Top 3 Benefits of Accepting Cryptocurrency Payment in Hong Kong
Over the period, bitcoin and other cryptocurrencies have gained popularity and acceptance in the international market. With its evolution and growth, the skeptics of this technology have turned into its believers. Today, cryptocurrency presents a number of investment and business opportunities in Hong Kong. Cryptocurrency’s growing popularity has also fueled its acceptance in a number of countries and businesses.
One of the most accepting places for Bitcoin and other cryptocurrencies has been Hong Kong. Unlike China, Hong Kong has not only accepted the digital currency but also helped it grow. With this wide acceptance and popularity in Hong Kong, businesses can have added benefits by accepting cryptocurrency as a payment option.
What exactly is a cryptocurrency?
A cryptocurrency can be described as virtual currency which uses cryptography for security. Its distinguishing feature is its organic nature. This means that cryptocurrency is not issued and controlled by a central authority.
Why is cryptocurrency acceptance beneficial?
Cryptocurrency’s growing popularity has changed the payment scenario around the world. From leading companies like Microsoft to Schools in the USA, a number of organizations are now accepting cryptocurrency. Moreover, small businesses like restaurants and coffee shops have also started accepting cryptocurrency.
Here are a few benefits of cryptocurrency acceptance:
Lower transaction fees: Business owners in Hong Kong accepting payments via credit cards or debit cards face additional transaction fees. When dealing with credit cards or debit cards, a business owner has to face at least 3% transaction fees with a number of other hidden charges. However, on the other hand, cryptocurrency is famous for its near to zero transaction fees. With an average transaction fee of 0.5%, cryptocurrency can become a savior for small business owners. Moreover, exchanges like PCEX offer even lower transaction fees. With PCEX, transaction fees charged is 0.05%.
Protection from frauds: One of the benefits of cryptocurrency is its fraud protection. Companies that accept bitcoin and other cryptocurrencies do not require customer’s personal information for payment. This makes the transaction secure and protects both the merchant and the customer from any kind of information-theft.
Foreign payments are much easier: A number of small businesses avoid going international because of heavy currency exchange fees charged. For a small business owner, these can come out as nightmares. But by opting to accept cryptocurrency, business owners can keep these tensions aside. Bitcoin and other cryptocurrencies are global and hence, you are not required to pay any currency exchange fees.
With this growing popularity and acceptance of cryptocurrency, the decision to accept cryptocurrency is not only profitable in today’s scenario but also promises high benefits in the upcoming market. Cryptocurrency acceptance will not only benefit the businessman but will also protect the customer.
