5% of Australians either hold or have previously owned (8%) cryptocurrencies. According to a study conducted by Australia’s top-rated cryptocurrency exchange channels and a crypto blog, Australia has over 500,000 retail and commercial customers all over the ANZ area.
The situation is pretty much similar in the Australian business sector. According to a survey, a vast majority of senior financial decision-makers in Australian companies want politicians to assist the country in becoming a global leader in cryptocurrencies. According to the YouGov study, four out of five CEOs, managing directors, and other top financial decision-makers believe in supporting the country’s blockchain and digital asset technology use.
Consequently, bitcoin and other digital assets are increasingly being used by businesses worldwide for various investment, operational, and transactional objectives.
What can cryptocurrency do for a business?
Here are some of the reasons why some companies are presently embracing crypto.
- Cryptocurrency may open doors to new demographic groupings. Users frequently represent a more cutting-edge clientele that is premium on transaction openness. According to a recent study, up to 40% of clients who pay with cryptocurrency are first-time customers, and their purchase amounts are twice those of credit card users.
- Introducing crypto today could help the firm become more aware of this emerging technology. It might also help the corporation’s position in this key developing market, which could incorporate central bank digital currencies in the future.
- Traditional tokenized investments, as well as new asset classes may provide crypto users with access to new capital and liquidity pools.
- Cryptocurrency offers several advantages that fiat currency does not. For example, programmable money can enable real-time and accurate income sharing options besides increasing transparency and easing back-office reconciliation.
- More businesses are discovering that essential clients and vendors want to engage using cryptocurrency. As a result, companies may need to be ready to receive and disburse cryptocurrency to ensure smooth transactions with critical stakeholders.
- Cryptocurrency opens up a new avenue for improving a variety of more traditional Treasury activities, such as:
- Making money transfers simple, real-time, and secure.
- Helping in the consolidation of control over the enterprise’s capital.
- Managing the risks and opportunities of investing in digital technologies.
- Cryptocurrency may be an effective alternative or balancing asset to the cash method, which may depreciate due to inflation. Cryptocurrency is an investable asset, and some, like bitcoin, have done exceptionally well over the last five years.
- According to Swyftx’s crypto blog, most businesses and retailers accept bitcoin as a currency for payments. This is because Bitcoin can help a business grow by enabling transactions. Companies can make transactions and use currency with Bitcoin with little to no difficulty. With Bitcoin, transactions are easier to perform and faster to complete. Bitcoin can make transactions easier in four ways:
- Harnessing the internet of money
- Breaking down boundaries
- Standing out from the competitors
- Enhancing payment processing speed
Businesses in Australia have also been using Blockchain technology to expand by generating their coin in recent times. A business must be online to create a cryptocurrency, accept payments online, and receive money from digital sources. Businesses now have more freedom in managing income and allocating financial resources due to the creation of cryptocurrencies.
Thus, customers and businesses can save money by using Bitcoin instead of paying exorbitant fees. Bitcoin now allows businesses to accept payments for things sold and services given in seconds and buyers to obtain what they pay for in minutes. This permits the firms to build up the funds they require to operate and expand. Due to its capacity to allow clients to complete transactions more rapidly, a better payment processing system allows a firm to attract more customers and, as a result, grow its business.