As of today, Ethereum forecasts to become the number two Cryptocurrency after Bitcoin. Ethereum is already in the Cryptocurrency market’s trading business with its launch on July 30, 2015. Vitalik Buterin, after his interest in Bitcoin, decided to develop a new protocol using Turing-complete language to enable users to create smart contracts. He is the origin of the Ethereum project. Various Cryptocurrency projects took initiation the year after Ethereum launch in the market. These projects tackle to bring solutions to real problems and hence have an excellent future to grow. Ethereum’s potential for growth is vast and already has a market cap of $ 28 billion as of February 21, 2020, most Altcoins in the market operate on the Ethereum Blockchain. Ethereum is a representative of Altcoin’s behavior.
You should think about accepting Ethereum in your business because it’s gaining popularity in trading. In the future, you should feel left behind if it becomes the regular mode of transaction. You can consider the following five reasons to accept Ethereum in your business
- No fees on transactions:- In the current business transactions, there are many types of transaction fees one has to pay. All this money goes to some intermediary that does not connect with your business. These transaction fees costs are too high. Transactional fees are often charged to both the buyer and seller. The middle man benefits from both the remittance parties, as a regulator enabling the transaction through their platform as service. If you accept or give Ethereum in your business, you are no longer required to pay the transaction fees to anyone as the Cryptocurrency transactions are peer-to-peer. You can avoid charges, thereby save money by dealing with Ethereum.
- Quicker transactions:-For you, if time is money, then the second reason is also more than enough to convince you about Ethereum transactions. Usually, the conventional financial transaction takes a lot of time to complete. There are many procedures the bank has to follow for a particular transaction to process. If more money is involved in the dealing, then the time required for clearance from the bank to the beneficiary is too long to wait. On the contrary, the transactions through Ethereum are speedy to process within minutes. There is no need to wait for the bank approval process for your money. It saves considerably valuable time for both parties.
- Grow business globally: – If you want to grow your business to a global level, dealing in Ethereum is the ideal plan to execute. You can develop your business by getting things from other countries through Ethereum, and there is no need for a currency exchange procedure. Identifying opportunities for growth through these companies is a wise strategy to expand your business globally. Catching up to the current trend will not let you fall behind your competitors. The customers will also feel closer to your business because of their saved time and money by avoiding the tedious conventional payment methods.
- The additional payment option is useful to keep:-From the customer point of view, and it is better to have as many options for payment mode. It is because the customer will choose his type of payment mode. Usually, every person makes online payment through his already selected method and does not want to select another option. So it makes sense to keep Ethereum as one of the payment options for your business.
- No scope for frauds:-The payment process through Ethereum does not need any personal or account-related data to enter anywhere. The payment through Ethereum is safer, hassle-free, and much more natural. The customer identity is shielded, with the transactions cannot be reversed, causing any chargeback on transactions.
Conclusion
If one wants to expand their business with no boundaries, they must surely think and implement the acceptance of Ethereum as one of his payment or transaction modes. With the current graph of the growth of Cryptocurrency, the outlook remains demanding for the future currency, considering its advantages over the current form of money.