The popularity of cryptocurrency is on the rise every year. Individuals and companies are getting more and more involved in trading with cryptocurrency. These alternative currencies are becoming an integral part of our lives, and people are choosing to use them differently. While some only buy cryptocurrencies for trading, others use them as a form of payment. Businesses can benefit from this alternate payment method by taking advantage of the increase in the exchange rate. However, to get the best out of this, they have to find the right cryptocurrency payment gateway.
Process of Crypto Transactions
Cryptocurrency is not a physical currency and exists only in digital form. In simple terms, if a person wants to transfer cryptocurrency to someone else, it is simple. You will need to have access to the private key and public key associated with that value of cryptocurrency. Having cryptocurrency means that a person is accessible to a key-pair consisting of a public key (to which some amount of cryptocurrency was previously sent) and the corresponding unique private key (which authorizes the cryptocurrency previously sent to the above public key to be sent elsewhere). It is important that the private key is not shared with anybody. If John wants to send crypto to Mary, he uses his private key to sign a message with the transaction-specific details. This message will contain an input (the source transaction of the crypto previously sent to John’s address), amount, and output (Mary’s public address).
Important Things for Your Business’ Safety
For companies with customers from around the world, using a crypto payment gateway to process cryptocurrency has become a way to avoid bank transaction fees and long processing time, as well as the added task of converting from different currencies. To start off, you need a crypto wallet. Crypto wallets come with private keys or a secret number that allows the holder to access their crypto. You can also get a ‘hardware wallet,’ which requires you to either write down your key or keep them on a hard drive so that you don’t have to store them online. Companies are also known to sign up with a crypto exchange that stores keys on a third-party server.
Get the Right Payment Gateway
To get the right cryptocurrency payment gateway for your business, the quality is determined by what features you need. They should be able to accept major digital currencies for online and offline payments. They should facilitate instant locking in of rate to minimise risk to the business. Withdrawal of funds should be made available in less than a business day. Vendor or supplier payments should be supported in most of the countries in the world to facilitate international transactions. The crypto payment gateway should also integrate the API seamlessly in the checkout page. The business portal should provide real-time balance checking. You should have access to the history of transactions. The payment gateway should offer digital and fiat currency conversion.
As the cryptocurrency market size grows every year, there is an increasing need for cryptocurrency exchanges. Only a decade ago, stock trading took precedence. But these days, people do trading using cryptocurrency, taking advantage of its price fluctuation. Crypto trading is carried out by professionals and crypto enthusiasts. For this reason, business owners need to embrace this technology and offer a safe and intuitive platform to trade crypto. It is only a matter of time before this technology gains widespread usage. But as a business owner, it is better to safeguard your business and be prepared to accept this form of payment to be ahead in the race.< Next post - Ways to Protect Your Business during Online Payment Transactions Prev post - Beginners Guide to Cryptocurrency Payment Gateways >