Which Cryptocurrencies Should My Business Accept?
There are so many cryptocurrencies on the market today that it can be hard to decide which ones your business should accept and which ones would be best left alone. In this blog, we’ll give you our expert advice about which cryptocurrencies offer your business true value.
Table Of Contents
Cryptocurrencies Your Business Should Accept
Affectionately dubbed “digital gold,” Bitcoin is the torchbearer of the crypto revolution. It is the most popular cryptocurrency in the world, and its resilient, decentralized architecture and finite supply of just 21 million units makes it virtually impervious to inflation. Its global acceptance and liquidity position Bitcoin as a valuable asset for businesses looking to accept crypto payments.
Bitcoin Lightning is a layer-2 scaling solution that supercharges Bitcoin’s transaction capacity by enabling quick and cost-effective peer-to-peer transactions between 2 parties This ingenious solution is perfect for businesses involved in frequent lower-value transactions.
For more information about how this works, read our guide to the Bitcoin Lightning network.
Ethereum is the second most popular cryptocurrency in the world, just after Bitcoin. More than just a digital currency, Ethereum is the architect of smart contracts and the bedrock of countless decentralized applications. Some projects built with Ethereum include:
- Compound and MakerDAO – digital asset borrowing and lending platforms
- Balancer – an automated crypto lending platform
- Loopring Pay – a Layer-2 scaling solution that allows free, instant ETH and ERC20 transactions
- And more!
Ethereum’s capacity for enabling programmable transactions sets it apart as an innovation nexus in the crypto world. Embracing Ethereum can position your business alongside future-ready market segments and allow you to take advantage of further innovations in the crypto space.
For more information about accepting Ethereum payments, see our Ethereum page.
Tether (USDT-ERC20 & USDT-TRC20)
Tether harmoniously blends the advantages of cryptocurrency transactions and the stability of the US dollar. The USDT-ERC20 operates on the Ethereum network, while USDT-TRC20 functions on the TRON network, which offers nearly instantaneous transactions at almost no cost. This stablecoin provides a safe passage for customers who value stability over risk.
USD Coin (USDC-ERC20 & USDC-TRC20)
USD Coin (USDC), like Tether, is a stablecoin linked to the US dollar, offering consistency in the volatile crypto realm. With versions available on both Ethereum (USDC-ERC20) and TRON (USDC-TRC20) networks, businesses can select the platform that aligns best with their specific needs.
Dai breaks new ground as a decentralized stablecoin operating on the Ethereum blockchain. Despite being tethered to the US dollar, its value is manipulated through a network of automatic smart contracts responding to market changes, ensuring unparalleled transparency and reliability.
How Should You Decide Which Cryptocurrencies to Accept?
Volatility and Stability
Volatility can present lucrative opportunities but can also harbor risks. Stablecoins can offer an attractive balance for those seeking more stability.
Liquidity and Trading Volume
Higher liquidity and trading volume imply easy tradability of the cryptocurrency. Bitcoin and Ethereum take the lead here.
Integration and Technical Requirements
Consider the ease of integrating the chosen cryptocurrency into your existing systems. A provider like Aurpay can simplify this process for you by giving you a ready-made platform to accept the cryptocurrencies that we listed above as safe for business use.
Trust Your Crypto Payment Processor
The crypto world can be a labyrinth. Utilizing trusted cryptocurrency payment processors like Aurpay can help remove complexities. They equip businesses with the necessary tools and security measures for secure crypto transactions and currency conversions.
Customer Preferences and Demographics
Understanding your audience is crucial. A younger, more technologically adept audience may prefer cryptocurrency transactions. There are an estimated 420 million crypto users worldwide. Tapping into this vast market could be a key component of the growth of your business. Not taking full advantage of this would be a huge missed opportunity.
Regulatory and Compliance Considerations
Understanding legal and financial regulations in your region is paramount before introducing cryptocurrency payments.
Shaping Your Business for the Future
As the world goes digital, businesses need to keep pace. Adopting cryptocurrencies doesn’t just show your adaptability; it can unlock new opportunities, such as reaching global markets, slashing transaction costs, and catering to digital-native consumers. But you must understand all of the potential pros and cons and adopt them wisely.
Embrace the Cryptocurrency Revolution and Grow Your Business
Cryptocurrencies are fast becoming an integral part of the financial world. By accepting them for your business, you can broaden your customer outreach, streamline transactions, and carve out a niche in the digital age. However, choosing the right cryptocurrencies necessitates meticulous analysis. We’ve spotlighted some promising contenders – the rest is up to you.
Remember, the crypto landscape is always shifting. Stay updated, follow industry trends, and consult experts like the ones at Aurpay as needed.
If you’re ready to start accepting cryptocurrency, sign up for an Aurpay account today.