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26 November 2020

How Accepting Bitcoin Can Help Your Business Grow - Decrypt

How Accepting Bitcoin Can Help Your Business Grow - Decrypt

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With PayPal now enabling its users to buy Bitcoin and pay merchants using crypto, it seems that mainstream use of cryptocurrency for online transactions is only set to grow?

Another form of crypto payments emerged over the past couple of years—crypto remittances that are settled with the help of a corresponding processor.

According to Max Krupyshev, CEO of crypto processing service Coinspaid, this hybrid model is preferred by the overwhelming majority of mainstream merchants that want to integrate crypto payments on their platforms.

This means that merchants can encounter unforeseen road bumps and limitations when setting up their payment channels.

Apart from that, transaction fees are often lower with crypto.

In particular, so-called “high-risk” enterprises—businesses that are not illegal per se but colloquially deemed somewhat ethically gray—can benefit greatly from using crypto payments, Krupyshev explained.

Businesses that have more than 2% chargebacks may also be penalized by their traditional payment processors—not so much with crypto.

For example, if you’re an online business and you sell some services over the Internet, it doesn’t matter whether your customers are from India, Latin America or Russia,” Krupyshev told Decrypt, adding that “By accepting crypto, you can direct your marketing not at any given region where you have already established payment methods, but at specific customers—no matter where they’re from.”.

He also echoed Deane’s sentiment, noting that crypto payments are still “hyped” enough, especially among younger generations, to warrant some extra attention thanks to this fact alone.

However, since most of the merchants that accept crypto do so through fiat in the end (partly because they don't know how to, or don't want to bookkeep digital assets), doesn’t this defeat one of the main purposes of Bitcoin—the removal of intermediaries.

"After all, the value of that transaction has come from the Bitcoin behind it; the fiat conversion is merely a vehicle to make that transaction easier.”

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