(MENAFN- Fritz Gerald Pasilan)
Business Account for Cryptocurrency
Cryptocurrency brings a lot of conveniences, especially when talking to business and eCommerce. The widespread cryptocurrency, especially bitcoin and ethereum, makes business transactions like trading and payment modes as easy as possible.
Cryptocurrency does not stay still as one of the forms of payment. Still, it can also be one of the best investments, especially that cryptocurrency is proving its volatility for the past years.
A cryptocurrency is a digital or virtual currency that is cryptographically protected, making counterfeiting or double-spending nearly impossible. Many cryptocurrencies are based on blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies are distinguished by the fact that they are not typically issued by a central authority, making them theoretically immune to government interference or manipulation.
As the digital world becomes more popular than we can ever imagine, investing in
business accounts for crypto has more and more benefits. Here is the list of the advantages of investing in a crypto business account.
Advantages of Investing Crypto Business Account
Absence of middle man
Experts believe that cryptocurrencies are the future of our world. They will represent our economy much faster than letters. As a result, an increasing number of online merchants are incorporating virtual currency into their operations.
Cryptocurrency has recently exploded more than expected, and this trend is expected to continue. And you could make a lot of money if you decide to become one of those merchants who accept cryptocurrency payments in your online store. However, there is no guarantee.
However, the decentralized system has only shown a fraction of its benefits to e-commerce businesses. That is why we believe that the sooner you start, the better off you will be. As a result, accepting cryptocurrency payments is critical if you are thinking about starting an eCommerce business.
Privacy and Security
Each time you make a cash/credit system transaction, your entire transaction history may become a reference document for the bank or credit agency involved. This may entail checking your account balances to ensure that sufficient funds are available at the most basic level. A more thorough examination of your financial history may be required for more complex or business-critical transactions.
Another significant advantage of cryptocurrency is that each transaction is a one-of-a-kind exchange between two parties, the terms of which can be negotiated and agreed upon in each case. Furthermore, information is exchanged on a “push” basis, which allows you to send exactly what you want to the recipient – and nothing else.
This protects the privacy of your financial history and shields you from the threat of account or identity theft, which is more prevalent in the traditional system, where your information could be exposed at any point in the transaction chain.
Accessibility
The internet and digital data transfer are the media that facilitate cryptocurrency exchange. As a result, these services may be available to anyone with a working data connection, some knowledge of the cryptocurrency networks on offer, and ready access to their respective websites and portals.
It is estimated that there are currently 2.2 billion people worldwide who have access to the Internet or mobile phones but do not have access to traditional banking or exchange systems. Once the necessary infrastructure (digital and regulatory) is in place, the cryptocurrency ecosystem has the potential to make asset transfer and transaction processing available to this vast market of willing consumers.
Convenience
As a remote team employer, handling payroll for a team of employees who live in various parts of the world can be a huge hassle. Consider having to convert your dollars into dozens of different international currencies to pay your employees.
Making cross-border transactions is not nearly as difficult as changing currencies. With cryptocurrency, instant cross-border transactions with low-to-no fees are now a reality. Because Bitcoin transactions are public, all parties can see the transaction details and know the status right away. Cutting out banks saves money for both the employer and the employee, and it can be a big win-win situation for the workforce.
Raising of Capital is Transparent
People prefer to raise funds through online platforms. Fundraising can then be done transparently. It also allows people to request funds publicly and explain why they need them. Platforms like these will almost certainly continue to be used in the future.
Crowdfunding with a dedicated blockchain wallet, on the other hand, will keep the total amount of donations open to the public. Similarly, it will allow fundraisers to avoid third-party platform fees without jeopardizing donors' trust. A crypto wallet also allows all parties to see how much money has been donated.
Pros
Cryptocurrency eliminates the need for bureaucratic authority and inefficient intermediaries, allowing players to enjoy their favorite games more quickly. It expedites and simplifies the process of exchanging crypto units.
Another common problem that game developers face is the inability to sell their software outside of app stores. These developers will be able to use blockchain to process nano-payments and receive payment instantly.
Cons
Slow transaction processing speeds are another significant issue that blockchain casinos face. Although cryptocurrency transactions are supposed to be faster than traditional ones, users have reported that this is not always the case. Because Bitcoin relies on miners’ work rather than an automated system, you may have to wait up to 15 minutes for your funds to become available.
Bottom Line
Giving early employees a share of the company's profits is a popular trend in today's business world. Given the exponential growth of cryptocurrency over the last decade, providing new employees with “company” cryptocurrency as equity shares could be a huge new trend.
However, the decentralized system has only shown a fraction of the benefits it can provide to e-commerce businesses. That is why we believe that the sooner you start, the better off you will be. As a result, accepting cryptocurrency payments is critical if you are thinking about starting an eCommerce business.
In any case, it will be fascinating to watch the evolution of cryptocurrency. What we may witness is either a financial revolution or a massive disaster for the investors who have made a fortune from the rise of cryptocurrency.
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