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Why Crypto Acquiring is the Next Step of the Financial Evolution

Crypto acquiring is an innovative technology that makes it possible for entrepreneurs to accept payments in cryptocurrencies using electronic payment systems. Unlike traditional acquiring services, crypto acquiring is based on blockchain technology. It ensures transparent and safe transactions without the involvement of intermediaries, such as banks or payment systems.

Crypto Acquiring

This approach solves a lot of problems often faced by companies and consumers:

  • High commissions
  • Long-term payment processing
  • Insufficient protection from fraud

Crypto acquiring offers new methods of completing transactions by opening up possibilities for business development and interaction with consumers.

The present-day financial world faces a number of challenges that involve separate companies and the global economy. Traditional payment systems often charge considerable commissions for transaction processing (especially in the case of global transfers or international trade), which results in higher costs for businesses and reduces return on investments. Many people remain excluded from the financial system as they cannot access banking services due to geographical, social, or economic reasons.

Crypto acquiring ensures faster, cheaper, and safer methods of transactions and expands access to financial services.

How Crypto Acquiring Works

Crypto acquiring includes the process of cryptocurrency payment acceptance in shops or online platforms using electronic payment systems. Cryptocurrency is sent by the buyer to the unique address of the seller’s wallet, and the transaction is recorded in the blockchain.

The process of crypto acquiring may include the following steps:

  1. Choosing a cryptocurrency for payment. The buyer chooses the cryptocurrency he or she will use to pay for the product or service.
  2. Generation of a payment address. The seller generates a unique wallet address for each transaction.
  3. Payment sending. The buyer sends the cryptocurrency to the address provided by the selletr from his or her wallet.
  4. Transaction confirmation. The cryptocurrency network checks and confirms the transaction which is then recorded in the blockchain.
  5. Notification of completion. As soon as the transaction has been confirmed, the seller receives a notice of payment completion.

Advantages of Crypto Acquiring 

More and more companies and entrepreneurs are using this option to accept payments. Crypto acquiring usually provides lower commissions as compared to classical options. This happens because cryptocurrency transactions exclude intermediaries, such as banks or payment systems. In traditional systems, each intermediary charges a fee for its services, which entails additional costs for businesses and end users. Cryptocurrency transactions are carried out directly between the sender and the recipient, thus minimizing the number of intermediaries and the amount of commissions.

One of the important advantages of this service is the fact that it enables users to make transactions directly from the crypto wallet. Consequently, they do not need to make additional steps to convert the crypto into fiat currency. This is especially useful for customers served in countries where banking systems are not developed or there are difficulties with using fiat money. The payment in cryptocurrency unnecessary conversion and transfer of funds from the crypto wallet to the bank account.

Crypto transactions are processed much faster than traditional bank transfers as they do not require the participation of centralized institutions: they pass through the decentralized blockchain network. Transactions can be completed almost instantly, while bank transfers may take from several hours to several days.

Cryptocurrency transactions also ensure a high level of safety and privacy thanks to the use of cryptography and blockchain technology. Each operation is confirmed by a cryptocurrency network and recorded in a distributed register, which makes it impossible to change or fake it. It considerably reduces the risks of fraud, hacking, and data leaks, which are the main problems of many payment systems. In addition, the use of cryptocurrencies makes it possible for users to fully control their financial data and avoid unauthorized access on the part of third persons.

Crypto acquiring expands access to financial services for millions of people, including those who are excluded from the present-day financial system. Unlike traditional banking systems that often restrict access to financial services for different reasons, cryptocurrencies make it possible to complete transactions from any part of the world where you can have Internet access.

Cryptocurrencies can be used for payments in any country without currency conversion, which simplifies international trade and transfers. This is especially useful for companies that deal with international trade, as well as private individuals that send money to foreign partners or relatives. Cryptocurrency transactions make it possible to avoid difficulties connected with currency rates and conversion and also reduce the transfer time and costs involved.

Crypto Acquiring Challenges and Prospects

One of the main challenges for crypto acquiring is regulatory aspects and laws. The legal norms with regard to cryptocurrencies and blockchain technologies vary greatly in different countries. Some states are actively developing laws to regulate the use of cryptocurrencies in commercial organizations, while others restrict or forbid to use them. Uncertainty with regard to the taxation of cryptocurrency operations also creates some difficulties for businesses and investors.

One more challenge is overcoming mistrust and technology adoption by a wide audience. Despite considerable advantages, cryptocurrencies and blockchain as a technology are still perceived as relatively new concepts. This creates certain barriers to their wide adoption as some investors and consumers may lack confidence in such innovations due to a lack of information or threats related to safety and stability.

The development of more flexible and user-friendly cryptocurrency payment systems and enhancing general safety and stability of digital markets will contribute to growing interest in crypto acquiring. Further development of the regulatory environment and laws is expected to create more favorable conditions for the use of crypto payments for commercial operations.

Latest Trends

The latest trends in crypto acquiring reflect a wide range of innovations and changes in this sphere. Stablecoins, such as Tether (USDT), USD Coin (USDC) and Dai (DAI), are becoming more and more popular in cryptocurrency payment systems. They are connected with fiat currencies (US dollar) and have a stable rate, which makes them more attractive for commercial transactions and everyday use.

Crypto acquiring also starts integrating DeFi products and services, making it possible to complete payments, loan operations, and other financial transactions directly from crypto wallets. Cryptocurrency wallets and payment gates are becoming more and more varied in terms of cryptocurrencies, so you can carry out transactions with cryptocurrencies and coins. It simplifies the process of sending/receiving payments in different digital assets and makes the technology more accessible.

Crypto acquiring started implementing the Lightning Network technology, which increases the speed of Bitcoin payments and makes them more convenient for microtransactions. Finally, payment providers and financial organizations start studying and integrating crypto acquiring into their services. The customers of these companies can make payments using cryptocurrencies by expanding access to digital assets and simplifying their use in everyday operations.

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