With the increasing adoption of blockchain technology and cryptocurrency today, crypto payments are becoming mainstream. As with any new technology, businesses wishing to stay competitive need to integrate themselves with the new technology or risk going obsolete. Today, the markets are rife with businesses accepting cryptocurrency payments. Whether you wish to book airline tickets via CheapAir.com or purchase a host of services through Microsoft, you can use crypto to make payments.
Over 40% of crypto owners seek merchants that let them pay with cryptocurrency. Considering this demographic, it is important that merchants offer this payment option to their consumers. In a previous blog, we have highlighted how businesses could benefit from accepting crypto payments. In this blog, we aim to highlight how easy it is for businesses to start accepting cryptocurrencies.
Regardless of whether a merchant has a small or big business, it is very easy to start accepting cryptocurrency payments. In essence, there are two major ways you can start accepting crypto payments for your businesses. First, you may opt for a crypto wallet. On the other hand, you can opt for a crypto payment gateway.
Crypto Payment using a Crypto Wallet
The vision for cryptocurrencies was to be using a peer-to-peer transaction system. This would ensure the elimination of any third-party intermediaries like banks and other financial institutions. A merchant needs to have a crypto wallet for this. Moreover, they need to ensure their wallet is capable of accepting multiple cryptocurrencies. Or else, they need to have multiple wallets for different cryptocurrencies.
A peer-to-peer transaction between a consumer and a merchant would follow the steps below: