Cryptocurrency is now being widely used in trading. With the value of several cryptocurrencies going high (turbulence still going on), people are investing more in it. Most people would argue about its feasibility. However, adding crypto payments is useful in so many ways. Here are some insights to why accepting crypto payments is the next step in 2021:
Cheap Payment Worldwide
One of the best advantages of using crypto payments is that it's cheap and available worldwide Unlike other payment methods, such as traditional banks, PayPal, etc. the transaction costs are low whatever you are and you can receive payments for your products or services from anywhere in the world.
It’s Your Property
Since cryptocurrencies are stored in wallets, you can take them anywhere. A cryptocurrency wallet is a device, physical medium, program or service which stores the public and/or private keys for cryptocurrency transactions, and it’s your property. You don’t have to face issues such as monthly deductions or card fees, unlike other methods. This is especially beneficial if you’re running a subscription business. Contrary to this, credit cards and bank deposits are not your individual property. They are managed by banks. Hence, you have to pay for their management services. Third-party interventions often lead to drawbacks. This includes withdrawal limits, payment limits, technical maintenance issues and so much more. If you’re managing something in real-time, then these issues can cause troubles for your performance.
A Banking Option
An estimate shows about 2 billion people don’t have access to bank accounts. However, that doesn’t mean they shouldn’t have a digital crypto wallet. Most of these often use PayPal, Stripe, etc. to accept payments.
Giving them an option to use crypto payments will make it easier for them to interact with your services. The recent investment of Elon Musk’s Tesla is a great example of this. Accepting Bitcoin payments gave Tesla a huge boost since customers were willing were to pay in crypto.
In the same way, you can accept crypto payments yourself. This will diversify your options while giving customers alternative methods of paying. Like always, one should stay with the market or ahead of it. This is why accepting crypto payments is a great choice.
This is perhaps the most important perk of accepting crypto payments. One of the major hassles with other payment methods is that your payment is tracked by the financial organization you’re getting the service from.
However, this doesn’t happen with cryptocurrencies. The code generated via blockchain guarantees encryption, which in return guarantees the integrity of the transactions.
Suppose you’re running a Telegram bot specifically designed for working with customers. In such a case, choosing a payment option that gets third-party interference may not be the best option. In addition, there’s a high chance that your customers would want to have privacy while paying for your services. In such a case, allowing them to pay in crypto is the most feasible option. You get a high level of privacy and anonymity with crypto payments. Hence, it will protect your transactions as well as those that are paying you.
Just now, we mentioned that how transactions using cryptocurrencies are private and secure. However, another perk that comes with it is the traceability option. This option is also secure as only those that are a part of block explorer can trace the transactions. This makes the payments secure since only those with blockchain access can access them. Others not having access will not be able to track or reverse the transactions. In other words, you or your customers don’t have to worry about any third party manipulating the transactions. Moreover, you and your customers can verify payments to check whether the transaction has taken place or not. If you’re having a Telegram bot service, then accepting crypto payments is an important feature to consider.
Multiple Accounts and Addresses
With conventional payment methods, you don’t get to create multiple accounts that are synced with the main account. However, with cryptocurrencies, you get the liberty of creating as many accounts and addresses as you want. This makes it easier not only to manage your money but also to sort it into multiple accounts. It’s also beneficial for someone who’s managing services. All they need to do is to create a separate account for it and transfer the crypto into it. This cryptocurrency would remain undisturbed since it's in a separate account. In addition, several payment addresses can be selected at once to save time on every transaction. Once these addresses are entered, all you need to do is to carry out the transactions, adding all relevant addresses, and payments can be distributed accordingly.
With conventional payments, you often face issues in paying in case the centralized server or device goes down. However, this isn't the case with crypto payments. All the devices in the blockchain are decentralized. Even if one or multiple devices go out of the chain, it won’t disrupt the entire operation.
In a Nutshell
Having cryptocurrency as a payment option brings numerous benefits for your business and your customers. You get to manage payments seamlessly and your customers get to pay easily without hassling with transaction tracking or unavailability.
In other words, if you’re running a service such as Telegram subscriptions, crypto payments may be just what you need as it comes with real-time performance, transactions, and security.