What is a Cryptocurrency and Why It Is Important Now?

Cryptocurrency is not an obscure jargon anymore. Social media ads, TV Commercials, sponsored posts, experts are talking about Bitcoin and trending cryptocurrencies to buy that have huge potentials in the future.

We must admit that cryptocurrencies have made their way into the mainstream e-commerce scenario, and online businesses that want to stay competitive must accept crypto payments as one of their payment options.

The ongoing conflict between Russia and Ukraine has once again highlighted the importance of digital currencies to the world. During the ongoing war, Visa, Mastercard, and American Express suspended their services in Russia, forcing people and banks to become cashless, emphasising the importance of digital currency, particularly crypto-currencies.

People fleeing Russia and Ukraine due to deteriorating conditions and expecting the war to last for a long time had nothing but their crypto money in their wallets as cards from Visa, Mastercard, and American Express would not work in foreign countries or for international payments.

Consumers couldn’t use their non-functional cards and had to rely on their crypto-currencies to meet their daily necessities or even buy a cup of coffee. This pushed up demand for e-commerce businesses accepting cryptos as one of the payment methods. Merchants who accepted crypto payments benefited!

Even though the majority of consumers are still unsure what a cryptocurrency is and how digital currency can benefit them, it remains a popular investment option for those seeking quick and high returns. A survey found that nearly half of US consumers (48%) invested in cryptocurrencies in the first half of 2021. Almost a quarter of the world’s population (21%) has invested in a cryptocurrency.

Besides investing in crypto coins, consumers are increasingly using cryptocurrencies to make payments while buying online or offline.

At least 20% of global consumers have traded in cryptocurrencies, which means they have sent or received crypto payments or made online purchases using crypto payments.

Shopify, Overstock.com, WooCommerce, BigCommerce, and Magento are among the major e-commerce shopping cart platforms and payment systems that accept cryptocurrencies. WooCommerce and Magento both have plugins and extensions that allow merchants to accept cryptocurrencies in their stores.

Even major technology companies like Microsoft, Twitch, and PayPal, as well as food chains like Pizza Hut, Burger King, and KFC, are accepting cryptocurrencies as payment options in select locations.

As a result, by taking cryptocurrency payments on your website, you may generate significant money that would otherwise be unavailable.

South African drop shipping marketplace Zasttra also accepts cryptocurrency. Uber will take Bitcoin and Dogecoin as payment in the near future.

How To Accept Cryptocurrency On Your Website?

Once you have decided to start accepting crypto payments on your store, below are the steps involved:

Step 1 – Create Crypto Wallet

Having a digital “wallet” is the first step in accepting or dealing in Cryptocurrencies. Wallet works in the same way as a regular wallet in that it allows you to store, trade, and exchange crypto currency with other wallet holders.

Each crypto wallet has a unique address for sending and receiving payments, which keeps cryptocurrency transactions safe and secure.

Step 2 – Select The Right Crypto Coin To Accept

Furthermore, with so many crypto currencies to pick from, you must choose just those that give value to your business and customers.

Some of the criteria for picking cryptocurrencies include transaction costs, payout frequency, and the popularity of these coins in the countries where you sell your items; other factors such as plugin availability for your shopping cart application, integration technology, and viability are equally important during implementation.

Step 3 – Select The Right Payment Gateway To Process Cryptocurrencies

Here are list of popular third party payment gateway service providers who help process Bitcoin and other popular crypto currencies to consider:

• BitPay – has plugin for WooCommerce and other popular shopping cart applications
• Coinbase Commerce – has plugin for WooCommerce & Shopify
• PayPal – has plugin for WooCommerce already
• Coingate – has plugin for WooCommerce and other popular shopping cart applications
• NOWPayments – has plugin for WooCommerce and other popular shopping cart applications

The plugin you can use to integrate with your cart application will be determined by the shopping cart application you are using. WooCommerce, Magento, and Shopify are the most popular cart applications today, powering the majority of online retailer stores.

Once you’ve finished these steps, you’re ready for the future of digital commerce and reaching a worldwide audience that uses digital payments.

Consumer behaviour changes frequently, therefore merchants and brand managers must be innovative with new product launches to provide the greatest shopping experience to their customers. Many merchants are turning to the metaverse for augmented reality (AR) based virtual shop experiences for their customers sitting any where in the world.

Finally to sustain in the online business, you don’t want to be left behind in the crypto payment game.

Share your experience accepting crypto payments, including if it was simple or difficult, and whether it was the correct decision to accept crypto currencies in your shop.