Crypto Payment: is it the Next Big Thing?
The phenomenal growth of cryptocurrency over the last few years has caught the global community by surprise, and it continues to grow as it penetrates the real economy.
The little more than a decade-old digital currency market has already quadrupled from its 2020 year-end value and now stands at 3.3 trillion, according to CoinGecko.
Cryptocurrency was a relatively unknown fringe currency just a decade ago, but now occupies a central position in the financial world. Digital currencies, led by Bitcoin and Ethereum, continue to soar in value as they gain more acceptance across the board.
There is also the growing excitement about the possibilities of non-fungible tokens (NFTs) and decentralized finance (DeFi). In essence, cryptocurrency has become extremely valuable in the current economic setup.
The growth of cryptocurrencies has largely been attributed to speculation arising from their high volatility. However, as anticipated, a new trend is picking up. Cryptocurrency is being adopted as a medium of exchange in the real economy. Many merchants, due to the increasing demand, have already embraced major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as mediums of exchange.
While this is commendable, many merchants still struggle to find reliable payment gateways to integrate with their businesses for the easy processing of crypto payments.
The Payment Market Evolution
Payment for goods and services has been with us since the dawn of humanity. However, payment methods have experienced dramatic changes throughout human history, and now we are in the midst of another wave of change.
Many merchants are looking at the possibilities of incorporating crypto payment to boost their trade.
Payment applications and platforms are emerging to facilitate the processing of cryptocurrency payments. The good thing about these platforms is that they have no restriction to younger more tech-savvy users, as they are basically accessible to all age groups.
While many of these payment platforms simply have convenience as the main selling point for their services, a few such as ForkChain provide more. That is, Forkchain, as a turnkey platform, works with multiple blockchains, helping merchants process multiple types of crypto assets alongside enjoying other features such as token genesis and owning a crypto store among others.
Additionally, the platform offers crypto investing and spending, which significantly opens up the market for the expanding community of crypto enthusiasts.
As a business owner, having multiple payment options for your customers can significantly improve your business.
First, it opens the door for more customers to do business with you. Second, there is an increasing number of people who believe in cryptocurrency as a better currency, more so with the rise of stablecoins.
As cryptocurrency continues to penetrate the mainstream financial systems, you may want to include it as one of the payments you accept in exchange for goods and services. When ready to include crypto payment options among your payment methods, you may also consider looking at crypto services you may need for your business.
If you want more than crypto payment processing, then you may check out a platform like ForkChain that offers multiple opportunities to grow your crypto portfolio.