Cryptocurrencies became a steady payment solution in different industries in the recent couple of years – this is despite the roller-coaster ride of the Bitcoin market. Payment through cryptocurrencies is fast, easy, and most of all, secure. It’s also a convenient solution for international transactions available worldwide, with more than 150 billion dollars in market capitalization. Indeed, Bitcoin has gone big.
Bitcoin is still the most used cryptocurrency on the digital currency scene. Many big companies like Microsoft, PayPal, Expedia, and Subway just to name a few, accept Bitcoins as a payment. Cryptocurrencies are therefore a worthwhile addition to every eCommerce venture, especially as a payment gateway for those on the early process of finding a cheap web hosting with their new online business.
Here are some benefits of accepting Bitcoin.
Because Cryptocurrencies operate solely online, we can be sure that will be no single entity that will govern and corrupt them. There’s an absence of hidden fees, procedures, screenings, terms of services, etc.
Enhanced Transactional Security
Because of Bitcoin’s multi-level encryption, you and your site visitors can be guaranteed that Bitcoin transactions are safe. Bitcoin utilizes SHA-256 encryption to secure transactions. Blockchains that represent steps in a payment process are available online as ledgers.
Safety against Payment Frauds
Both wire transfers and credit cards are notoriously susceptible to identity theft. The specificity of Bitcoin can prevent such payment frauds, leading to a more trustworthy store and a loyal following.
Currently, each Bitcoin transaction can cost around $0.30 to $1.00, which makes it a highly affordable option compared to other competing payment methods—even with extra fees added to speed up Bitcoin transactions. The standard processing fees for most non-Bitcoin payment providers range from $3, with transaction fees oftentimes consuming up to %5 of the entire transaction.
No Exchange Risk
As you probably know, international transactions are affected by exchange rates. However, with cryptocurrencies, you can expect no currency exchange and even processing fees. In any case, Bitcoin’s price can fluctuate, and unless you swap your Bitcoins immediately before payment, you may stand to either gain or lose money.
Lesser Consumer Chargebacks
Bitcoin’s protocol allows every transaction to be final. After the payment is over, a customer can no longer cancel the money transfer. This can make businesses safe or avoid suffering from chargebacks.
Quick International Transfers
How quickly money transfer is finalized is based on the confirmation from the blockchain. The entire process can take up to a maximum of 10 minutes. The traditional payment methods depend on third-party companies and banks but can also take up to a few days.
It’s no secret. Cryptocurrencies have had their ups and downs, but we can safely assume that they have become an established digital currency that will continue to exist and evolve in the coming years.
As an eCommerce venture yourself or a new player in the process of obtaining a cheap web hosting solution and payment integration, you should consider including Bitcoin payments for the convenience of your customers and flexibility of your business. Choosing to accept Bitcoin payments in your online store can make be the difference in its success or fall. The key is to explore your intended audience and know which payment methods will be best for them.