As the world grows more digitized, an increasing number of businesses use cryptocurrencies to make and accept payments. Cryptocurrency provides several advantages over traditional payment systems, including lower transaction fees, anonymity, and no chargebacks.
In this piece, we will define the history of Monero, why you should accept it as a payment currency, discuss some of its benefits, and how to set Monero payment gateway on your website.
What Monero is and Its History
The Monero (XMR) blockchain was introduced in April 2014 as a fork of the Bytecoin cryptocurrency, another private coin. This fork was originally known as BitMonero. Users didn’t accept the fork favorably at the launch. The community expected many changes, such as an enhanced block time and reward scheme; however, it did not receive them. So the community chose to make changes on its own. The name was also changed to “Monero,” which in Esperanto is synonymous with “coin.”
Monero transactions are currently untraceable. It’s impossible to track someone using the Monero blockchain because it’s protected by its core architecture. The architecture is based on using ring signatures and stealth addresses. Ring signatures are the technology that allows hiding the initial sender of funds on the blockchain by combining their unique signature with other signatures of non-senders to form a ring. All users in the ring are equal, so the original sender doesn’t really matter. A stealth address is designed for one-time use, in a similar way Satoshi Nakamoto planned. All this makes Monero one of the most secure financial solutions on blockchain.
Why Should You Accept It As a Payment Currency On Your Website?
Over traditional payment methods like credit cards or PayPal, using a Monero payment gateway provides a few benefits, including the following:
1. It’s Cheap
A Monero payment gateway is considered more affordable when compared to other payment methods. Businesses may save their transaction costs by utilizing Monero because there are no middlemen or processing fees. The typical transaction cost for Monero is a very small percentage. For example, the usual fee for a Monero transaction right now is about $0.0009. Comparatively, the average cost of a credit card transaction is $0.30, whereas the average cost of a bank transfer is $25.
2. It’s Fast
It may take days for traditional payment methods like bank transfers and credit cards to be processed. Due to the characteristics of blockchain technology, Monero transactions are often validated within minutes. In instances when time is of the essence, this makes Monero the future of online payments.
3. It Cares Your Privacy
Since Monero transactions are anonymous, your personal information is not connected to your Monero address. Therefore, Monero is a fantastic substitute for individuals who cherish their privacy.
4. It’s Perfect for International Purchases
Monero is immune to the regulations that govern more traditional payment methods like bank transfers and credit cards. Because of this, Monero is the ideal payment method for transactions made abroad. Additionally, because Monero does not impose currency conversion fees, it could be a more affordable option for cross-border transactions.
5. It’s Secured
As previously stated, Monero transactions are now untraceable. Because the Monero blockchain is secured by its basic architecture, it is difficult to track someone using it.
6. It’s In Short Supply
Due to its scarcity, Monero is a more valuable asset than fiat money, which governments can print freely. Monero has a higher likelihood than traditional currencies of appreciating in value over time because of its relative scarcity. The limited supply of Monero further ensures that it is not subject to the same inflationary pressures as conventional currencies.
7. Boosted Publicity
Accepting Monero might increase the visibility of your company. This can lead to more customers and sales.
8. Attracting Tech-Aware Clientele
By advertising that you accept Monero or other cryptocurrencies, you could attract tech-savvy customers looking for companies that do so.
How Do You Set Up Monero Payments on Your Website?
If you decide to accept Monero payments, you are probably asking yourself, ”How to Accept Monero Payment?” There are a few things you need to do.
- Make The Wallet
A cryptocurrency wallet must be made as the first step. There are many different kinds of wallets, so be sure to choose the one that is appropriate for your business.
- Choose The Processor
Second, you need to integrate payments into your website using a Monero-friendly payment processor. Several options are available to you, so carefully consider their pricing and features.
- Or Use Merchant Service As An Option
Also, accepting cryptocurrencies is easy with the help of merchant services. Companies like these process payments for cryptocurrency-accepting businesses. If you wish to take both fiat money payments and cryptocurrency payments, several of these companies also offer such an option. The fact that these services often provide customer support and reimbursements is an added bonus. They are a great choice for owners who wish to accept Monero as a payment or other cryptocurrencies.
A wide variety of merchant services are available on the market. A well-known cryptocurrency payment processor called B2BinPay helps businesses to accept cryptocurrencies, including Bitcoin, Monero, Ethereum, and others. Using B2BinPay, companies can integrate cryptocurrencies into their websites or online stores. Customer service and refund procedures are also provided. As a result, it is a fantastic choice for businesses that want to accept Monero payments.
How to Convert Monero to Other Currencies and Vice Versa
If you want to purchase cryptocurrency or convert it to fiat currency, or vice versa, there are some tricks you should know that will come in handy. Before converting your crypto to fiat money, it’s important to understand the different procedures in order to profit from a conversion.
The first thing you can do is convert Monero coins to US dollars. There are several ways to convert XMR to USD.
1) Trading Platform
You can turn a cryptocurrency into fiat money with a trading platform that supports both. Sign up on the platform, and then send the XMR to the given wallet. The platform will exchange it and fund your account with dollars.
Another way you can turn XMR into USD is through online brokers. Many of them feature a free demo account, which you can use to test their platform and learn about the whole process.
3) Direct P2P Exchange
You can get USD and sell your XMR via a direct peer-to-peer exchange. This involves directly exchanging Monero for US dollars with other individuals.
4) Exchange Platforms
Once you have your USD, you can look for an exchange platform that allows you to convert fiat currencies into cryptocurrencies. Thereafter, you can fund the account given to you with dollars and use it to buy Bitcoin.
5 ) Exchanging XMR with BTC Directly
If you want to exchange XMR with BTC directly, you can simply utilize B2BinPay to skip the entire process and get your BTC straight in XMR and vice versa. With this payment provider for merchants and enterprise clients, you can send, store, exchange, and accept cryptocurrency payments in seconds, at low rates, and with no delays.
Overall, accepting Monero payments is a great opportunity for businesses, but it’s important to make sure you know the technology and are ready for market volatility. The final choice on whether accepting Monero payments is beneficial for your business rests with you. However, it is always a good idea to speak with a financial advisor before making any decisions.