How To Integrate Web3 And Crypto Into Your Business

Web3 and crypto – these two terms have skyrocketed in popularity recently, and for good reason. The idea of web3 in general is to create a transparent, permission-less, decentralized internet. The possibility of easily transferring funds to others and having full control of your assets is what makes web3 so attractive to everyone.

Reliable websites like cryptocurrencyhelp.com cover the fundamentals of web3 and crypto for beginners and crypto enthusiasts alike. Such resources are helpful for comprehending the depth of Web 3 technologies, delving into mainstream, as well as niche crypto concepts in a straightforward manner.

But how can you integrate web3 and crypto into your business? How can doing this propel your business forward? The following article will help guide you through this opportunity.

What Exactly Are Web3 And Crypto?

Web3 is the concept of a new type of internet using public blockchain technology. Web3 uses cryptocurrencies (digital tokens) to facilitate payments, decentralized applications, and more. In short, cryptocurrencies are digital currencies that act as a trustless, digital payment method. This means that there is no middleman required, such as banks.

It’s a good time to start diving into web3 now! Many large corporations such as Mastercard are beginning to form partnerships and develop products with crypto. Here are some benefits of web3 and crypto as a whole:

• Transparency: While some may argue that this isn’t always an advantage, all transactions on a blockchain are public. This means that bad actors cannot hide their past activity. On the other hand, using cryptocurrency also does give some privacy for real-world identities. Creating a wallet does not ask for any real-world details, so it is not possible to determine one’s identity from wallet transactions without prior information.
• Full ownership and control: Unlike normal payment providers that require verification or additional steps, users can easily transfer funds from wallet to wallet in a few clicks. There is no way to seize control of someone’s funds without having access to their private key or backup phrase (a string of numbers and letters that act as a backup login). Since everything is on a public ledger, it is simple to see whether a wallet has enough funds or assets to make payments.
• Fast and accessible to everyone: Depending on the network being used, transferring cryptocurrencies are extremely fast and easy to monitor. Furthermore, Keep in mind that certain countries may have specific regulations for cryptocurrencies.

How To Integrate Web3 Into Your Business

Accepting cryptocurrency for payment isn’t as difficult as some make it out to be! The nifty thing about cryptocurrency is stablecoins (such as USDC or USDT), which are 1:1 pegged with real-world currencies. Other currencies commonly accepted for payment are Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC)  but these have higher gas fees. Gas fees are used to cover the computing power needed to execute transfers ‒ almost like additional fees you get when using regular payment providers.

When accepting cryptocurrency, you need to set up a wallet. There are two main types of wallets: hot and cold wallets. Hot wallets are internet-based and the most convenient type of wallet to use, since it can be accessed anywhere on any device. MetaMask is by far the most popular hot wallet and is used by millions for trading.

On the other hand, cold wallets are more secure and come in a physical form such as USB sticks. The most common cold wallets are Ledger and Trezor wallets. Regardless of which wallet you use, never share your private key or backup phrase with anyone.

It is worth noting that there are private cryptocurrencies that make it impossible to track the sending and receiving of funds. However, it is not recommended to use these private currencies in order to comply with regulations. Both individuals and businesses should make sure they are knowledgeable about their country’s laws for crypto.

In order to withdraw these digital currencies into fiat money, crypto needs to be deposited into centralized exchanges (also known as a CEX). The user then needs to verify their identity before being able to withdraw funds. Some centralized exchanges offer special support for corporations.

Finally, here are some ways to stay safe when using crypto:

• Deal With Popular Cryptocurrencies Only: Only deal with trusted, mainstream cryptos when accepting payment. Avoid accepting custom tokens as payment, since these are often ‘scam’ currencies with zero liquidity or value behind them.
• Don’t Click on Phishing Links: If you see an email with a link regarding cryptocurrency, never click on it before double-checking the recipient and details.
• Avoid Common Scams: Besides phishing links, Make sure to always check what website you are on before connecting your wallet since granting malicious websites access to your wallet can drain funds completely.
• Keep Your Backup Phrase and Private Key Safe: Never share these details with anyone. It is handy to write down your backup phrase in case you ever lose access to your wallet, but this should be kept in a secure location.

Read Also:

• 5 Reasons to HODL Bitcoin in 2021
• Why Should You Find Bitcoin ATM Locations Near You?
• Bitcoin Locations: How to Find Places that Accept Cryptocurrency