Cryptocurrency for business is cautiously becoming accepted as a new form for making payments and investments, across the globe by individuals and business alike. Companies are beginning to see its potential and are becoming more confident in investing.  Consequently, this month we are looking at some methods in which cryptocurrency for business is being applied.

 

Cryptocurrency for business could offer the following improvements

Bank Fee Savings - Many businesses will be aware and used to the fact that they must pay bank fees so that transactions can be processed. This often results in rising costs for businesses, especially if they make and receive several transactions. By shifting to cryptocurrency for business these fees are removed because the system is decentralized.

Reducing transaction time – Waiting for payments to process between banks and through the clearing of funds can be a pain, especially when companies require money to move quickly.  In the case of cryptocurrency it is approximately a couple of minutes.  This means that when business begin using cryptocurrency for business, finance systems could be managed far more effectively and accurately in the future.

Combatting against fraud – Fraud is one of the most serious anxieties for Directors and their financial teams. Checking that they have made the right payments and that their payments haven’t been intercepted by malicious phishing emails or other unpredictable hacking influence is an ongoing concern. The advantage with operating in cryptocurrency is that it is built on the blockchain network. Blockchain technology is extremely secure, transactions cannot be intercepted and cannot be reversed once they are processed.

Offering global access – Cryptocurrency is a universal currency which can be accessed from anywhere round the world.  Consequently, there is no geographical location to its origination which means that there is no exchange rate.

Is your business investing in new digital technologies? Here at Crendon Insurance we protect entrepreneurial companies with technology insurance plus other aspects of digital protection including cyber security insurance, IOT insurance, intellectual property insurance plus much more. To find out how we can help to support your digital business please contact us or see our technology insurance pages for further details.

 

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