Since the first cryptocurrency, Bitcoin, was created in 2008, it has become a household term with people from all over the world not only investing in it but using it within their business. This has opened up new and exciting investment opportunities for companies all over. As cryptocurrencies evolve and their numbers expand, both large and small businesses are left to evaluate whether or not they should join this new digital train.
What Exactly are Cryptocurrencies?
A cryptocurrency is a new digital currency that is secured by cryptography, a method of securing digital communications between third parties that is virtually unhackable.
Interest in cryptocurrency amongst individuals all over skyrocketed in 2017 as the price of Bitcoin rose from under $1,000 per coin to nearly $20,000 over the course of 12 months. Of course, today the price has leveled off, but businesses can’t seem to ignore cryptocurrencies since it’s becoming increasingly common for them to offer them as a payment option. Companies today are becoming increasingly conscious about keeping up to date with new technologies – especially ones that are able to improve how their business operates and to save money.
Lower Costs & Easier Transfers
Cryptocurrency payments don’t require a processing fee. Transactions are essentially borderless, making them cheaper than credit card transactions. They also make it easier to transfer funds directly between two parties, without the need for a bank or credit card company to get involved.
These transactions are known for being very fast, completing your transactions in as little as seconds. They also allow for easy international transactions to take place without having to pay exchange rates. Since cryptocurrency transactions are supported by blockchain technology, transfers are final and cannot be canceled or reversed after a transaction has been made.
Better Customer Confidentiality
Every year, millions of customers are hacked and personally identifiable information is spread affecting not only your business but your customers confidentially as well. When someone uses a credit card for a transaction, a transaction history is created and can be used for malicious intent when fallen into the wrong hands. The most attractive part of cryptocurrency is its use of anonymity in the payment process. The buyer or client can choose to provide only as much information as they need to.
How CorCystems Can Help
Have questions about how cryptocurrency works or how it can protect your confidentiality in business transactions? Reach out to CorCystems at (203) 431-1341 today to learn more.