Why Cryptocurrency Payments Are Increasingly Popular for Businesses

Just a decade ago, cryptocurrency payments were only accepted by a handful of companies. Microsoft was one of the first major retailers to start accepting Bitcoin payments back in 2014. Since then, the acceptance rate of cryptocurrency payments has increased year by year. According to Cointelegraph Research’s Cryptocurrency Payments Report, there are currently approximately 420 million cryptocurrency owners worldwide, with more than 30,000 businesses accepting cryptocurrency payments.

The convenience and reliability of using blockchain can be beneficial to almost every existing industry. These include e-commerce, healthcare, insurance, real estate, and more. Industry giants like Burger King, Apple, Disney, and PlayStation now accept Bitcoin and other crypto as a payment. Major sports clubs are also joining the crypto club, with Crypto.com sponsoring an entire arena, home to the Los Angeles Lakers of the National Basketball Association, and Litecoin being named the “Official Cryptocurrency of the Miami Dolphins.”

Just in the past year, the adoption rate of crypto payments by businesses has tripled. It’s safe to say that business owners’ interest in crypto payments will continue to grow in the following years. Let’s discuss why these industries are rapidly adopting cryptocurrencies for their payment needs and how you can start using crypto payments for your own business needs.

Confidentiality

The biggest difference between traditional bank payments and cryptocurrency payments is the anonymity inherent in blockchain technology. Both the sender and receiver are able to keep their personal information, like their names, private.

Accessible Payments

Accepting crypto payments makes the business more accessible worldwide. The payment sender is only required to have access to the Internet to access the blockchain and send their payments. Making a transaction through the decentralized crypto wallet does not require a long and tedious identity verification or background check like most banks. Making a transaction across multiple countries’ borders is exactly the same as purchasing something in your city.

At the same time

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Author: Crypto Daily

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