If you have been wondering how to give your small business an edge over the competition, perhaps now is the time to consider cryptocurrency adoption. Cryptocurrencies, such as Bitcoin, are completely digital forms of currency now used by Microsoft, Dell, Amazon, Tesla, Subway, and other businesses worldwide.
The currency’s digital format also makes for faster, cheaper, easier exchanges of cash, from which many small businesses may benefit. Overall, Bitcoin’s assets stem from its decentralization. Blockchain, the technology bitcoin was built on, allows you to not have to rely on a bank to process your financial transactions.
Some reasons to consider accepting Bitcoin:
That’s no typo. You can send or accept Bitcoins as mode of payment with little to no fees attached. You actually don’t have to sacrifice your own revenue to the financial institutions that own your business loans or credit cards since it doesn’t require a bank to verify each transaction. You have the option to choose your fee, a higher fee will speed up your processing time, although a 0 fee transaction should still process.
Maybe those fees aren’t bothering you, but waiting around for your money to arrive in your bank account does. Because there’s no centralized institution that checks every bitcoin transaction — its underlying technology, blockchain, does it for you — there’s no need to wait nearly as long to receive your payment. Bitcoin transactions are processed quickly, usually in a fraction of the time compared to credit card transactions or interbank transfers.
You can charge a customer, go for a walk around the block and receive your money. Bitcoin is that fast.
Bitcoin is a great solution for dealing with foreign transaction fees, exchange rates or currencies; exporting your goods and services or purchasing supplies or materials from abroad. Bitcoin being a global currency, is not tied to a single government or company, thus it ignores border restrictions. You are good to go for as long as your customers or suppliers utilize bitcoin.
No Payment Reversals
Even though bitcoin is digital, it works more like cash than credit cards like my vanilla. Bitcoin transactions are final and can’t be contested by a customer on the basis that he or she, for example, didn’t enjoy the service you provided.
It Is An Investment Opportunity
Bitcoin also fluctuates in value like any other currencies. However, it is generally less stable than the payments in cash, gold or other commodities you’re used to. By accepting bitcoins, you can look at it as an investment: then waiting to cash them in, you’re taking a chance on their value increasing. Investing in Bitcoin makes it seem much less absurd or boring.
Overall, there’s a lot that bitcoin can help your small business with, but also a lot of question marks involved in accepting the currency. So, what are you waiting for? Try to sit down, reflect and determine why it can help your business and why you should actually consider it.