With cryptocurrencies, we have an aggregate market cap up more than 2,100% since the year began, along with the belief that blockchain will be readily integrated by big businesses. If those businesses don't welcome blockchain with open arms immediately, we could witness yet another precedent of a bubble bursting.
There are also worries about integrating this new technology into the fold. While it could allow for quicker cross-border transactions and added security for the financial services industry, there's no guarantee of a quick transition to blockchain.
Additionally, blockchain offers user control and transparency. Rather than letting a third-party control the future of a cryptocurrencies' blockchain, members of a cryptocurrencies' community are who call the shots with regard to future development.
Business Accepting Cryptocurrencies see increased profits and new clients
Worldwide there are around 4,000,000 retailers who accept bitcoins.
The first US-based online travel agency to take Bitcoin as a form of payment was CheapAir.com and they processed approximately $15 million in bitcoin payments for flights and hotels at the very first 6-months of starting to accept Bitcoin.
Lower Transaction Fees
Main reason so many businesses have started to accept payments from clients in cryptocurrencies is that it lowers their transaction fees.
In comparison to credit card and debit card payments which Usually charge between 3-5% for every purchase made with a card, Cryptocurrency offers lower transaction fees ranging from a few cents No matter the amount purchased to a maximum of abut 1% of the purchase price.