Cryptocurrency has exploded over the last few years, but one of the big problems investors have is not easily being able to spend their cryptocurrency.
Indeed, despite an estimated one billion people worldwide using cryptocurrencies, many businesses are still reluctant to accept payments in crypto as it has the potential to be volatile and its value can easily change.
However, things need to change, as financial analysts predict the global blockchain market is expected to grow by as much as $39.17 billion (£31.14 billion) before 2025.
Therefore, there needs to be a way to meet the increasing demand of crypto holders, as the market is getting bigger and bigger.
What is XRPayNet?
This is where XRPayNet steps in, as the crypto conversion platform bridges the gap between this demand and businesses around the world that are beginning to accept crypto as a form of payment.
Through both a card and mobile app, it converts crypto into their own preferred conventional currency.
Therefore, crypto investors can spend their earnings, while businesses can carry on using their existing financial systems and do not have to concern themselves with the volatility of the currency.
This is perfect for crypto holders, as less than 0.001 per cent of companies currently accept cryptocurrencies, despite there being more than 250,000 transactions of Bitcoin alone every single day.
What are the advantages of XRPayNet?
There are many benefits to using XRPayNet for both crypto holders and businesses.
1) Enables currency to be spent
The main advantage is that it enables the money that is held in cryptocurrency to be spent. Without having spending power in real life, crypto could become worthless, as it is unable to have trading value.
After all, what is the point in having thousands of dollars wrapped up in crypto if you cannot use it to purchase anything?
By making it easier to spend the currency, this gives it value and makes it more worthwhile for investors to get involved in blockchains.
2) Boosts business
XRPayNet is not just designed to help crypto buyers however, but businesses too. As the world becomes more involved in this form of finance, with the popularity of non-fungible tokens (NFTs) and different cryptocurrencies increasing all the time, it is essential that companies do not fall behind.
By not adopting a way to accept crypto, they have the potential to lose out on a lot of business, particularly as time goes on and more people want to pay for services and goods using their crypto assets.
Although businesses may still have reservations about accepting cryptocurrencies themselves, as their value could alter all the time, XRPayNet offers a mid-way solution for them.
By enabling them to receive settlement in their standard currency, they still get what they are owed without risking the value of their payment. At the same time, they can appeal to a wider pool of buyers, as they accept more than just one currency.
3) Fast payments
Another benefit of using XRPayNet is that it is incredibly speedy. In fact, payments, whether by card or through the mobile app, can be received by retailers in a matter of seconds.
Once the payment has been authorised, businesses will be able to see the money in their accounts almost immediately, so they can be confident they are at no financial risk by accepting crypto payments.
4) Global reach
Cryptocurrency is universal, so investors all over the world can use their assets to purchase goods or services.
That is why using XRPayNet has a global reach, as anyone can use the card or their mobile device to transfer their currency so they can buy what they want, so long as the business also uses XRPayNet.
For companies, this gives them a global appeal, and could raise their profile in countries they would otherwise have failed to reach, increasing their business and publicity.
5) Buy now, pay later
Another reason why XRPayNet is becoming increasingly popular among crypto holders is that it offers a ‘buy now, pay later’ policy.
In fact, it is the first to do this, allowing investors to purchase what they want on credit.
It is also 100 per cent interest free so they do not need to worry about accruing debt by buying things they have not got the currency for yet. Instead, they can simply make the most of their new spending power while they continue to build up their crypto assets.
Once they have achieved the necessary growth, they can pay back what they owe on their account.