In recent news, a greater number of businesses have begun taking crypto payments. This includes local land-based businesses as well as those only dealing online in eCommerce. With that said, one of the most important reasons to begin accepting crypto of any kind, but most importantly Ethereum (ETH), would be to stay competitive. That’s a given within a business of any size and in any industry. The key to success is owning your market and if your steepest competition is accepting crypto, you want to beat them right out of the gate. Here is how that is done and why your crypto payment of choice should be ETH.
One Global Currency
Most crypto is based on blockchain technology, which means there are ledger entries in computers all around the world. It isn’t as necessary to understand the technology as it is to look at the fact that it is one currency throughout the entire world. While you can convert crypto to your nation’s fiat based on relative value, as highlighted in OKX’s Ethereum live price charts, that unit of ETH you are looking at holds the exact same purchasing power no matter which country you happen to be in. Instead of thinking dollars and cents, think ETH! It’s like speaking a universal language.
Second Fastest Growing Crypto
According to information on the Forbes website, ETH is the second fastest-growing cryptocurrency with the second highest market cap only behind the older, and better-known crypto, Bitcoin (BTC). Because of this, there is growing interest in ETH as a crypto payment and as more businesses begin accepting Ethereum’s answer to Bitcoin, it will become even more competitive than BTC. There are other factors at play here, because there is so much more to Ethereum’s blockchain technology than a ’mere’ crypto. (We say mere with tongue in cheek.)
More Than Just a Cryptocurrency
If you look at what the well-respected online financial encyclopedia, Investopedia, has to say about the differences between Bitcoin and Ethereum, it is in the blockchain technology employed. Ethereum can be used to create such things as self-executing smart contracts as well as providing decentralized apps (dApps) that see no downtime and are as secure as it gets out there in cyberspace.
Imagine your company being able to offer smart contracts in which your labor is at a minimum. With the leading AI technology existing in the blockchain, the self-executing software platform handles everything right up until the moment that contract is deployed (finalized and executed). There is no interference from a third party and Ethereum is the ultimate in fraud prevention and control.
A New World Perspective
In the end, imagine being a globetrotter who visits several countries within a month’s time. If you could pay for everything with one single currency, how much easier would your life be? There would be no more converting dollars to euros, or pounds to yen. You could simply pay with your ETH and be on your way, no matter where you find yourself. That day is coming, and as it stands now, ETH is the leader of the pack. Why should your small business startup accept ETH crypto payments? Now you know why!