Cryptocurrency is Strengthening International Capabilities for Small Businesses

Cryptocurrency is removing long-standing barriers in cross-border eCommerce. By enabling faster, cheaper, and more secure global payments, crypto is empowering small and medium-sized businesses (SMBs) to reach international customers without relying on costly payment processors or banks. The promising nature of these conversion capabilities is further exemplified by the Kraken’s BTC to USD rate, which has proven incredibly promising. 

Traditional Cross-Border Payments Hold Back Growth

In the modern digital age, many of the borders regarding the divvying up of the global population have been made irrelevant. When the World Wide Web was first introduced to the public, all the way back in 1993, one of the key aspirations that its makers held was that it would enable people around the globe to communicate with one another in bold new ways. And indeed, this has been the case. The internet and digital media have provided people the world over with a shared language and a new way of interacting. 

In decades past, communicating with someone on the other side of the planet was an extremely time-consuming and labor-intensive process; you had to physically mail a letter to them that would take days for them to even receive, and then even longer for you to receive a response. The internet, however, made all of this instantaneous, effectively breaking down cultural barriers in the process. So, with all this progress over the past 30-plus years, why do businesses today striving to sell products to international consumers face such substantial obstacles? 

From high transaction fees from banks and platforms like PayPal to currency conversion costs, delays in fund settlement, and even chargeback risks, it’s as if these institutions behind this process are actively rooting against this kind of international interaction. Online businesses shouldn’t be punished for cultivating a worldwide audience; it’s literally the internet’s modus operandi in the first place. Fortunately, blockchain solves these issues with peer-to-peer, irreversible payments and real-time settlement. Using tools such as these, merchants can lock in fair exchange rates instantly and avoid unnecessary losses.

Why SMBs Are Turning to Crypto

Crypto has become incredibly attractive for small business owners for a litany of reasons. For starters, the digitized currency offers much lower transaction fees when compared to credit card processors, allowing the business to keep that much more of the actual profit from the international sales they make. In addition to this, crypto provides instant global reach in a way that no other form of currency can, without the need for bank approvals. This is all accomplished in tandem with renowned financial sovereignty, especially in underserved or unstable markets, and increased trust, as blockchain records can confirm transaction histories.

Crypto for Charity

Further proof of just how reliable and venerated cryptocurrency and blockchain technology can be for internationally operating businesses is the extent to which they have been embraced by charity organizations. These institutions have nothing to gain from utilizing crypto and are simply using it because it presents them with the greatest amount of flexibility and efficiency.

Cryptocurrency lets people send money faster and more easily than ever before, without relying on banks or complex financial systems. People can now give money as a random act of kindness instead of a hard job. People who give to crypto adjust their donations based on how the market is doing. Also, Bitcoin makes it easy and cheap to send money to people in other countries.

Crypto Adoption 

Crypto donations increased by 583% year-over-year from 2021 to 2022. Organizations such as Save the Children and The Water Project now accept Bitcoin directly, enabling them to benefit everyone. Meanwhile, NGOs use blockchain to track and verify fund allocation, reducing fraud and building trust.

In 2022, Ukraine received more than $70 million in crypto aid, which was quickly distributed due to blockchain’s efficiency. Likewise, smaller charities leverage Bitcoin to sidestep restrictive banking systems in underserved areas.

Elsewhere, a Kenyan NGO reported lower remittance costs and quicker access to life-saving funds through crypto wallets. This highlights how cryptocurrencies in such situations help break down perceived borders between nations. Although the value of funds may vary from one region to another, just as cryptocurrency values can fluctuate, charitable causes need fast and reliable technology to reach those most in need immediately. Cryptocurrency provides exactly that. 

Crypto Payment Gateways and Merchant Tools

Various platforms now offer integrations for online stores using Shopify, WooCommerce, or Magento. These tools allow merchants to accept BTC, ETH, USDC, and more. In addition, it allows them to automatically convert to fiat and customize checkout flows with QR codes and wallets, reducing their dependency on centralized financial systems while giving customers more payment flexibility.

Legal and Operational Considerations

Despite the upside, merchants must navigate:

• Taxation rules for crypto income across jurisdictions.
• Price volatility, especially when holding digital assets long-term.
• Wallet security and education for safe transaction handling.

A Global Commerce Shift Powered by Crypto

As digital commerce becomes more borderless, crypto provides small businesses with the infrastructure they need to compete worldwide. Platforms like Kraken, with secure and easy-to-use crypto-fiat services, are key to making this transition smooth for emerging merchants worldwide.

Investing involves risk and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.

The information provided in this article is for general informational and educational purposes only. It is not intended as legal, financial, medical, or professional advice. Readers should not rely solely on the content of this article and are encouraged to seek professional advice tailored to their specific circumstances. We disclaim any liability for any loss or damage arising directly or indirectly from the use of, or reliance on, the information presented.