Is cryptocurrency the future for business?


This guide explores the question is cryptocurrency the future for business, what the blockchain currency is, and how to go about setting up a business banking account for it so you can accept it as payment.

It should come as no surprise that establishing a crypto business account, the backbone of your bitcoin or blockchain business transactions in terms of the legal entity, banking, payments solutions, licenses, and so on is not easy. This article will explain why this is the case and what alternatives you have for opening a bank account if you’re a crypto-accepting company.

Is cryptocurrency the future for business?

Cryptocurrencies are increasingly establishing themselves in business transactions, but to answer the question ‘is cryptocurrency the future for business?’ we need to look at what stage of acceptance the blockchain currency is at. Bitcoins, Ethereum and Co. are no longer foreign words for many, and some pundits have suggested that cryptocurrency may be the end of cash money.

Cryptocurrency coins fit the digital age, because the currency is completely virtual and is also stored in virtual purses, the wallets. Well-known companies that have accepted cryptocurrency as a means of payment are Tesla, Mastercard, Visa and Paypal, initially for customers from the USA. Other well-known companies are likely to follow.

How people pay with cryptocurrency

Cryptocurrency coins are transferred peer to peer. To pay with cryptocurrency, buyers need the recipient’s address, their wallet. The transaction is carried out via the publicly visible blockchain , the use of the code acts as a kind of digital signature. Using the code encryption, the miners on the network computers can automatically record the correctness of the transaction. The duration of the transfer can currently take days. With a higher network fee, however, customers have the option to speed up the process.

What is cryptocurrency and how does it work?

A cryptocurrency is a cryptographic protocol or complex cryptographic system used to transform sensitive data in order to preserve the value of units of exchange. Cryptocurrency is built using mathematical cryptography and the most advanced computer engineering principles, making its structure unbreakable. Hence the branches of the value of cryptocurrencies are protected from any form of forgery or fraud. This protocol also hides the transaction details of cryptocurrency users.

Put simply, a cryptocurrency is a form of online payment that may be used to buy and sell products and services. Many businesses have developed their currencies, known as tokens, that can be traded for products or services provided by the company. They’re similar to arcade tokens or casino chips. To use the product or service, you must first convert actual money for cryptocurrency.

In addition, just as any other investment and monetary transactions, cryptocurrencies are also subject to taxation in accordance with regulations by Internal Revenue Service in the US. However, crypto trading taxes are only implemented when you sell your crypto investments for a profit. This means investors can buy a cryptocurrency with cash and hold it for the long term and it’s not considered a taxable event.  

Blockchain technology underpins cryptocurrencies. Blockchain is a distributed ledger system that tracks and handles transactions across several computers. Part of the appeal of this technology is its security.

The highlight of cryptocurrencies is the decentralised management system. The supply and value of cryptocurrencies are controlled by the user and its complex cryptographic protocol, with absolutely no interference from any third party, central bank, or regulator. In addition, miners will be users of computing power to record transactions and create new units of cyptocurrencies. Miners will receive a transaction fee as a reward for their work. This is an essential part of the stable operation of the cryptocurrency network.

Cryptocurrencies can be exchanged for cash at exchanges, meaning there will be a dedicated exchange rate for each cryptocurrency with world currencies (US dollar, British Pound, Yen Japan, or Euro).

Almost every cryptocurrency has a finite supply, but not all. With time, it will become more difficult to mine cryptocurrencies until the entire pool is fully mined.

How to create a bank account for crypto business?

But is cryptocurrency the future for business by accepting payments via the crypto companies themselves? No. Business has to still operate in the traditional financial sector. So, finding a crypto-friendly bank or financial institution is the first step (payment service provider, electronic money institution, etc.). You should only apply once you’ve determined that this bank is compatible with your company strategy. Otherwise, instead of investing this time scaling up your firm, you may be waiting weeks or months for a rejection.

Second, determine if the financial institution provides the complete range of necessary services. It’s crucial because, while the number of financial institutions serving crypto companies is growing, not all offer the entire range of services the industry requires. Many of them provide a SEPA (Single Euro Payments Area) payment account. Still, companies often require the bare minimum: SWIFT payments, multicurrency accounts, and payment cards.

The third and most crucial step is to contact the financial institution correctly. When applying, you should give all necessary information in a well-organized manner so that the financial institution you are applying to can onboard you as quickly as feasible. This involves keeping all corporate papers up to date and providing a summary of your company concept. Include relevant examples, such as your rivals, to aid.

You should attach proof of possessing a license if your business is regulated. Alternatively, expect that anti-money laundering measures are required. In that case, you should present your internal procedures, examples of due diligence, and possible external audit results. The more information you include in your application, the more likely you will have an account established, and it will take less time.


First and foremost, it entails switching from an old bank bureaucratic communication style to a customer-oriented one. Reading and proper research, in our opinion, is the second item that should be done. The most crucial point here, albeit not the final, is that banks should not be scared of cryptocurrency consumers. 

If you’re searching for a cryptocurrency business account, Bankera is an excellent place to start. It’s one of the few financial institutions that cater to crypto-related businesses with various financial solutions. To begin with, it supports a wide range of business models. It is also prepared to go above and above to learn new business concepts.

Second, Bankera provides a variety of payment alternatives, including SEPA and SWIFT network bank transfers, multicurrency local payments, Visa business physical and virtual debit cards, and credit and debit card payment processing.

Furthermore, because Bankera Visa business cards have significant limits, they may be used to pay for various company-related expenditures such as marketing, hosting, and so on.

Finally, its offerings go beyond standard payment methods. It also allows digital companies to provide their customers with Visa debit cards (both real and virtual) and virtual IBANs. It also provides a white-label solution and numerous APIs for integrating Bankera services into your business to improve user payment experiences or upsell your consumers’ financial services.

It also creates personal accounts with dedicated IBANs and Visa cards, allowing you to set up an account for yourself to get dividends or an account for your staff to collect wages. It’s also an excellent option for a personal budget if you’re searching for a way to receive money from bitcoin companies.

Is cryptocurrency the future?

With its politically independent nature and the ability to secure data from breaches, cryptocurrency users will have advantages over cash. For example, the Government in your country can quickly freeze bank accounts with its power. Still, they cannot do the same with cryptocurrencies. On the other hand, using cryptocurrencies means accepting the types of risks involved, such as market liquidity and value fluctuations. So is Is cryptocurrency the future for business? Yes, but it will have to exist alongside traditional money for a long time yet.

We hope this information is valuable and makes the process of creating and managing a business account a little easier. Despite what some businesses claim, opening a fully compliant bank account for a high-risk company is not a 5-minute activity. However, it does not have to be a lengthy procedure. In most cases, we find that opening an account in a few days is doable if all of the required paperwork is submitted. However, specific papers must be notarized/apostilled, or translated before they can be filed, so it usually takes a bit longer.

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