange platforms that can work great for your business.
Here are some benefits your business can achieve if you invest in crypto:
Transactions
One of the biggest benefits in dealing with cryptocurrency is the reduced expense and complications usually caused by the third party. Traditional transactions often ask for several documents, commissions, or certain requirements which lengthen the transfer process. Crypto allows you to make payments directly to clients or suppliers without any middleman. Even if there are any transaction fees, they are much lower compared to traditional transactions.Â
DecentralizedÂ
When you make any transaction online, it is regulated by a third party who keeps track of your payments. Your financial history is stored with the centralized government, which means it is susceptible to any online hacks. With crypto, there is no centralized authority involved in your transactions. Each transaction made in crypto is unique and solely agreed upon by the two parties without any additional charge.
PseudonymousÂ
Any transactions made with crypto cannot be altered or erased from existence. The records are kept on blockchain ledgers that are spread across large computers forever. The unique ID creates a pseudonymous name that cannot be tracked to you. So a business can have multiple IDs and passwords for a single account that are untraceable. Whereas traditional methods require your IP address before approving any online transaction.Â
International TradeÂ
As much as crypto makes regular transactions easy and cost-effective. It has the same impact on international trade which can be quite beneficial for businesses worldwide. If your business deals with a lot of international trades, you will be familiar with the high-interest rates, transaction charges, exchange rate, and other charges which are levied by the specific country. With crypto, you will skip all these processes as you are not bound to any centralized authority. You have complete control over your transactions as they are quick, instant, and most have little to no transaction fee.Â
Strong SecurityÂ
Whether small or large business, owners are always in search of methods that protect the company and their clients. Choosing safe and secured transactions processes will not only build credibility amongst suppliers and clients but also boost business sales. Cryptocurrencies are highly secured as they function under a decentralized authority and are protected by cryptography. The technology ensures that your identity is protected by revealing only your wallet ID to your client or vendor. This makes it harder for cybercriminals to track your transactions and hack your account.Â
AdaptabilityÂ
Cryptocurrency is very easy to use and understand when making payments and other processes. Due to the demand, there are several exchange platforms and digital wallets in the market that are suitable for businesses, individuals, and even regular traders. The crypto market offers great flexibility as it runs 24/7, which means you can make transactions any time of the day without any hassle. This opens doors to new customers who are willing to make crypto coins as payments over traditional transactions.
Diversify Company’s Portfolio
When the world is facing health, geopolitical or economic crises, global currencies are affected. By opting for crypto payment and investments, you can shield your company’s portfolio from unforeseen circumstances. Ever since its launch, crypto has been steadily growing and evolving as people are understanding the benefits of this new trend. Big companies such as Tesla, Microsoft, Starbucks have begun accepting digital currency as payments. If you fail to keep your business afloat with this evolving trend, you might face loss as a company.Â
Bottom LineÂ
Cryptocurrency has had a positive impact on the global financial market so far. However, trends keep changing, and staying on top of them is always good for business. There are several tools that can help you monitor and manage your investments, so make sure you are up to date with the latest developments.
Use these tools to monitor your investment
These aforementioned points are just some of the benefits that your business can receive in investing in crypto.Â
