Multi-chain cryptocurrencies are flexible and particularly convenient for businesses that accept crypto payments. Basically, multi-chain cryptos allow companies to offer several payment options by accepting the same asset. SHIB is officially deployed only on the Ethereum network. Nevertheless, this is where wrapped tokens come into play. Essentially, despite being deployed on Ethereum, SHIB also can be transferred across the Binance Smart Chain. Moreover, nowadays, there are services that let people exchange their SHIB BSC for other coins and fiat currencies, as well as accept SHIB BSC payments. NOWPayments enables businesses to deploy a SHIB BSC payment gateway.
Key points:
- Wrapped SHIB exists on the Binance Smart Chain network.
- Wrapped SHIB has lower fees and faster transactions.
- NOWPayments lets businesses accept wrapped SHIB payments.
What is SHIB BSC
As mentioned above, SHIB BSC is a wrapped token. Specifically, wrapped tokens are tokens whose prices are pegged to particular cryptocurrencies, which allows them to operate on another blockchain network. Basically, wrapped SHIB derives its value from the original SHIB deployed on the Ethereum network. At the same time, it can work on the Binance Smart Chain network. Wrapped tokens are similar to stablecoins. Yet, while the latter are pegged to fiat currencies, the former are pegged to other cryptocurrencies.
Advantages and disadvantages of SHIB BSC
Advantages
Fees
One of the main reasons why people decide to use SHIB BSC is the fee costs on the Binance Smart Chain network. Basically, the Ethereum network fees can be quite high on certain occasions and thus eat a considerable share of the sum transferred on the network. By using wrapped SHIB, users can avoid paying large fees because it is much more affordable to transact on the Binance Smart Chain. So, businesses can accept wrapped SHIB payments as a less expensive alternative to the original SHIB.
Speed
Another major advantage of the wrapped version of SHIB is the speed of its transactions. Binance Smart Chain is not only much less costly than Ethereum, but it is also more efficient. As a result, BSC processes transactions in a faster way. This is why some people prefer to transfer their SHIB using the BSC network. Businesses that wish to facilitate the process of SHIB payments and make it faster can use wrapped SHIB for this purpose.
Borderless
Wrapped SHIB, like all cryptocurrencies, possesses the perfect feature of being borderless. Essentially, wrapped SHIB transactions are limited by any jurisdictions or geographic borders. This allows them to be processed efficiently no matter how large the distance between the sender and the recipient. This is why wrapped SHIB payments are great for businesses that have many international clients. Instead of setting up bank accounts in numerous countries, businesses can simply deploy a wrapped SHIB payments gateway as a universal payment method for all foreign clients.
Convenience
Finally, wrapped SHIB opens many opportunities to crypto enthusiasts since it allows them to engage with multiple BSC ecosystem products using their SHIB. So, those people who actively use their wrapped SHIB always seek new use cases and ways in which they can utilize their tokens. Businesses can target this group of crypto holders by providing them with a chance to spend their wrapped SHIB on actual products and services. It is likely that some of these people will be more than excited to exchange their wrapped SHIB for goods.
Disadvantages
Popularity
At the same time, wrapped SHIB is not the most popular asset out there. Essentially, there are fewer people who use wrapped SHIB than those who use the original SHIB token. This is, of course, natural but limits the opportunities for businesses that want to accept wrapped SHIB. Nevertheless, the problem can be easily solved if businesses decide to accept both versions of SHIB.
Exchange issues
Since wrapped SHIB is not popular crypto, there are certain issues with the existing use cases for the coin. For instance, businesses may find it difficult to exchange their wrapped SHIB for other assets. Nevertheless, those companies that accept wrapped SHIB using NOWPayments can use the auto conversion feature. The feature allows businesses to automatically convert the cryptocurrencies they receive from their clients into a fiat currency of their choice. So, NOWPayments can help businesses to accept wrapped SHIB payments and get their money in fiat.
Accepting SHIB BSC using NOWPayments
NOWPayments assists businesses in featuring wrapped SHIB payments by offering several reliable tools. For instance, eCommerce stores can integrate special plugins compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware. These plugins allow companies to accept all payments in wrapped SHIB automatically.
Businesses can issue crypto invoices in their account or employ a virtual Point-of-Sale terminal which is particularly convenient for brick-and-mortar stores. They also can feature subscription-based crypto payments.
Charities and bloggers organizations can use donation widgets, buttons, and links to accept wrapped SHIB donations.
Conclusion
Wrapped SHIB is a unique crypto that offers many advantages to businesses. NOWPayments facilitates the process of deploying a wrapped SHIB payment gateway for organizations and individuals.