Benefits Of Crypto Payments And DeFi Projects For SMEs

It’s been over 10 years and it is safe to say that cryptocurrency is here to stay. Since the launch of the first cryptocurrency, the Bitcoin, the crypto market has witnessed a proliferation of digital currencies. It is estimated that there are currently over 9,000 cryptocurrencies today. The crypto space has been met with resistance from governments and corporations but one can say that it is gradually winning the hearts of some governments and corporations. With the global dominance of the crypto market, the benefits of DeFi projects and crypto payments are becoming more apparent and everyone seems to be gradually catching the buzz. This article talks about what Bitpace customers and SMEs stand to benefit from crypto payments and the various DeFi projects in the crypto space.

Governments and corporations alike are becoming more receptive to the idea of digital currencies and accepting them as a form of payment for their products and services. For example, the Venezuelan government partnered with Litecoin to be used as a means of payment in Venezuela’s mainstream international payments system. The Australian government does not tax cryptocurrency transactions. In the business world, corporations such as Microsoft, which started accepting Bitcoin as a form of payment as far back as 2014 for its games and apps have been receptive to crypto payments. PayPal, Starbucks, Etsy, and Overstock all accept Bitcoin as a form of payment for their products and services.

Crypto payments simply mean the act of using any cryptocurrency to pay for goods and services as against the conventional fiat currencies. Because of the digital nature of cryptocurrencies, crypto payments can only be done online via cryptocurrency payment gateways such as Bitpace. Payment gateways provide a platform for businesses to accept crypto payments from customers in exchange for their products and services. The payment gateway sector is gradually becoming a booming space and Bitpace has established itself as a reliable gateway for merchants and customers to exchange cryptocurrencies for products and services.

For investors, cryptocurrencies can also be used as a means of payment for other cryptocurrencies. For example, someone that has Litecoin and wants to exchange it for Bitcoin can use crypto payment platforms to do this. Depending on the terms and conditions of the exchange you're using, you can exchange Litecoin for Bitcoin for the value on the crypto exchange platform. You can also use crypto to pay for fiat currency. This is also a form of crypto payment. In this case, you will be using your crypto as a form of payment for fiat currency. Most crypto exchanges like Bitpace offer these crypto payment services. With Bitpace, you can make payments with cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, TRON, IOTA, and so many others.

DeFi projects, on the other hand, are decentralized finance projects that are based on blockchain technology. DeFi platforms use smart contracts on blockchains to offer financial instruments. A good example is Ethereum. This is different from the central financial intermediaries such as banks, brokerages, or exchanges that offer conventional financial instruments. In other words, users of DeFi platforms can trade cryptocurrencies, borrow or lend funds, speculate on the price movement of different assets using derivatives, earn interest in savings like accounts and insure against risk. All these transactions are done directly between the users of a DeFi platform. It eliminates the need for intermediaries. As of October 2020, it was estimated that a total of $11 billion in cryptocurrency had been deposited in various DeFi protocols. This figure rose to $20.5 in January 2021.

With the big corporations already driving up their interests in crypto payments and DeFi projects, there is no better time for SMEs to join in. They have a lot to gain in adopting the same for their businesses. Here are some benefits of crypto payments for SMEs:

Bitpace is a crypto platform that offers crypto-based financial services for individuals and businesses. This crypto payment platform provides businesses with a platform that has multi-payment acceptance features and cryptocurrency trading. You also get fixed and dynamic deposit options that allow businesses to accept cryptocurrencies for their products and services from customers. You can also install Bitpace plug-in on your website and use the platform directly to receive crypto payments from your customers. In addition to serving as a payment gateway, businesses can also trade cryptocurrencies on Bitpace.

Bitpace offers excellent crypto payment services that will ensure the smooth running of your business. Some of these services include:

Bitpace is a reliable crypto payment gateway that guarantees easy, risk-free, secure, and convenient transactions for businesses and their customers. Once you install the Bitpace API and enter your secure login, you can begin to get paid in Bitcoin or other supported cryptocurrencies. You can choose to deposit your Fiat money in your bank account or have your crypto payment transferred into your crypto wallet.

It is hard to deny that the world is becoming more and more digital each day; the introduction of the Metaverse, cryptocurrency getting adopted by not only businesses but also by countries, and so on. Cryptocurrency is sitting right in the middle of all these developments and the next phase of life. It is still not late to integrate cryptocurrency into your businesses, take advantage of the countless benefits the crypto payments offer and take your businesses to the next level.