Everything Your Business Needs to Know About Cryptocurrency

Everything your business needs to know before using a Cryptocurrency  payment gateway – Jioforme

Essentially, cryptocurrency is a decentralized digital money that’s based on blockchain technology. Two of the most popular versions are Bitcoin and Ethereum, but there are actually more than 5,000 different cryptocurrencies in circulation today.

Cryptocurrency is a medium of exchange that is digital and encrypted, which means there is no central authority that manages and maintains its value. Instead, the task of managing it is broadly distributed among users via the internet. Consumers can easily buy and transact via seamless payments through different secure apps/websites that can be integrated with businesses. Once integrated, users can quickly transfer funds to merchants and vice versa. 

  • Non-custodial services allow users to fully manage their funds, transactions and information details. Private keys are given to the user once they open their account (consist of 12-24 characters).
  • Custodial services involve servers that have access to users’ information. Before making a transaction, the user must inform their custodians first.

Highly Sought-After Cryptocurrencies

Which crypto payment solutions are people using the most? Here are just a few of the highly sought-after options on the market today:

  • Atomic Pay – is a non-custodial payment solution that caters to several digital currencies: Bitcoin Cash, Bitcoin, Dash, Litecoin, Dogecoin, Bitcoin Gold and Stellar (XLM). An ideal payment crypto gateway if you want to use your funds in physical stores.
  • CMM Pay – another non-custodial payment solution. Keep in mind it solely accepts Bitcoin transactions, but the company does have plans of expanding to more digital currencies in the future. 
  • Bitcoin Cash Register – a payment gateway compatible with both Android and iOS applications. If you already have an existing Bitcoin Cash wallet, you can use it to create an account. (Currently only accepts Bitcoin Cash transactions.)

Cryptocurrency is Transforming the Financial Industry

Cryptocurrency has gone even farther than transforming the way businesses set up their checkouts and how consumers shop (impressive in itself). It is also revolutionizing the financial industry. According to a 2017 Business Insider article, over 2 billion of the world population are currently unbanked. Thanks to cryptocurrency, businesses and individuals in developing countries are now able to seamlessly transpose and receive payments, regardless of their location.

All things considered, merchants would be wise to look further into the possibilities of cryptocurrency for their business. If you are one of the many researching the best cryptocurrency payment solutions, be sure to check out Best Payment Providers. Find industry-leading providers, reviews and other industry updates that will help you make the best decision for your business.

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of best cryptocurrency payment solutions. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.