Why You Need to Accept Cryptocurrency In Your Ecommerce Store

Stores that don’t allow cryptocurrency payments these days risk losing customers to their competitors that have embraced this new form of payment. Given the rate at which cryptocurrency adoption is rising, every business will eventually have to accept crypto payments. But those ahead in this race will seize most of the market share and establish their brands as industry leaders.

This does not mean that those who are late to the party won’t be able to take advantage of integrating crypto payment on their websites—it’s just that they will have to face fierce competition. That said, it is now the perfect time to invest in crypto payment integration as it's not late, but it's also not early.

But what can be done to promote the importance of crypto-friendly e-commerce stores, and why are business owners slow to enable crypto payments? The unfamiliarity with crypto terminology may make some business owners hesitant to approach crypto payment systems, and this does hurt their business.

By understanding historical crypto trends and the latest market movements, business owners can gain crucial insight into their potential customer base and opportunities to increase profits. Which is why in this article, we will demystify basic crypto concepts and take a closer look at the current cryptocurrency landscape.

Early crypto adopters are enjoying huge returns

Bitcoin reached a new peak of $100,000 last year, shaking the entire crypto market and increasing activity significantly. Businesses that were early adopters benefitted the most from this sudden rise in crypto users. The returns on their initial investment in integrating and scaling crypto payment systems have been significant, and continue to grow to this day.

Many small online retailers and niche subscription platforms started allowing crypto payments back in 2017. We also see this in crypto poker in Australia - as the name implies, these crypto casinos let players bet with cryptocurrencies such as Bitcoin, Ethereum, Tether, and more. Being one of the early adopters, these online platforms have had plenty of time to optimize their systems for functionality and performance, letting users get the most out of every experience. Games such as online crypto poker are great examples of how developers have kept up with player engagement and their needs.

A payment system that runs smoothly builds trust and ultimately plays a major role in increasing business profits. Learning from these early adopters can help you prepare for the future and shape a trustworthy brand.

So, how do crypto transactions actually work?

Cryptocurrency is a form of digital currency that lives on a network of computers known as blockchain. This blockchain is a decentralized digital ledger that records all information and keeps it encrypted across the network. When a crypto transaction is made, it is recorded in a block and is visible to every participant in the network. In contrast, a ledger of a bank lacks transparency and is only visible to banks and authorities.

Transactions in the blockchain network are validated by the participants who employ their computer resources to solve incredibly complex math problems. Once solved, the transaction is approved and recorded. The owner of the computer whose resources were used to solve cryptographic functions is rewarded a new unit of whatever crypto the blockchain runs.

Cheaper transactions

Since the blockchain ledger is not controlled by any single entity, such as a bank, transactions are much cheaper and faster. Typically, when you use traditional currency, either with a debit or a credit card, you pay intermediaries for processing your transaction, and this fee grows substantially when making an international transaction. This is not the case with crypto payments; even international payments do not cost more.

Security

Blockchain cannot be altered, as it is validated by numerous computers, and altering one small section of blockchain would require you to crack every single computer on the network, which is physically impossible for even the most powerful pieces of tech we have available today. This is why blockchain is known as an immutable ledger where information cannot be manipulated in any way. Traditional banking systems do not have security like this, yet they still charge exorbitant transaction fees to their customers. Going digital can therefore be very advantageous for some merchants.

Appeal to a larger customer base

Attracting a larger customer base for your e-commerce store is not easy, but it can be achieved with the opportunities present today, especially with crypto in the scene. Most crypto owners are in the age group 25-35, with the group 35-45 having the second largest ownership. The age group of 18-25 is among the most active owners. The adoption numbers are rising with each passing day, and with this, there are new opportunities for retailers and website owners to monetize their content and capitalize on these market trends

Please note that Plisio also offers you:

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Why You Need to Accept Cryptocurrency In Your Ecommerce Store

Early crypto adopters are enjoying huge returns

So, how do crypto transactions actually work?

Cheaper transactions

Security

Appeal to a larger customer base

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