Cryptocurrencies are one of the most discussed topics. And this is not surprising, as more and more individuals and businesses seek to enter this field. Judge for yourself: the total market capitalization of digital assets in December 2024 was $3.71 trillion according to CoinMarketCap; this is 97.7% more than in the previous year.
What is the reason for such a hype? This article is intended to provide an answer to this question, revealing all the advantages of using cryptocurrencies as a means of payment. You will also find out the path digital assets have traveled before reaching this point and get an algorithm on how to implement crypto payments into businesses.
The Rise Of Cryptocurrencies
The world became aware of cryptocurrencies in 2009 with the appearance of the first of them, Bitcoin. The asset attracted investors with its blockchain technology, providing a secure system of transactions without intermediaries. Later, in 2013, other coins, so-called altcoins, began to appear, seeking to eliminate the shortcomings of BTC. And a few more years later, with the emergence of Ethereum, smart contracts and dApps were introduced, which further fueled the growth of DeFi and brought even more opportunities to the crypto space.
This whole journey has really paid off, as cryptocurrencies have now become a global financial phenomenon. This fact is confirmed by the number of existing coins, of which there are now more than 10,000 and more than half a billion crypto owners worldwide. As for the spheres of application, cryptocurrencies are used both as a store of value and for payment for goods and services, including cross-border transfers.
Obviously, such popularity and demand could not fail to attract the attention of business corporations. According to the “Coin Law” statistics, more than 25% of companies around the world already accept cryptocurrencies as a means of payment; among them are such market giants as Tesla, Microsoft, as well as Starbucks and McDonald’s. They didn’t go wrong with this decision, as the demand for DeFi is only predicted to grow.
Benefits Of Crypto Payments For Business
Accepting payments in crypto helps companies stay competitive. Such a decision positions a company as innovative and forward-thinking, and this signals to customers that the business is adhering to technology trends. Now let’s take a closer look at what other factors provide this very ability to compete.
Convenient Access To Assets
Companies can access their funds at any time. Unlike traditional banking systems that may not be available on some days and hours, cash flow never stops with crypto. Digital assets are not controlled by the government or any other third party, so it will only take an internet connection and a crypto-key to get to the funds.
Global Accessibility
The operation of cryptocurrencies on decentralized networks makes them borderless. With easy access to funds via the internet, businesses can accept payments from anywhere in the world without worrying about conversion fees or delays that are inherent in international banking system transfers. This globality of cryptocurrencies is a huge benefit for those planning to expand to new markets.
Reaching New Customer Groups
Crypto payments may appeal to tech-savvy people for whom paying with digital coins is the most convenient option. Moreover, some of the most active crypto users are the younger generation, which can become a new audience.
High Security
Blockchain technology provides each transaction with encryption technology and cryptographic signatures, ensuring that each one is secure. Moreover, the information of crypto users is not stored in a shared database, so the risk of leakage is reduced to zero.
Fraud Protection
Encryption and cryptography are also highly useful in fraud protection as well, as they prevent hacking. Some blockchains operate smart contracts, meaning that a transaction is only executed with the permission of the parties (i.e., the buyer or seller). However, some crypto exchanges also introduce their own fraud protection measures; an example is Cryptomus, where tokens are thoroughly verified before listing, similar to how users are verified during KYC. Therefore, confidently, the exchange controls the situation, not allowing fraudulent schemes to happen.
Support For Privacy-conscious Customers
Payments in crypto are a perfect solution for those customers who value anonymity, as there is no third-party control. The users don’t have to share their personal information while making payments, which undoubtedly creates trust in the company.
Faster Payments
Crypto transactions take anywhere from a few minutes to a few seconds. The transfer time can vary depending on the blockchain chosen, network congestion, and the amount of money being transferred. Nevertheless, this is an extremely fast time, unlike the same traditional banking systems where some transfers can even take several days, especially when it comes to cross-border payments.
Lower Transaction Fees
The use of cryptocurrencies is also characterized by low transfer fees. Whereas bank card fees are on average 2-4%, crypto transactions cost fractions of a percent. And although it is also worth taking into account the blockchain and the demand for it, the average cost even on a loaded blockchain is still lower than that of bank transfers. This advantage is undoubtedly beneficial for both consumers looking to save money and businesses looking to cut costs.
How To Start Accepting Crypto Payments?
Crypto payments can be accepted in a variety of ways, usually through cryptocurrency services. These include digital wallets, invoicing services, POS (point of sale) systems, and payment gateways. It is worth saying that the last option, crypto payment gateways, is the most popular for accepting crypto; this is due to their connection with crypto exchanges, which provide great functionality and strong security measures. Therefore, we will focus on it in more detail.
The very process of integrating crypto into a business is not complicated if you follow the algorithm. It is similar on all platforms; the only difference is only in the interface. As an example, we will use Cryptomus crypto payment gateway as a representative of a cryptocurrency platform with a user-friendly interface and robust security. Here are the steps to implement crypto payments:
- Step 1: Sign in. Once you have chosen a payment gateway that suits your needs, create an account there. To do this, you will need to enter your name and contact information. On Cryptomus, for example, you can register by providing a phone number or email, or you can do it directly via Telegram, Facebook, or AppleID. You will then have to go through the KYC process, which gives you access to your business wallet.
- Step 2: Secure your account. Although crypto platforms offer security measures such as AML and encryption technology, you should also take extra protective care. What you can do is enable two-factor authentication and come up with a strong password; this will protect your account from possible hacks.
- Step 3: Integrate the payment gateway. Select your preferred payment integration option, such as e-commerce plugins or APIs. To get it right, follow the instructions the platform provides on the integration page.
- Step 4: Set up the payment form. Specify the cryptocurrency in which you would like to accept payments. If you plan to use different coins in your business, you will need to create multiple wallets. At this point, you can also enable the auto-conversion feature if needed and check the way payment links work.
- Step 5: Test the payment gateway. Once you have finished the setup, make sure that everything works as you planned. Run a few small transactions and evaluate the interface and timings of coins reaching your business wallet.
- Step 6: Provide customer support. Prepare instructions on how to interact with crypto payments. Then tell your potential customers about the new payment method that your business has introduced. Surely, be prepared to answer any customer questions that may arise.
The Future Of Crypto Payments
As cryptocurrency payments are accompanied by increasing adoption among individuals and businesses, the sector is only expected to grow significantly in the future. Due to the “Statista” source, payments in crypto are projected to grow at a compound annual growth rate of 17% between 2023 and 2030.
Moreover, as blockchain technology advances and the regulatory framework for cryptocurrencies becomes more widely adopted, the growth of digital currency payments is only confirmed. One step towards this is the European Union’s Markets in Crypto-Assets (MiCA) regulation, adopted in January 2025, which aims to create security, transparency, and trust in the crypto-asset market. According to experts, this will contribute to a fairer environment for merchants and consumers.
Despite the fact that crypto payments currently account for less than half of global payments, this sector is on its way of rapid development. It is not just a payment method but also a tool to increase operational efficiency and enter new markets. If implemented as early as possible, it is also an opportunity to approach or take a leading position as the most innovative business.
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