If you follow financial news, stock markets, or technological advances, you are bound to hear about cryptocurrencies. It is ubiquitous, with millions of individuals using it for transfers, remittances, and even speculation. You may use them to purchase at merchants and shops accepting them. But which ones should you take if you’re a small business endeavoring to keep up with how your consumers want to pay? What’s more, how do you accept them?
Overview of Bitcoin vs. Altcoin
Bitcoin was the first cryptocurrency to launch in 2009. All other currencies and tokens are referred to as alternative coins or altcoins because Bitcoin is the “original” crypto. Some in the cryptocurrency community consider Ethereum to be one of the original currencies, referring to all coins other than Bitcoin and Ethereum as altcoins. Because cryptocurrency has gained popularity and consumers want to use it to make purchases, merchants must accept it. However, it takes time to learn how cryptocurrency transactions operate, what a wallet is, and how to convert any cryptocurrency into the money desired by a merchant. As a result, some businesses are hesitant to embrace cryptocurrencies since they are difficult to understand, and rumors about fraud and unscrupulous actors are circulating. Furthermore, many merchants are unfamiliar with bitcoin or altcoins.
It is no longer necessary for a merchant to understand cryptocurrency in order to accept it as payment. Numerous companies and retailers now accept cryptocurrencies as payment. Accepting Bitcoin and altcoins is made considerably safer by intermediaries such as exchanges and crypto payment gateways.
Utility and Endorsement
Many cryptocurrencies were never intended to be used as payment solutions. Ethereum, for example, was designed to be a platform that allows anybody to develop blockchain-related businesses and services. Ether (ETH), its native coin, is used to pay transaction fees to network members. However, you can buy ETH on exchanges just like Bitcoin (BTC) or other cryptocurrencies for multiple uses.
Regardless of how they’re titled or what they are intended to achieve, cryptocurrencies have value and can be used as a payment method because that is how people wish to use them. As a result, the most important problem for a merchant is how to accept cryptocurrencies, how to collect payment for items or services offered to clients, and how to avoid being taken advantage of.
Crypto Payment Solutions
One of the central tenets that drove the creation of cryptocurrencies was the elimination of third parties from financial transactions and payment systems in order to cut costs and increase speed. The issue with cryptocurrencies is that it is still relatively new, and many businesses will want to transfer whatever crypto they get into conventional money.
Because there is such a large demand for cryptocurrency, yet it isn’t as widely known as fiat money, numerous businesses have stepped in to help with transactions. Third-party engagement is undesirable for those attempting to decentralize funds. However, third parties must be involved until cryptocurrencies are completely declared as legal tender. Until then, there are several ways for taking Bitcoin or altcoins as payment.
Cryptocurrency payment gateway providers enable you to accept cryptocurrency and receive payments in the currency of your choice. These service providers, like credit card gateway providers, handle the transactions for you. Some have been around lately with astonishing services. PayBolt, for example, is a web3 crypto payment gateway that allows a global audience to enjoy crypto services and allows them to access worldwide markets through eCommerce platforms, online/offline websites, brick & mortar shops, and even offsite service providers and freelancers. PayBolt is incredibly charging cheaper (MDR) rates than other traditional payment gateway providers.
One of the most recent innovations in cryptocurrency is that users can link their cryptocurrency wallets to debit cards. These crypto-debit cards interact via established credit card networks like Visa or Mastercard, making the process easier for merchants and customers. In addition, some have partnered with eCommerce providers to make the process easier.
For instance, PayBolt has developed a plugin to integrate with eCommerce platforms’ users such as WooCommerce, OpenCart, and Magento to allow merchants to start accepting Bitcoin, altcoins, and stablecoins in PayBolt’s ecosystem. With PayBolt’s merchant account, you can choose to have incoming cryptocurrency payments converted to U.S. dollars or any of the +150 fiat currencies automatically.
Because of the services provided by gateways, hundreds of companies accept cryptocurrencies as payment. Microsoft, Apple, AT & T, Shopify, Starbucks, and many other businesses accept cryptocurrencies.
Accepting cryptocurrency payments is safer when you use an intermediate to handle your Bitcoin or altcoin transactions. It also simplifies things because you don’t have to pick which to accept; you simply have to choose which payment processor to utilize. The remainder is handled by the processor, who deposits the currency you specify into your account.
To conclude, all of this implies that merchants may take both Bitcoin and altcoin as payment without worrying about which one is superior. Customers may pay using whatever method they like, and you can accept money in any way you prefer.
Is Bitcoin more secure than Altcoins?
Bitcoin and altcoins are as safe as credit and debit cards as long as you choose a reliable cryptocurrency payment gateway to accept cryptocurrency payments. On the other hand, it is possible to encounter problems if you directly accept payments from a customer’s wallet to yours with no intermediate processor.
Which transactions are faster, Bitcoin or Altcoins?
Depending on the network used for paying, speed varies from seconds to no longer than minutes. For example, Bitcoin takes a minimum of six confirmations for a single Bitcoin transaction to be processed fully, with larger transactions generally requiring more confirmations, therefore taking more time. After all the confirmation phases are passed, the transaction can be fully finalized.
While altcoins built on fast networks, such as Ethereum, BNB chain, and Polygon, etc., can be transacted faster and not only that but some unique crypto ecosystems reward you for using the token as a payment method like PayBolt and its native token $PAY which is lightning fast and rewarding.
A PayBolt’s merchant account is an account with a web3 crypto payment gateway provider that allows you to accept Bitcoin and altcoins at your business. So, be ready because, With PayBolt, I can.