Must Know Facts About Cryptocurrency in eCommerce

It is difficult to ignore the impact and influence of cryptocurrency in eCommerce, even though it is relatively new. The rapid evolution of cryptocurrencies such as Bitcoin has encouraged businesses to tap into its benefits in order to expand their reach. Trusted payment gateway providers such as Payment Asia offers a crypto gateway that can help you meet the payment processing needs of customers. 

What is Cryptocurrency?

Cryptocurrency is a digital currency that is independent of third parties such as banks and governments. Unlike fiat currency that is supported by the government, cryptocurrency uses encryption technology to administer its use and release. Verification of transactions is done as a decentralized system and distributed as block information as a public record. Check balances are controlled digitally, which makes it extremely difficult to counterfeit or steal. Bitcoin or BTC is the most well-known cryptocurrency. Services offered by Payment Asia are directed to bridge the gap between cryptocurrency and fiat currency.

Why Cryptocurrency?

One key reason why you should opt for a crypto gateway is that this form of payment processing is here to stay. Large multinational enterprises have already started dabbling in thisfield;therefore, it is only natural that many others will follow suit. The platform of eCommerce and cryptocurrency are complementary to each other. With an increasing customer base who invest in cryptocurrency and demand immediacy and security, cryptocurrency can be extremely beneficial. Its features of increased security and the global nature of transactions give you more control over transactions. Read Payment Asia reviews to understand how their services have benefited retailers.

Increasing Demand

Investors have accepted cryptocurrency as a long-term investment;thus, it makes sense when they start using it as a mode of payment. Today, businesses have truly gone global, and quite often, e-commerce companies struggle to adjust prices and currencies to accommodate the volatile fiat currencies of each country. Payment Asia reviews suggest that cryptocurrencies can circumvent these concerns as it has a vast and ever-increasing customer base across the globe. You can make use of crypto gateway services to delve into newer markets and enjoy the first-mover advantage.

Enhanced Security and Fast Transactions

With blockchain technology, it is extremely difficult to duplicate transactions or counterfeit the currency in the cryptocurrency system. Each transaction is time-stamped and irreversible. Further, transactions are verified using encryption technology. The transaction involves a two-factor verification process. Additionally, transactions are processed instantaneously, unlike bank transactions. You will have instant access to the funds, allowing you to streamline your cashflow.

Features of Payment Asia’s Crypto Gateway

With Payment Asia’s crypto gateway, major digital currencies such as Bitcoin are accepted, and payments are made in six major currencies. Instant locking of transaction rates is done to minimize your risk. You can withdraw your funds within a business day. Moreover, you can pay your suppliers in more than 200 countries.