How Accepting Stablecoins Can Be Beneficial For Businesses

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Stablecoins can offer a route into cryptocurrency without businesses having to deal with the usual volatility of Bitcoin and other coins. This enables the modern business to benefit from fast, inexpensive transfers to and from anywhere in the world, while also appealing to the unbanked and to the cryptocurrency market. Thanks to recent advances and improvements in infrastructure, it is also easier than ever to accept payments using currencies like Tether.

Cryptocurrency And Businesses

Cryptocurrency is an alternative to fiat currencies. It is used by the billion or so unbanked people in the world, as well as by crypto enthusiasts who appreciate its fast, inexpensive transactions.

It is becoming increasingly popular with eCommerce businesses and those within the video gaming and influencer industries. Thanks to games like Tether dice, crypto is also popular in the iGaming sphere. Tether dice games play exactly the same as other casino dice games, but because the casino accepts Tether payments, players can enjoy fast, low cost transactions, and anonymity. These games are also popular with crypto enthusiasts because they are reminiscent of early Bitcoin dice games. But, despite crypto’s increasing popularity, not all businesses are on board yet.

Business Benefits

Many fear the well-publicized volatility of the crypto market or the infrastructure and setup required to accept payments. In these respects, and many others, the acceptance of stablecoins can prove beneficial to the modern business owner.

No Volatility

The cryptocurrency market is volatile. Coins like Bitcoin and Ether suffer regular double-digit daily swings, and some of the smaller altcoins can see even wilder movement. However, stablecoins are tied to the value of other assets, typically a currency like the dollar.

A single USD Tether coin, for example, will always be worth one dollar. There is no volatility in these coins, other than the volatility that the tied asset suffers, which means they offer a great way to get into the cryptocurrency industry without increasing your business risk.

Welcome to The Crypto Crowd

Cryptocurrency enthusiasts are always looking for ways to spend or invest their currencies. Treat them well and they can remain very loyal customers who are willing to spend regularly with their favorite crypto-forward merchants.

Most have some tether holdings and those that don’t have easy access to exchanges where they can trade their Bitcoin, Dogecoin, or other coins for your chosen tether, without having to sell out to fiat. Tether is the most popular stablecoin, but there are plenty of others.

Reduced Transaction Times

Stablecoins are tied to the value of existing commodities and assets, but they are still recorded and traded on the blockchain. This means that coins like Tether can still enjoy the rapid transaction times of other cryptos while still avoiding that volatility.

Tether transactions generally take a matter of minutes from submitting to processing. When compared to the two or three days it can take for credit card and some other traditional payment methods to complete, this is much quicker and it means your business doesn’t have to sit around and wait for the credit card company to finish its processes.

Reduced Transaction Costs

Similarly, stablecoin transactions can also cost as little as other crypto transactions. It depends on which network you use to make the transactions, and there may be costs associated with using crypto payment gateways, but you can expect costs to be measured in cents for most transactions, rather than dollars.

Again, this compares very favorably to credit card fees and especially to the fees that are charged for overseas payments into your account.

No Geographic Restrictions

Cryptocurrencies are not geographically bound. You can send or receive a payment from the other side of the world as easily, as quickly, and as inexpensively as if you were receiving that payment from the same town as you. If you have international customers, stablecoins typically work out to be the cheapest and fastest option when accepting payments.

No Time Restrictions

Whereas sending fiat payments can be restricted by time of day, cryptocurrencies can be sent any time. They don’t rely on banks or other financial institutions and their decentralized nature means the network doesn’t close outside standard working hours. You can send or receive payments even in the early hours of the morning, on public holidays, or at any other time.

Improved Infrastructure On Offer

Accepting cryptocurrency, even stablecoins, can require more work than taking traditional payments, especially if you directly accept the payments. You will need a crypto wallet and will likely need a crypto exchange account. However, there are multiple payment gateways that deal with this for you.

Bitpay is one of the best-known and widely used crypto payment gateways and it not only makes accepting stablecoins easy but could also enable the acceptance of other cryptos.

Diversification

There are many different stablecoins. Some, like Tether, are tied to the value of the US Dollar. But there are many stablecoins that are tied to different currencies including the Euro and the Pound. Trading these is easier and cheaper than trading on foreign exchanges, and holding these different coins can provide a viable means of diversifying your financial portfolio.

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