Have you ever made an online payment? Do you have an online store?
I am sure that at least once in your life you paid with a card for something let’s say cheap. What you observed over time are of course the commissions banks impose, especially in transactions between different currencies.
Over time you have discovered cryptocurrencies and want to use them more for buying or selling stuff due to their efficiency, speed, cheap fees, or even for investment purposes. The problem you face now is what cryptocurrency is the right choice. Too many cryptos are out there, and your choice matters more than you can imagine for you and the consumers.
Let’s say you put the option for your online store and let your customers pay with a very low market cap cryptocurrency that almost no one heard about. The logic here is that your sales will stagnate.
In the next lines, we will explore the most important aspects before you decide what cryptocurrencies to use for online payments. Both views, seller and buyer will be presented for you. You must know three important principles first.
The 3 principles of cryptocurrencies used for payments you need to follow:
- Must be popular.
- Must have user-friendly wallets.
- Must have low transaction fees.
When you choose what cryptocurrencies to implement for your business, you first need to analyze what is not going to work. This process is easier, more time-efficient, and gives you clarity by eliminating some options.
What crypto you must avoid:
- Bitcoin (BTC)
I know how much you love it, and that Bitcoin’s purpose is for online payments, but one thing is dragging it down: high fees. Even if Bitcoin gained a lot of popularity and is widely accepted, it is not the most practical choice for small payments.
If you have a big business with very valuable transactions, then this is your escape, and you can use Bitcoin as much as you desire.
Investors see Bitcoin more as a store of value assets, so they won’t be happy if you accept it as payments and somehow underestimate Bitcoin’s true value (in their vision).
- Monero (XMR)
As a business, you must know your customers or at least some essential details about them.
Even if you can be more than satisfied with just the right payments, the lawmakers and your accountants are not. If you want your business to succeed you must be transparent like a powerful blockchain.
Monero is designed to enhance privacy and anonymity which can be a double-edged sword for your business. Your customers may love it, depending on what you sell or what service you provide, but a private cryptocurrency is very unhealthy for accounting and compliance purposes.
- Meme coins: DOGE, SHIBA, PEPE
Run as fast as you can from ‘fun cryptocurrencies’. They hold a fake value that you hate it more than your customers. I know, I know, a lot of people bought some meme coins and no they don’t know what to do with them. Buying products sounds fine in order to get rid of the.
For you instead, as a seller it doesn’t sound fun at all, not even taking into calculation they are very cheap or the volatility they hold. The only logical way to integrate them into your business is just for donations or tipping depending on your business model.
- Low market cap altcoins
What you don’t want as a business owner is no profit. You don’t want to provide for nothing in return. A low market cap altcoin is very volatile and has a high risk of going to zero. Think that you can make 99722 sales and wake up with nothing in your account the next day. Why? Because the cryptocurrencies you used have a price of 0.00. Remember LUNA?
Nobody recommends you choose small altcoins. They have other great purposes, but not business payments.
Another important reason not to use them is that your customer did not hear about them. Also, they don’t have these altcoins in their wallets and have no idea where to acquire them. Keep in mind that your customers want the easiest and most efficient process to use your product or services. Don’t make it harder!
Cryptocurrencies you can choose for payments:
Polygon (Matic):
- Fast transaction.
- Low fees.
- Popular cryptocurrency.
- Compatible with Ethereum's existing ecosystem.
- Friendly crypto wallet interface.
- High Security.
Stellar (XML)
- Best suited for cross-border transactions
- Designed for speed and efficiency.
- High scalability: handle many transactions efficiently.
- Accepts a large volume of online payments.
- User-friendly wallets.
- Allows you to create and issue custom tokens.
Dash (DASH)
- InstantSend feature - allows near-instant transaction confirmations.
- Ideal for e-commerce businesses.
- Wide adoption.
- Friendly interface.
- Optional privacy feature (PrivateSend).
Tether (USDT)
- Stablecoins: pegged 1:1 to the dollar.
- Price stability: low volatility.
- Widespread acceptance
- Very liquid: easier to convert to other crypto or fiat.
- Ease to use.
Customer side:
As a customer, you want a popular cryptocurrency to be used as a payment method. You probably had many coins in your wallet, so you don’t need to add more.
Also, you want a secure cryptocurrency to pay with to know that the process is secure, and you will get what you ordered. A powerful cryptocurrency builds trust between seller and buyer.
Expert side:
One of the best ways to decide what cryptocurrencies are best suited for you is to talk with the experts, with the business owners who have already done it, or blockchain experts and developers. They can advise and guide you throw this process.
The key to not paying high fees for their knowledge is something that not many know, or even if they do, they don’t use this powerful move. You must use it! Go to conferences, get in touch with them and you’ll find your answers!
Your next opportunity is happening soon, in Romania, at CryptoExpoEurope 2024. Being the biggest crypto event in Europe with speakers from all over the world, who build and have a strong experience in this field, it will give you all the value you are looking for. More on: https://cryptoexpoeurope.com
Click on and get your ticket now: https://cryptoexpoeurope.com/checkout
Conclusion:
Whatever you decide to sell with crypto, you must acknowledge the market condition: uncertain. If you want to take advantage of the digital transformation you also must be careful regarding crypto choices, especially for business.
You don’t want some new rules to put an end to it or even worse, you are making it with your own hands, by risking too much or being very uninformed: DYOR, a lot, and hard. Go for safe and desired cryptocurrencies when you sell or buy. This way, you ensure your successful transaction and joy. Just like this, don’t make it harder!
Best options: Stellar (XML) for superior benefits or Stablecoins for satisfying benefits.
Disclaimer: This is not financial advice: Educational and informative purpose only.
More on: (20) Elena⚡️ (@CatalinaDidita) / X (twitter.com)
