For the moment, the answer to that is kind of a mixed bag. Yes, there are a lot of businesses that accept cryptocurrencies, but right now there is no question that their main value proposition is speculation.
But it won’t always be that way. When the cryptocurrency market cap exceed 1 trillion, suddenly there will be a lot more people who are the new crypto-rich, a lot more people who are interested in crypto, and a lot more businesses that will be struggling to catch up to this new trend of general crypto-adoption.
Will your business be ready?
If the answer is no, now is the time to start planning and laying in the infrastructure that will allow you to smoothly transition into the new crypto-economy when it emerges.
One company has been working to develop the systems, technology, and relationships to help businesses both large and small take the leap: B2BinPay.
Founded in 2014 by B2Broker, B2BinPay has been steadily growing and gaining a reputation as an all-in-one source to lower the difficulty level for accepting all kinds of cryptocurrencies.
The process for getting started is simple. After filling in an online form, a B2BinPay representative will be in contact and help you through the rest of the setup process.
One of the first choices is whether to set up a Merchant or Enterprise account. The Merchant accounts are mainly for store fronts that intend only on accepting cryptocurrencies, and Enterprise accounts are for larger trading houses and brokers. Some of the conditions and fees for these two different types of accounts vary, but as a rule, setting up the APIs (software that automates the charge collection process) are easy and the fees charged for the service are much lower than those incurred from using the legacy banking systems.
The folks at B2BinPay recommend that those using their service use Woo Commerce, Magento, or PrestaShop as these have a proven track record of integrating seamlessly.
B2BinPay further accepts a wide range of cryptocurrencies, so you aren’t locked into just Bitcoin or Ether. It even accepts all tokens built on the Ether platform, so you can accept payment in nearly 1,000 different coins!
Once the coins have been collected and are in your B2BinPay account, it’s up to you how you want them handled. You can have them exchanged at real-time rates for the BTC, ETH or other high-profile coins, or you can have them exchanged for a government-backed currency like the dollar or ruble. All of this is done in-house at B2BinPay, so there is no hassle of going to third party exchanges and doing this yourself.
Further, they offer automatic withdrawals, easy-access transaction histories, secure APIs with sandbox functionality, and comprehensive real-time records.
The final note here is about security and compliance with regulations, things every business owner needs to be concerned with.
On the security front, B2BinPay is backed by B2Broker, an established broker with years of experience in securing the funds and data of their customers. As cryptocurrencies pose a special risk, B2BinPay has instituted a system of hot, warm, and cold wallets for its fund. A hot wallet is one that is kept connected to the internet to facility quick transactions, both incoming and outgoing. A cold wallet is one that is kept completely separated from the internet to prevent it being hacked by malevolent actors. A warm wallet is one that has a high security profile than a hot wallet but is not as difficult to access as a cold wallet, allowing the company to handle sudden changes in the flow of funds.
There is no question that the world economy is changing, and that it is moving in the direction of digital payments. And with national currencies teetering on the edge due to rampant printing and manipulation, getting ready for the oncoming wave of crypto-adoption is the only sensible thing to do.