The Advantages of Using a Cryptocurrency to Fund Your Business
The world is changing. The traditional methods of funding a business are no longer the only answer. In this article, we discuss how using cryptocurrency to fund your business can be more beneficial than other options.
Cryptocurrencies have become increasingly popular over the past few years as they offer many advantages for both individuals and businesses alike. One such advantage is that it offers much faster transactions – from anywhere in the world – while also being cheaper and more secure than traditional forms of payment like credit cards or bank transfers. This makes them an ideal solution for international payments in particular.
Another major benefit is that cryptocurrencies are not subject to inflation, so you don’t need to worry about changes in currency values affecting your bottom line if you choose this form of payment.
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Continue reading this blog post for even more information about why using cryptocurrencies to fund your business can be a good idea. If you’ve been on the fence about it, or if you’ve decided you want to try it out, then this blog post will be for you!
Low International Transaction Fees
One of the most popular methods for internationally transferring funds is through a wire transfer. This may seem like an easy, quick, and cost-effective way to send funds abroad, but it doesn’t come without drawbacks. The transaction costs can be quite steep, with typical fees around $40, higher per transaction in some instances. In addition, exchange rates usually apply too, which are typically not favorable towards travelers’ home currency or desired destination country’s local currency (ex: American dollars).
Cryptocurrency transactions offer many benefits as opposed to traditional remittance options, including high-speed transfers that eliminate authorization requirements and wait times. The fees you pay when transferring cryptocurrencies are low, allowing your international customers to purchase from your business or tourists too! And because the transaction fees are so low, they will be able to make more purchases more frequently.
It Can Grant You New Customers
The cryptocurrency market is growing much faster than anybody ever expected. The ability to access new demographic groups, such as those who value transparency in their transactions, makes this growth even more exciting. For example, recent research found that 40% of customers making payments with cryptocurrencies are newer clientele to businesses. The purchase amounts by these clients have also been twice the amount compared to credit card users.
So, if you feel like your business is stuck or feel the need to grow it but are unsure how, allowing customers to pay using cryptocurrencies may be the solution. Of course, you can start accepting only the basics, like Bitcoin, to see how it works out. And as you start to see your business grow and become accustomed to using Bitcoin in your transactions, you can start accepting other cryptos too, like Ethereum or Litecoin.
The Reduction of Fraud
The internet is a borderless world, and as such, the risk for chargeback fraud also knows no boundaries. Chargeback fraud occurs when someone purchases an item from you using their own credit card account. After receiving the goods, they request reimbursement through the issuing bank by initiating a chargeback saying they never received them. Depending on how that particular purchase was made, the merchant can be held accountable. This results in both a loss of revenue and a loss of goods.
If you have an e-commerce website that accepts any type of currencies, even foreign currencies – like Euros or British Pounds – then there are steps to take in order to keep your business safe from illegitimate users who want nothing more than money. Every time someone places their credit card information on file with you when making a purchase online, they may very well be setting themselves up to perform a chargeback scam.
The blockchain-based crypto tracking system creates a foolproof way to make sure your transactions are legal and final. With that, the chargeback issue becomes irrelevant when using cryptocurrency as a payment option. You can rest assured every transaction went through with no fraud or wrongdoing involved in it.
It Can Position Your Company as Forward-Thinking
You can’t afford to let fear of new technology keep you from investing in the future. Introducing crypto now may help spur internal awareness about this new technology and position your company as an innovator rather than a follower when it comes to financial innovation.
Cryptocurrency is still uncharted territory for many organizations. Still, considering how quickly cryptocurrencies have been adopted by both individuals and businesses alike, there’s no time like the present to get ahead of the curve on developing policies that are conducive with these innovations-or risk being left behind altogether!
As the price of bitcoin and other cryptocurrencies continues to skyrocket, it is only a matter of time before central banks worldwide consider creating their own digital currencies. By accepting cryptocurrencies no, your company will be uniquely positioned in this new, digital space and will be seen as one that looks to the future instead of clinging to the past.
It Can Act as a Long-Term Store of Value
Cryptocurrencies are beginning to be seen as a reliable long-term store of value due to their stability and lack of correlation with other investments such as stocks. This makes them the perfect place for people looking for safety in these uncertain times.
Digitized currencies are resistant to inflation and economic catastrophes in a way that traditional currencies are not. Cryptocurrencies are controlled by mathematical algorithms, making it difficult for government bodies to interfere with its operations or dilute its value through inflation. This resilience makes digital currencies ideally suited as an investment vehicle of choice during times when the economy may be unstable at best. For example, if there are times of hyperinflation (like we see now because of the COVID-19 pandemic) or bank failures due to widespread unemployment rates.
Cryptocurrencies are quickly becoming a popular way for entrepreneurs and inventors to raise money. If you’ve been considering using one of these new forms of currency, we hope this blog post convinced you or, at least, got you to seriously consider it.
The advantages include low international transaction fees and the ability to grant yourself more customers by accepting cryptocurrency payments. Creating a system where you can trade in cryptocurrencies as well as fiat currencies makes the payment process more accessible for people from other countries with different national currencies. Another advantage falls in fraud reduction; transactions are verified through cryptography instead of relying on third-party institutions like banks, positioning your company as forward-thinking. Finally, being able to use digital assets like Bitcoin or Ethereum long term without worrying about inflation eating away at their value over time.
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