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Crypto, it’s easy, reliable, fast and cost efficient. But it’s not for your company?

This post is also available in: Italian

Surely we cannot predict the future. Nobody can. But we can make educated guesses based on trends, past events, sentiment and general environment. And it seems that cryptocurrencies are here to stay. So we might, just as well, take advantage and make the most if it. No?

We can always go the route of mining, or trading, or HODLing. But all these are more of speculative moves than conscientious corporate governance. And it is in here where the true advantages of cryptocurrencies lie. In their decentralised mode of transference. Away from commission handling third parties, and subject to pesky, and often arbitrary exchange rates effected by finance institutions. Let alone the delay involved in any financial transaction. Money out, money nowhere for 24/72 hours, money in. Goods or services on hold until the account balance shows the transfer. It’s a drag.

Leaving aside the fluctuation of cryptocurrency value, most, if not all, of these problems become a thing of the past if the transaction is made using crypto as, well… a currency. Bitcoin (symbol) for example, takes an average transaction confirmation of 10 minutes. Up to 24 hours if the vendor requires many confirmations. Ethereum transfers take less than 30 seconds. And that’s considering only the two most popular cryptocurrencies by market value.

Then, there is the transaction fees. A Bitcoin transaction takes about 400 bytes. And the transaction fee is based on a satoshi per byte. Making it essentially flat, but subject to the value of that satoshi, which is a hundredth of a millionth of a Bitcoin. Seems convoluted, but it’s easy. Compare with the base % transfer via a bank.

Of course, there are some complications. Namely the consideration of the crypto as an asset or a form of cash. Particularly important at tax time, when we consider gains or losses. But we all know that regulation and law tend to be a step behind market forces. And we already see changes on that. As it stands, your accounting can use the services of a crypto specialist to assist with the initial crypto transformation.

The Trend

As examples, we can cite:

-Twitch. Belonging to Amazon, while the parent company does not yet take Bitcoin, the video streaming platform accepts this currency for their ad buy options

– PayPal now accepts payments on a selection of cryptocurrencies

– Whole foods, through the Spedn App, clients can purchase groceries, Gamestop products or Baskin and Robbins, among others on a selection of cryptocurrencies

– Tesla is under process to accept Bitcoin to purchase their cars. The news comes on the coattails of their investment of $1.5 billion in the cryptocurrency

– NameCheap. One of the most famous domain registrars accepts payment in crypto. And has for some time

The trend is there. The tools are available. Even your foray into the Middle East, with Dubai Start, can be initially financed with your accrued cryptocurrencies if that’s your choice.

The move is yours.


Our Sources

https://qrius.com/big-brands-accepting-bitcoins/

https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html

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