With cryptocurrency continuing to experience a level of growth that many industries around the world have never been able to achieve, there is perhaps no surprise that so many businesses are already looking to make the most of it, especially those in Galway.
Organizations are looking to take advantage by introducing a number of different payment methods that allow for them to be able to fully accept digital assets as a form of tender, with more and more people continuing to seek alternatives to traditional fiat currency.
One such industry that has experienced a continued evolution in regard to payment methods and has perhaps become a case study for many other sectors in the world is the iGaming industry, with crypto gambling having become an incredibly favorable and desirable activity that many have started to participate in. A lot of enthusiasts have started to turn to a crypto casino because of the benefits that they can achieve due to the ability that has been provided in regard to being able to use virtual currency for all of their wagering needs. Advantages that can be experienced are aplenty, with elements such as faster transactions that are cheaper, increased anonymity and security, as well as transparency are all available.
The iGaming industry is not the only market sector that can experience a number of benefits by introducing payment systems that accept cryptocurrency, though, with many businesses across various sectors able to reap potential rewards that can be enjoyed. Let’s take a look at some of them below:
Businesses can expand and reach more customers
One benefit that can be experienced by businesses in Galway that decide to implement payment systems that can accept crypto payments is that they will be immediately able to access a new market audience and be attractive to them.
Customers like to have a choice when making a decision about a product or service, therefore by offering an alternative payment method, the possibility of being able to acquire more business is something that can be very real.
Costs can be reduced
An instant benefit that could be experienced by a business that decides to make crypto payments available is that they could instantly reduce their costs, as they would no longer be required to pay high transaction fees that exist with other payment merchants.
Cryptocurrency transactions are notoriously cheaper, thus saving businesses money each time they are required to process a payment that has been made to them. Transactions made by virtual currency are also typically quicker to make, too!
Cross-border discrimination is eliminated
Lots of countries still face a number of barriers when it comes to fiat currency, with some not being allowed to be used for certain things or making transactions incredibly difficult to complete. However, crypto can make this a problem of the past.
There are no obstacles in the way of virtual currency, with holders who wish to use digital assets being free to do as they please with it. They can also benefit from the exchange rates that are applied globally to crypto, rather than having to miss out on those that are applied to fiat currency, as well as getting as much back for their money as possible.
Chargeback fraud is immediately reduced
A number of businesses continue to struggle with chargeback fraud as a number of consumers will look to exploit the benefits that they are given when using credit cards. A business will lose out as they will send a product once it has been paid for but the customer will then claim back on the purchase and tell their provider that they have not received it, thus inflicting the cost on the business.
The use of cryptocurrency could see the level of this type of fraud become reduced immediately, if not even eliminated in the future, as each transaction is transparent and can be traced due to the use of blockchain technology. Furthermore, each transaction made is irreversible and harder to wrongfully refund.
Customers will be protected too
Cryptocurrency has the added benefit that anybody who uses digital currency will be protected. Whether it be a business or a customer, everybody in the process will receive the same high levels of protection and security when virtual currency is used.
Customers will be protected from any potential malicious activity such as cyberattacks like identity theft and fraud, whilst businesses will be more protected from having money stolen from them.
It is clear that businesses in Galway can benefit greatly if they were to adopt cryptocurrency as a form of payment in the future. Indeed, with the continued widespread growth and adoption that is currently being experienced, it is something they might want to consider sooner rather than later.