Why should you start accepting crypto payments? – Blockchain news, opinion, TV and jobs

Cryptocurrencies are one of the most discussed topics. This is not surprising, as more and more individuals and companies are seeking to enter this field. Judge for yourself: the total market capitalization of digital assets in December 2024 was $3.71 trillion according to CoinmarketCap; This is 97.7% more than the previous year.

What is the cause of such noise? This article aims to provide an answer to this question, revealing all the advantages of using cryptocurrencies as a means of payment. You will also discover that digital assets have traveled a path before reaching this point and get an algorithm on how crypto payments are implemented in businesses.

The rise of cryptocurrencies

The world became aware of cryptocurrencies in 2009 with the emergence of the first of them, Bitcoin. The asset attracted investors with its blockchain technology, which provides a secure system for transactions without intermediaries. Later, in 2013, other coins, so-called altcoins, began to appear, seeking to eliminate the shortcomings of BTC. And after a few more years, with the emergence of Ethereum, smart contracts and DAPPs were introduced, further fueling the growth of Defi and bringing more opportunities to the crypto space.

This entire journey has already paid off, as cryptocurrencies are now a global financial phenomenon. This fact is confirmed by the number of existing coins, of which there are now more than 10,000 and more than half a billion crypto owners worldwide. As for application areas, cryptocurrencies are used as a store of value and payment of goods and services, including cross-border transfers.

Obviously, such popularity and demand cannot fail to attract the attention of commercial companies. According to “Currency Law” statistics, more than 25% of businesses worldwide already accept cryptocurrencies as a means of payment; Among them are such market giants as Tesla and Microsoft, as well as Starbucks and McDonald’s. They are not wrong with this decision, as demand for Defi is only expected to grow.

Benefits of Crypto Payments for Business

Accepting payments in crypto helps businesses stay competitive. Such a decision positions a company as innovative and advanced, and this signals to customers that the business adheres to technology trends. Now let’s take a closer look at what other factors provide this competitiveness.

Convenient access to assets

Businesses can access their funds at any time. Unlike traditional banking systems which may not be available some days and hours, cash flow never stops with crypto. Digital assets are not controlled by the government or any other third party, so it will only take an internet connection and an encrypted key to access the funds.

Global accessibility

Running cryptocurrencies on decentralized networks makes them borderless. With easy access to money online, businesses can accept payments from anywhere in the world without worrying about transfer fees or delays inherent in international banking system transfers. This world of cryptocurrencies is a huge benefit for those who plan to expand into new markets.

Access to new customer groups

Crypto payments may appeal to tech-savvy people who pay with digital currencies as the more convenient option. Furthermore, some of the most active crypto users are the younger generation, which could become a new audience.

High security

Blockchain technology provides every transaction with encryption technology and cryptographic signatures, ensuring that each one is secure. Moreover, crypto users’ information is not stored in a shared database, so the risk of leakage is reduced to zero.

Fraud protection

Encryption and encryption are very useful in fraud protection as well, as they prevent hacking. Some blockchains run on smart contracts, which means that the transaction is only carried out with the permission of the parties (i.e. buyer or seller). However, some crypto exchanges also offer their own fraud protection measures; example cryptomuswhere tokens are fully verified before listing, similar to how users are verified during KYC. Therefore, with confidence, the exchange controls the situation, not allowing fraudulent schemes to occur.

Support privacy-conscious customers

Payments in Crypto are an ideal solution for customers who value anonymity, as there is no third-party control. Users do not have to share their personal information while making payments, which undoubtedly creates trust in the company.

Faster payments

Crypto transactions take anywhere from a few minutes to a few seconds. The transfer time can vary depending on the chosen blockchain, network congestion, and the amount of money being transferred. However, this is a very fast time, unlike the same traditional banking systems where some transfers can take several days, especially when it comes to cross-border payments.

Low transaction fees

The use of cryptocurrencies is also characterized by low transfer fees. While bank card fees average 2-4%, crypto transactions cost fractions of a percentage. And although it is also worth taking into account the blockchain and the demand for it, the average cost even in a loaded blockchain is still lower than for bank transfers. This feature is undoubtedly useful for both consumers looking to save money and businesses looking to cut costs.

How to start accepting crypto payments?

Crypto payments can be accepted in several ways, usually through cryptocurrency services. These include digital wallets, billing services, POS (point of sale) systems and payment gateways. It should be noted that the last option, crypto payment gateways, is the most popular for accepting crypto; This is due to their association with crypto exchanges, which offer great functionality and strong security measures. Therefore, we will focus on it in more detail.

The process of integrating crypto into a business is not complicated if you follow the algorithm. It is similar on all platforms. The only difference is only in the interface. For this example, we will use Cryptomus Crypto payment gateway As a representative of a cryptocurrency platform with an easy-to-use interface and strong security. Here are the steps to implement crypto payments:

• Step 1: Log in. Once you choose the payment gateway that suits your needs, create an account there. To do this, you will need to enter your name and contact information. On Cryptomus, for example, you can register by providing a phone number or email, or you can do so directly via Telegram, Facebook, or AppleId. You will then have to go through the KYC process, which gives you access to your business portfolio.
• Step 2: Secure your account. Although crypto platforms offer security measures such as AML and encryption technology, you should also take extra preventive care. What you can do is enable two-factor authentication and come up with a strong password; This will protect your account from possible hacks.
• Step 3: Integrate payment gateway. Select your preferred payment integration option, such as e-commerce plugins or APIs. To get it right, follow the instructions the platform provides on the integration page.
• Step 4: Set up the payment form. Select the cryptocurrency you wish to accept payments in. If you plan to use different coins in your business, you will need to create multiple wallets. At this point, you can also enable the automatic conversion feature if necessary and check how the payment links work.
• Step 5: Test the payment gateway. Once you’re done setting up, make sure everything is working as you planned. Run some small transactions and evaluate the interface and timing of the coins arriving in your business wallet.
• Step 6: Provide customer support. Prepare instructions on how to interact with crypto payments. Then tell your potential customers about the new payment method your business has introduced. Certainly, be prepared to answer any client questions that may arise.

The future of crypto payments

As cryptocurrency payments are accompanied by increasing adoption among individuals and businesses, the sector is expected to grow significantly in the future. According to Statista, payments in crypto are expected to grow at a CAGR of 17% between 2023 and 2030.

Moreover, as blockchain technology and the regulatory framework for large-scale cryptocurrencies advance, the growth of digital currency payments is only confirmed. One step towards this is the EU’s Markets in Cryptocurrency (MICA) regulation, adopted in January 2025, which aims to create security, transparency and trust in the crypto-asset market. According to experts, this will contribute to a fairer environment for merchants and consumers.

Despite the fact that crypto payments currently account for less than half of global payments, this sector is on the way to rapid development. It is not just a method of payment but also a tool to increase operational efficiency and enter new markets. If implemented as soon as possible, it is also an opportunity to deal with or take a leading position as the most innovative business.