Since its beginning in 2008, the journey of cryptocurrency to till now has been a rollercoaster ride. What many investors and market experts once considered a “bubble” is reshaping the rules of the financial world. Today, crypto payments have changed how we do transactions, and for businesses, this has opened doors to new opportunities. So are cash and credit cards a thing of the past and is this the future? This article will try to answer this question so that by the end, you’ll know whether you should accept crypto payments for your business.

Let’s start with how it became so popular in such a short period. 

The Rise of Crypto Payments

Traditional payment options such as cash and credit cards have dominated the world for a long time. But with cryptocurrency, things have begun to change. As blockchain technology gains wider acceptance, the rise of crypto payments is reshaping how businesses and consumers transact.

Crypto payments are expected to grow by almost 17% each year from 2023 to 2030. In another survey, almost 40% of respondents believe that crypto payments will become a common choice for online shopping in the coming times. Businesses have started to notice this, which is why started to integrate a crypto payment solution into their existing payment infrastructure. 

This shows that more people are open to accepting crypto payments signaling a possibility for merchants. Let’s look at the features that make them so unique.

Benefits to accepting crypto payments

• Privacy and anonymity:

Users can make transactions without revealing personal information, providing a level of privacy that is not possible with traditional payment systems. No KYC payment gateways like Coinremitter do not require the submission of identity proofs during registration, which takes privacy to the next level.

• Decentralization:

Crypto transactions are conducted on decentralized networks, meaning no single entity controls the currency or the transaction process.

• Security:

Transactions are secured by cryptographic techniques, making them highly resistant to fraud and other cyberattacks. Once recorded on the blockchain, transactions cannot be altered.

• Fees:

Crypto transaction fees are often lower compared to traditional payment methods. The lower transaction fees become much more helpful in cross-border transactions.

• Speed:

Payments can be processed quickly, often within minutes, regardless of the geographical distance between the sender and receiver.

• Global accessibility:

Cryptocurrencies can be sent and received anywhere in the world, facilitating international trade and remittances without the need for currency conversion.

While these benefits seem promising, it is best to consider some factors before you accept crypto payments.

Challenges of accepting crypto payments

• Volatility:

One of the biggest problems in accepting crypto payments is its price changes. Cryptocurrencies like Bitcoin can go up and down a lot in a short time, which can affect how much money a business makes.

• Regulatory issues:

Regulations can make it hard for businesses to accept crypto payments. Some places welcome them, while others have strict rules or even ban them. This creates an uneven situation for trading digital assets.

• Technical implementation:

Setting up cryptocurrency payments is complicated and needs a lot of technical know-how, which can be expensive. Many businesses, especially small and medium-sized ones, might not be prepared to bear this cost.

These are some of the drawbacks that are hard to ignore. But with a systematic approach, you can accept crypto payments on your platform. Let’s see how to do it.

Get started with Crypto Payments 

• Choose a Payment Gateway:

There are various reputable crypto payment gateways available. These platforms offer features like integration with popular e-commerce platforms like WooCommerce, support for different cryptocurrencies, and also allow conversion of crypto to fiat currency for easy settlement.

• Integration:

Once you register on the platform, it’s time for integration. Use plugins that easily support your existing e-commerce platform. Additionally, you can also use the processor’s API to integrate crypto payments into your checkout process.

• Test the system:

Perform test transactions to ensure everything is functioning correctly. Check that the payment process is seamless for users.

• Checkout process:

Once you’ve completed the test, your platform is set to accept crypto payments. During checkout, the customer selects crypto as the payment method. The processor generates a crypto wallet address for the transaction. The customer then sends the payment from their crypto wallet to the provided address.

Conclusion

As cryptocurrency continues to evolve and gain mainstream acceptance, its role in the payments landscape is becoming increasingly significant. Crypto payments offer benefits like privacy, security, and faster transactions. Businesses are starting to accept them, but there are challenges to consider, like price volatility and regulations. Overall, crypto payments have the potential to become a more common way to pay, but businesses need to weigh the pros and cons before deciding to accept them. However, if you want to accept crypto payments, a crypto payment solution like Coinremitter allows you to make transactions at the lowest fees with complete security features. In addition to that, the gateway allows its users to register on the platform without KYC so that their privacy is maintained.