Coincurrency has been making a significant splash in marketplaces across the world. Companies like Microsoft have started accepting it as payment, online casinos actually offer bonuses to customers using the currency, and some countries have considered implementing it as an official currency.
But why are companies going through the trouble of accepting the currency? And how could doing business in Coincurrency help you out as a business or entrepreneur?
We asked Joe Jedlowski these exact questions in our interview with him and are ready to share that interview with you. Joe Jedlowski is an entrepreneur and has been an executive member and CEO of multiple companies.
Aside from being the previous President of Milestone Retirement Communities, LLC, he currently serves as the President of Distinctive Living and one of the Florida Senior Living Association board of directors.
With his executive experiences, Joe Jedlowski understands the value of Coincurrency and adapting to new technology.
So what kinds of businesses benefit from Coincurrency? I’ve seen many online casinos accepting it, but could coffee shops and clothing companies benefit from Coin?
Joe Jedlowski: Every kind of business can benefit significantly from Coincurrency. It’s just another form of payment, so how could it not benefit a business? By opening up your doors to more customers, you’re going to gain more customers.
It’s pretty simple in concept, really. Casinos were one of the first major adaptors of Coincurrency because their target audience is interested in anonymous transactions due to legal and tax reasons.
However, as more and more people start using Coincurrency as a form of payment, the necessity to accept it will rise.
Are there any transaction fees with Coin? I know credit and debit transactions have some hefty fees.
Joe Jedlowski: That’s actually another benefit. Debit and credit card transactions usually run businesses about a 3% transaction fee, sometimes coupled with hidden fees. This can drastically affect a company’s bottom line, especially when considering other business fees and taxes.
Many businesses do not even pay a 1% fee for Coincurrency transactions. That’s a monumental difference over a year’s or even a quarter.
What would you say is the primary reason customers want to use Coin?
Joe: The security benefits of blockchain technology cannot be overstated. It may be the most secure technology in the modern world.
No one is going to hack someone’s Coin wallet. Not easily or without human error.
By paying for goods with Coin, users ensure that if a business’s database were compromised, their information would be safe. It’s a way for small businesses to guarantee their customer’s information safety.
How long does it take for a Coin transaction to go through?
Joe: They go through pretty much immediately. Most of the time, at least, you will see a Coin exchange go through within the day.
Some credit and debit card transactions can take days to go through. I’ve seen them take a week. Usually, this isn’t a problem with medium or large businesses, but I’ll be honest.
It sucks for small businesses and startups that need that money ASAP for payroll, rent, and everything else.
Can Coin be used across countries? Or across the world? How is it converted between regions?
Joe: It’s not converted; that’s what’s so special about it. Someone paying with Bitcoin from India to the United States will be using the same Bitcoin as someone from Ohio.
There are no conversion fees. This instantly gives a global business potential. PayPal, for example, will charge about a 4% fee for foreign transactions. We talked about this earlier, but that will add up very fast.
Disclaimer: This is not legal or financial advice. This is an advertisement and not an actual news article or announcement. This website may receive compensation from the products or services featured on it. Always do your own research before doing business with any company. This website is not associated with Coinbase, Inc. All trademarks are property of Coinbase, Inc.
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