Cryptocurrencies have revolutionized the financial landscape since the inception of Bitcoin in 2009. With over 22,000 cryptocurrencies available today, the market has seen incredible growth, with Bitcoin’s value soaring to over $70,000 in just twelve years. However, the widespread adoption of cryptocurrencies is still a work in progress, and businesses, including SMM panels, have been exploring cryptocurrency payment alternatives to keep up with the rising trend of acceptance. In this article, we will delve into how SMM panels are overcoming payment struggles with cryptocurrency SMM panels and the benefits it offers.
The Challenge of Cryptocurrency Volatility
Despite the increasing acceptance of cryptocurrency, its volatility remains a significant obstacle for its viability as a payment method. The value of cryptocurrencies can fluctuate dramatically within short periods, making it challenging for businesses to maintain consistent sale prices for their products and services when accepting crypto payments.
Introducing Stablecoins
To address the volatility issue, stablecoins have emerged as a solution for businesses, including SMM panels. Stablecoins are cryptocurrencies that are pegged to the value of less volatile references such as fiat currencies or hard assets like gold. Stablecoin issuers maintain reserves of the pegged currency or asset to ensure stability. For example, USDT (Tether) is pegged to the US dollar with a ratio close to 1:1 and is backed by the “Tether Treasury.”
Stablecoins allow businesses to hold crypto assets without the need for immediate conversion into fiat currency. This provides a significant relief for ventures that want to embrace cryptocurrencies and offer crypto payment options without worrying about sudden price fluctuations.
Benefits of Crypto Payment Gateways for SMM Panels
There are several Benefits of stablecoins for SMM panels:
Expanding Payment Options
Traditional payment services often have limited options for SMM panels and their customers. By integrating a crypto payment gateway, SMM panels can cater to a broader audience, including those who are unbanked, lack access to compatible payment methods, or prefer to avoid traditional banking systems for various reasons. With the increasing popularity of cryptocurrencies, offering crypto payment options ensures that customers can pay conveniently using a method readily available to them.
Increased Profitability
By accepting crypto payments, SMM panels can tap into the growing crypto market and attract customers who prefer using cryptocurrencies. As more individuals turn to crypto due to limited banking alternatives, incorporating crypto payment options ensures that SMM panels remain competitive and profitable.
Parallel Fiat and Crypto Gateways
While crypto payment gateways offer numerous benefits, it’s important to acknowledge that traditional banking systems and credit/debit card methods still dominate. To cater to all customers, SMM panels may consider running both crypto and fiat gateways simultaneously or adopting an all-encompassing solution that accepts cryptocurrencies alongside conventional payment methods.
Notable Crypto Payment Methods for SMM Panels
Here are some notable SMM panel cryptocurrency payment solutions:
Coinbase Commerce
Coinbase Commerce is a popular choice among SMM panels. It offers a user-friendly platform for purchasing cryptocurrencies, supporting Bitcoin, Ethereum, Litecoin, USD Coin, and DAI. However, Coinbase Commerce can be relatively expensive when converting crypto to fiat, as it imposes high withdrawal fees.
Mycelium Gear
Mycelium Gear is a cost-effective option for SMM panels. It doesn’t require KYC or AML procedures, making it more decentralized. However, it may pose a challenge for beginners and lacks built-in wallet functionality, necessitating the use of external wallets.
CoinPayments
Coin
Payments, established in 2013, is one of the oldest crypto payment services available. It offers a wide selection of cryptocurrencies and a highly secure vault for storing coins. However, it charges a flat 0.5% fee on transactions, which may accumulate over time compared to other alternatives.
Advantages of Cryptocurrencies over Fiat
Accepting cryptocurrencies provides numerous benefits for SMM panels:
Decentralization and User Control
Many cryptocurrencies, such as Bitcoin, operate in a decentralized manner, devoid of central authorities. Users collectively secure the network, enhancing transparency and eliminating the need for intermediaries.
Security and Irreversibility
Crypto transactions pass through a decentralized web of nodes, making them secure and virtually tamper-proof. Once a transaction is confirmed, it becomes irreversible, ensuring trust and reducing the risk of fraudulent chargebacks.
Lower Transaction Fees
Compared to traditional payment methods, crypto transactions typically incur lower fees. While some blockchains may have higher gas fees, others offer significantly lower transaction costs, even for substantial amounts.
Conclusion
SMM panels are leveraging cryptocurrencies to overcome payment struggles and expand their customer base. Stable coins provide a solution to the volatility challenge, enabling businesses to preserve product prices. By integrating crypto payment gateways, SMM panels can offer more payment options, increase profitability, and tap into the advantages of the crypto ecosystem. With notable payment methods like Coinbase Commerce, Mycelium Gear, and Coin Payments available, SMM panels have the tools to navigate the crypto payment landscape. Embracing cryptocurrencies unlocks financial opportunities and benefits businesses and customers alike in an increasingly digital and interconnected world.