What Weaknesses Are Often Exhibited by Crypto Exchanges?
how can exchanges and users go about reducing them and making the world of crypto that much safer?
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5
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Crypto processing is the processing of transactions made using cryptocurrency. The ability to process cryptocurrency transactions is becoming more and more important as the world wakes up to the benefits of crypto and more people start using it for purchases, both online and offline.
But how does crypto processing work? What are the advantages of a business accepting cryptocurrency? And are there any downsides to accepting crypto? We’ll answer all those questions, plus much more, in the page below.
How Does Crypto Processing Work?
Making and receiving crypto payments is simple, but many don’t realise the huge amount of work done by payment gateways to process every transaction. Here’s a brief rundown of how a typical cryptocurrency payment gateway works:
All this might seem complex and dissuade you from accepting crypto payments, but the reality is this: you don’t need to know exactly how crypto processing works. Instead, you just need to know that it allows customers to make purchases using crypto and for the money to be sent quickly and securely to you.
What Are the Advantages to Accepting Crypto?
There are many advantages to accepting crypto payments. Firstly, it opens up your services to a larger section of the population, as some are now choosing to spend solely using crypto. It also removes any geographic restrictions, as crypto can be held and spent by anyone, regardless of nationality.
It’s also the case that crypto can be used to accept payment for goods and services that banks won’t allow. For example, many banks are hesitant to accept gambling transactions. Then there’s the cost of transactions – crypto payments typically cost 1% of the amount charged for fiat payments. Businesses will also love the fact that there are no chargebacks associated with crypto payment.
What Are the Disadvantages to Accepting Crypto?
There are also a few disadvantages to crypto, although they’re outweighed heavily by the advantages. The volatility of crypto can make it risky for merchants to accept it, as it’s possible to receive far less than expected. Of course, merchants could also receive more than expected too.
Crypto also isn’t as scalable as fiat. Even the best networks can only process around 4,000 transactions per second. VISA can currently process 24,000 in the same timeframe.
How to Accept Crypto Payments
It’s now incredibly simple for any business to accept crypto payments. All they need is a reliable cryptocurrency processor. KUNA Tech is ready to assist with integrating crypto processing into any online business, so why not contact us today and find out more?
Crypto processing is the processing of transactions made using cryptocurrency. The ability to process cryptocurrency transactions is becoming more and more important as the world wakes up to the benefits of crypto and more people start using it for purchases, both online and offline.
But how does crypto processing work? What are the advantages of a business accepting cryptocurrency? And are there any downsides to accepting crypto? We’ll answer all those questions, plus much more, in the page below.
How Does Crypto Processing Work?
Making and receiving crypto payments is simple, but many don’t realise the huge amount of work done by payment gateways to process every transaction. Here’s a brief rundown of how a typical cryptocurrency payment gateway works:
All this might seem complex and dissuade you from accepting crypto payments, but the reality is this: you don’t need to know exactly how crypto processing works. Instead, you just need to know that it allows customers to make purchases using crypto and for the money to be sent quickly and securely to you.
What Are the Advantages to Accepting Crypto?
There are many advantages to accepting crypto payments. Firstly, it opens up your services to a larger section of the population, as some are now choosing to spend solely using crypto. It also removes any geographic restrictions, as crypto can be held and spent by anyone, regardless of nationality.
It’s also the case that crypto can be used to accept payment for goods and services that banks won’t allow. For example, many banks are hesitant to accept gambling transactions. Then there’s the cost of transactions – crypto payments typically cost 1% of the amount charged for fiat payments. Businesses will also love the fact that there are no chargebacks associated with crypto payment.
What Are the Disadvantages to Accepting Crypto?
There are also a few disadvantages to crypto, although they’re outweighed heavily by the advantages. The volatility of crypto can make it risky for merchants to accept it, as it’s possible to receive far less than expected. Of course, merchants could also receive more than expected too.
Crypto also isn’t as scalable as fiat. Even the best networks can only process around 4,000 transactions per second. VISA can currently process 24,000 in the same timeframe.
How to Accept Crypto Payments
It’s now incredibly simple for any business to accept crypto payments. All they need is a reliable cryptocurrency processor. KUNA Tech is ready to assist with integrating crypto processing into any online business, so why not contact us today and find out more?
