Integrating cryptocurrency in business

[EmmaTalks]

Globalization is the biggest milestone modern society has achieved in the 21st century. Along with it businesses have grown and set themselves up in every corner of the world. This requires the introduction of new techniques in the growing demand for goods and services, like different methods of payments available that are secure and versatile. This also calls for integration of cryptocurrency in the businesses. The market for cryptocurrency investment, integration and development is new and small, it is still in its early stages of growth. The application of cryptocurrency in businesses will open new doors.
The setting up of cryptocurrency payment medium is the first and foremost step in the integration process, as it requires ample amount of time compared to other methods of payments. Businesses have developed their own crypto wallets to carry transactions in a safe and easy way. There are cryptocurrency exchange markets that work as an intermediary in the process and will charge for the utilization of crypto wallets. Various methods of payments will give customers options to choose from on their own comfort.
Cryptocurrencies and its many payment options will attract international customers. Cryptocurrencies approachable payment will enhance the adjustment and appointment for the businesses. The digital currency’s fluctuation might become a minor hindrance as the consequence of the integration, but it will minimize fraud risks.
Cryptocurrency is for sure a very attractive and interesting advancement in the new century. Businesses need to closely look at the pros and cons of integrating once and for all in their plan, also planning the outcome of such a step. Positive results will be a sign to go for it without thinking much. Various payment methods and the fiat currency’s exchange will make it all worthwhile.

[Youghoor]

This would be a true revolution and would help improve the the services that companies offer to their customers. Payments will be faster and very swift without any control from any centralized institutions. On the far side, it would help reduce the spread of air-borne diseases like Tuberculosis and currently Coronavirus.

[avikz]

If you haven't written it on your own, always mention a link from where you have taken it up. Otherwise it will be considered as plagiarism.

The setting up of cryptocurrency payment medium is the first and foremost step in the integration process, as it requires ample amount of time compared to other methods of payments.

Not at all! There are third part settlement providers are available in the market. Bitpay is the frontrunner in this segment. So the merchants who want to integrate crypto payment gateway, don't have to go through a lot of hassles.

Here you have mentioned about the positives of accepting cryptos in businesses but you have overlooked the challenges of accepting cryptos. Let me add those and then we can have a holistic discussion.

1. Lack of clear regulation and tax guidelines
2. Lack of public awareness
3. Crypto prices are volatile

Along with the advantages, a business will have to look for the challenges as well and conduct a risk reward analysis before integrating cryptos as a payment gateway. So everything is not gold that glitters.

[kryptqnick]

If you haven't written it on your own, always mention a link from where you have taken it up. Otherwise it will be considered as plagiarism.

I had the same suspicion, but then I took the first to sentences into Google and did not find the match, so there's a good chance this person wrote it here for the first time.
As for the ideas expressed in the post, I agree that Bitcoin is very suitable in the time of globalization because it is neutral (not affiliated with any government, not under anyone's control and is used by people with all sorts of views for all sorts of purposes), digital and already has a nice community behind it. Crypto payments can easily work if there aren't too many of them and if they are quite pricey.  In other cases, it might be quite challenging because of the scalability issue.

[sunsilk]

It is there and being used by the early adopters whom are the businesses that are open to this method. For an open minded business folk, he's open to this idea because if he has a various type of customers and others prefer something new or is/are already in bitcoin, they would prefer to pay his goods or services through bitcoin.

And it's easier for the side of the business folk because there are third party services that allows them to accept payments and nothing to worry about the conversion if they do prefer USD or fiat still.

[Twentyonepaylots]

It is there and being used by the early adopters whom are the businesses that are open to this method. For an open minded business folk, he's open to this idea because if he has a various type of customers and others prefer something new or is/are already in bitcoin, they would prefer to pay his goods or services through bitcoin.

And it's easier for the side of the business folk because there are third party services that allows them to accept payments and nothing to worry about the conversion if they do prefer USD or fiat still.

Unlike the government of banks, entrepreneurs sees the cryptocurrency a huge step up not only in payment method but also in storing digital asset and running fully electronic business. I've been seeing such businesses offering a global product or services through the help of cryptocurrencies, they are not only depending on the online payment processors like paypal. Aside from getting benefit of a seamless transaction using crypto, they have this advantage of getting the price increase which they can grab for another investment opportunity.

[avikz]

If you haven't written it on your own, always mention a link from where you have taken it up. Otherwise it will be considered as plagiarism.

I had the same suspicion, but then I took the first to sentences into Google and did not find the match, so there's a good chance this person wrote it here for the first time.
As for the ideas expressed in the post, I agree that Bitcoin is very suitable in the time of globalization because it is neutral (not affiliated with any government, not under anyone's control and is used by people with all sorts of views for all sorts of purposes), digital and already has a nice community behind it. Crypto payments can easily work if there aren't too many of them and if they are quite pricey.  In other cases, it might be quite challenging because of the scalability issue.

It's not just the scalability issue. The volatility of bitcoin's price is another big issue, merchants will have to deal with once they start accepting bitcoin as a payment method. Yesterday evening, bitcoin was priced at 10,100 grand and today it is 9500 grand. So if someone has bought something costly using bitcoin yesterday, the seller is now facing a loss of around 5%. This kind of price volatile can eat away the profit margin of a merchant. Technical things can be taken care by experts, but who would want to loose money?

[Assface16678]

If you haven't written it on your own, always mention a link from where you have taken it up. Otherwise it will be considered as plagiarism.

I had the same suspicion, but then I took the first to sentences into Google and did not find the match, so there's a good chance this person wrote it here for the first time.
As for the ideas expressed in the post, I agree that Bitcoin is very suitable in the time of globalization because it is neutral (not affiliated with any government, not under anyone's control and is used by people with all sorts of views for all sorts of purposes), digital and already has a nice community behind it. Crypto payments can easily work if there aren't too many of them and if they are quite pricey.  In other cases, it might be quite challenging because of the scalability issue.

It's not just the scalability issue. The volatility of bitcoin's price is another big issue, merchants will have to deal with once they start accepting bitcoin as a payment method. Yesterday evening, bitcoin was priced at 10,100 grand and today it is 9500 grand. So if someone has bought something costly using bitcoin yesterday, the seller is now facing a loss of around 5%. This kind of price volatile can eat away the profit margin of a merchant. Technical things can be taken care by experts, but who would want to loose money?

One of the best and fastest transaction today is with the use of cryptoxurrenxy, and many people would like to suggest into their country because they want to use this to have more fastest transaction and also to have good and secure maintainability if they are using this to their businesses. But the market price of the cryptocurrency is volatile, and some of them do not support the use of crypto because they are afraid about the market value. But still, we are looking forward to the future that most of the transaction today is with the use of crypto.

[Maebeo2017]

Just this week in my country state there have been in installation of the first ever bitcoin atm machine that will service businesses. I think with this increase exposure to the market we should see a big rally coming soon.

I am particularly concerned about manipulations going on in the crypto space. It's not healthy in anyway.

[sunsilk]

It is there and being used by the early adopters whom are the businesses that are open to this method. For an open minded business folk, he's open to this idea because if he has a various type of customers and others prefer something new or is/are already in bitcoin, they would prefer to pay his goods or services through bitcoin.

And it's easier for the side of the business folk because there are third party services that allows them to accept payments and nothing to worry about the conversion if they do prefer USD or fiat still.

Unlike the government of banks, entrepreneurs sees the cryptocurrency a huge step up not only in payment method but also in storing digital asset and running fully electronic business. I've been seeing such businesses offering a global product or services through the help of cryptocurrencies, they are not only depending on the online payment processors like paypal. Aside from getting benefit of a seamless transaction using crypto, they have this advantage of getting the price increase which they can grab for another investment opportunity.

Yes, everyone is free to define bitcoin with the likes of its purpose. It can be as a payment method mostly for businesses and merchants. And there's also its own classification as a store of value which is being defined and used by everyone such as the people mostly here in the forum.

The businesses that extended their acceptance through bitcoin sees the demand has been increasing for them and that's why they have an option to use it as they please or if a portion of their customers base prefer to pay with bitcoin.

[bgaf]

The digital currency’s fluctuation might become a minor hindrance as the consequence of the integration, but it will minimize fraud risks.

This is a big issue IMO. You see, fluctuation really affect the prices on the market isnt it? Imagine goods and services under bitcoin payment will struggle with their clients and customers as services are being hampered in hike and surge. Fraud risks can be lesse but thinking it would be a minor hindrance isnt yet to be confident. Mass adoption is good but factors like economic conflict will always affect the market.

Just this week in my country state there have been in installation of the first ever bitcoin atm machine that will service businesses

Nice. What country is it if you dont mind asking? If its first then its a big leap fo you guys. I know there are lots of bitcoin atm machine installed already around the globe but on smallet country we can see the possibility and this is good even slowly at least they keep their pace on the run to more progress.

[sheenshane]

I still remember the days where I was one of the people who were hoping that Bitcoin will make it. But it did.

Bitcoin really is one of the best platforms I've ever encountered to the point that it changed my perspectives/paradigm economically. Globalization really is a good thing. It is the best thing that happened in the world today. But I don't see any possibilities for the small to medium enterprises to integrate cryptocurrency.

The cryptocurrency really is a one year study. You can't jump into it without knowing the pros and cons. And as of now, I'm not that happy with what is happening with cryptocurrencies and the government regulations against it. Probably we need to wait for the cryptocurrency to become more matured (legalization) before we can tell it.

[panganib999]

I still remember the days where I was one of the people who were hoping that Bitcoin will make it. But it did.

Bitcoin really is one of the best platforms I've ever encountered to the point that it changed my perspectives/paradigm economically. Globalization really is a good thing. It is the best thing that happened in the world today. But I don't see any possibilities for the small to medium enterprises to integrate cryptocurrency.

The cryptocurrency really is a one year study. You can't jump into it without knowing the pros and cons. And as of now, I'm not that happy with what is happening with cryptocurrencies and the government regulations against it. Probably we need to wait for the cryptocurrency to become more matured (legalization) before we can tell it.

I never expected Bitcoin to be quite of established here in my country. It went even too far in here like I could buy almost everything with it provided by an app that was made for our country locally. It was quite unexpected also that business with it is allowed, while I don't hear anything about our government explicitly saying the legalizing of cryptos although they advised to be cautious in investing in here.

Study could go even further than that. I believe it would be a field also in the future as a business course just like how some college/university offer blockchain degree, I am not sure what country has that university that offers that degree.

Some people are still suffering because not all government understands how cryptocurrency works. They don't know the importance and advantages of crypto to their economy that's why the opportunity of them having improvement in it is wasted.

But if blockchain will be a degree or course/program, will the cryptocurrency will be permanent? What if blockchain become phased out and disappear? Will the degree ever become useful in other courses or work? Besides blockchain program, what is the other course related to that? Implementing crypto in universities need a wide and variety of study to prevent failure of it because people who will pursue it will probably lose their work someday. Let's hope that more country will adopt the cryptocurrency as time goes by, most especially to a business.

[kingzpro]

There are already many projects that aim at making it hassle free to implement crypto payments easily, many companies are now offering pos devices where the buyer can pay via crypto but the seller, business, store or shopkeeper will be paid in fiat instantly directly to his account, similarly there are many cryptocards available now that serve a similar purpose, i am sure with more and more countries legalizing cryptos and coming up with pro crypto policies it will be very easy to use crypto everywhere in couple of more years.

[Eugenar]

Actually, this idea will only be limited to those countries that accept bitcoin because there are still some countries that don't believe bitcoin so they do not accept it on their land, but for me integrating of cryptocurrency in business is really good, especially as of now when the crisis is happening so we are all at our home. Purchasing online is really in demand in different countries, so I think cryptocurrency can also be used for payments of some transactions, like buying foods, clothes, etc.

[Utoy101]

I have to commend the various effort so far towards making crypto a currency usable for day-to-day transactions. With each passing day we see new platforms emerging with different Usecases all aim at making cryptocurrency mainstream from Fiat trading pairs to Fiat gateway services as well as and crypto debits cards and  Crossborder payment solutions. If this innovative approaches continues, even the common merchants and users will be able to integrate cryptocurrency payment APIs into their global services

[aemma]

Cryptocurrency in business is really a good idea and most projects have come up with different ideas in the form of e-commerce but yet many failed maybe they lacked the right expertise. On the other hand, setting up a business which will use crypto as a payment system might be faced with restrictions such as the payments being limited to the  country that project is based on or to limited countries since it is evident there are many countries which are yet to give a go-ahead order on crypto. But on the brighter side, the idea is a good one as it will come with cheaper charges etc while exposing the potential of crypto to the world and if adequately carried out, in a time like this, crypto can be used without issues.

[crypto595]

That's why Temtum is not only working on creating a national digital currency with more than one government.
They in talks with the insurance industry to use tokens internally to facilitate payments.
The future of cryptocurrency is in real world daily usage.

[Stanlo]

Many asian part of the world have already implement crypto payments in their stores and business and not just asian part only, it keeps rising every year and it's only a matter of time, the time will definitely come

[trauchot]

Cryptocurrency technologies and blockchain technologies have already begun to be used in the business sphere and I am sure that soon the whole business will be built around cryptocurrencies and blockchains because the cryptocurrency sphere is developing and growing very quickly.