Cryptocurrencies have been popular across the digital world ever since it came into existence. The Crypto users have been incredibly increasing due to its unique feature, decentralized mechanism, and programmed by the blockchain technology.
A cryptocurrency payment gateway enables merchants to perform transactions using cryptos and encourage an instant exchange of crypto into fiat currencies.
The primary function of a cryptocurrency exchange platform is for the user to transfer digital currencies between individuals without any intermediate tracking of your transaction.
If a user uses a cryptocurrency as one of its payment methods, the transaction transpires through a payment gateway at a fixed market rate, that automatically converts the cryptocurrency to fiat currency to avoid fickleness of the cryptocurrency market.
Now let’s look at the types of cryptocurrency available in the market.
Different types of cryptocurrencies
A bitcoin is a digital currency. It was the first crypto and also considered as the biggest of all. Crypto users have already mined most of the Bitcoins.
Bitcoins are accepted in many stores than other Cryptocurrencies. Users can buy any item using Bitcoin through the online sellers that accept cryptocurrencies as a payment method. This is another way to liquidate Bitcoin rather than converting them into cash.
- Basically, ethereum is a platform that enables users to build a decentralized application and smart contracts. The currency is called Ether.
- If a decentralized application runs on the ethereum blockchain, then the user needs Ether to pay for transaction fees. Ethereum can process transactions in less than a minute.
- Ripple is a blockchain that is specifically designed for banks to make their payments faster. It is also termed as banker’s coin.
- Many financial companies have partnered with Ripple. An alternative to fiat currencies Ripple is the best option to use within the world of finance.
Now lets deep dive into the topic of knowing the best cryptocurrency payment gateway.
Best cryptocurrency payment gateway
- CoinSwitch is one of the best crypto payment gateway, where users can convert Bitcoin and other 30 + cryptocurrencies into Fiat and then trade using the CoinSwitch exchange platform.
- Using a Coinswitch platform, users can buy cryptocurrency is like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and much more.
- Coinbase is one of the most extensive exchanges in the world. Coinbase clings on all the legal procedures that are necessary to be a Crypto payment gateway and is also considered a most trusted Crypto exchange.
- In the Coinbase exchange platform, users can quickly convert cryptocurrencies into Fiat currencies without having the merchant to have a withdrawal request.
- CoinGate specifically designed to be used in a user-friendly manner where the users can monitor the payments through their mobile phones. It is one of the most preferred payment gateways in recent years.
- Coingate support 40 + cryptocurrencies and also charge an operations fee of 1% on every transaction.
As the popularity of cryptocurrencies increases, many countries have started to accept crypto as one of the payment methods. Perhaps in the near future, Crypto payment might stand tall among all the types of payment methods. It’s never too late, start integrating with the best cryptocurrency payment gateway into your business that drives your revenue scale higher!