13 SEPTEMBER 2022 16:00 (CET)

25 OCTOBER 16:00-19:00 (CET)

10 reasons
why you should consider digital assets
as a payment option for your business

Let’s talk about what digital currencies are, its' prospects, and why they are not some Ponzi or a bubble, as you’ll often hear in the media, but a trillion-dollar opportunity.

You may think that digital assets are very technical and complex, but it’s not. You absolutely don’t have to be an IT guy or a financial specialist to understand crypto. 500 million people have already using and some even predict that there will be 1 billion users by the end of 2022. They all start from knowing zero about it, and so can you.

Reason 1: 3 ways digital currencies are superior to fiat

1) Fair valuation by the market
In some sense digital currencies are similar to commodity currencies: the market decides how much one Bitcoin should be worth and the ancient market decided how much meat you could buy with one bunch of cocoa beans. So the valuation of digital currency is fairer and more organic than the valuation of fiat money.

2) Predictable supply
The government can create as much fiat money as it wants. Because of Covid spending, the money supply in the US grew by 27% in a year. The result is inflation: fiat money is losing purchasing value.

A digital currency can also have inflation built into the algorithm – with new tokens issued all the time. But it’s totally automatic and predictable. No-one, and not even the developers who created it,  can change the code to print more and become rich.

3) Secure transactions thanks to cryptography
What makes digital currencies special is the use of cryptography for security.

Reason 2: digital currencies are the safest type of electronic money

The thing is, the bigger a digital currency is, the higher the cost of attacking it. With digital currencies like Bitcoins or Ethereum, a successful exploit would require enormous resources, hundreds of billions of dollars. Smaller digital currency protocols do get attacked sometimes, because they can have bugs in the code and they don’t pass any serious audit. But if you deal with the big ones like Bitcoin, Ethereum, USDT, USDC, and so on, you can be sure that an average criminal or even a hacker has zero chances to exploit them.

Reason 3: digital assets are increasingly legalized and regulated

In this chart, only the black bits are countries that have banned digital currencies. It’s places like China, Bangladesh, Egypt, or Algeria - probably not your key target markets.

Another matter is digital currencies as legal tender. So far just two countries have adopted Bitcoin as legal tender – El Salvador and the Central African Republic. But the thing is, it doesn’t matter if Bitcoin is legal tender or not, as long as the law doesn’t prevent people from paying for goods and services in digital currencies.

Reason 4: digital assets market is growing fast

This is the total digital assets market cap since 2013 – the total value of all the digital currencies in the market in US dollars. In May 2020, we were at $265 billion, now we are at $1.8 trillion. That’s a bit less than Microsoft.

Only the market cap of Microsoft has grown by 55% in 2 years, while the market cap of crypto has increased almost 700%. At this rate digital currencies will be bigger than the top 5 companies in the world in a few years.

Reason 5: the audience is huge and ready to pay

There are hundreds of millions of digital assets holders. A year ago there were 220 million of just identity-verified users, and the number of those that didn’t pass any KYC is several times higher. Binance exchange alone has over 28 million users, and the popular MetaMask wallet was downloaded more than 10 million times just for Android.

Statistics says that people are willing to pay for all kinds of things in digital currency. This chart shows that 40-50% of people are willing to use digital currencies to pay for retail goods, travel, hotels, luxury, games, cars, and so on. In fact, according to our own research, digital assets holders actively look for online stores that accept digital payments, because they value transparency and privacy that digital currencies give.

Among the people that pay in Bitcoin online, 40% are first-time customers. So the merchants that accept BTC get a wave of new customers. And the average sale is twice higher than for the shoppers that pay with card. So with digital payments, you attract a lot of valuable new clients, high spenders.

Reason 6: digital payments are global

Research shows that the main reason why people fail to make a purchase from a foreign online store is that payment from their country is not accepted. Like you’re in Estonia, you want to shop at an Indian online store, and the payment doesn’t go through.

Digital payments completely solves this problem.

The cost and speed of a transaction is the same regardless of where you are located or the amount. And the acceptance rate, at least for CoinsPaid, is like 99.9%. A customer can send you $10,000 in USDT from Vietnam or Chile, and you’ll get it without any problem.

Reason 7: digital payments are 80% cheaper

Digital payments processing fee is around 1% - and not 2.5-3.5% like the acquiring fees for cards. And there are no rolling reserves. It’s a huge hidden cost, because part of your revenue is always locked up – with digital payments you have access to 100% of your funds at any moment.

Reason 8: no friendly fraud

Online merchants lose 20 billion dollars a year because of payment fraud. And the most common type of fraud is so-called friendly fraud, or chargebacks: 39%.

There are no chargebacks in digital payments. Once the customer’s transaction is confirmed on the blockchain, it’s final and it can’t be rolled back by anyone. There is no bank that could overturn it somehow.

Reason 9: accepting digital currencies is easier than you think

There are two ways – one easy, the other difficult. The difficult way is to hire developers and build your own crypto gateway. But building a digital currencies processing takes at least a year and will cost you a few million dollars.

The easy way is to integrate an existing gateway. There are many: Coinbase Commerce, CoinsPaid, BitPay, and others. Integration can take as little as 1 business day, and you won’t need to do any programming on your side. You’ll just need to add a ‘Pay with Bitcoin’ button on the website.

Reason 10: it gives you a competitive advantage

Dozens of thousands of businesses have made this step before you, but you still have a chance to be a trendsetter in your industry or market segment. When you integrate idgital payments, you automatically get not just one step, but many steps ahead of your competition, and this can translate into a lot of additional revenue.

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