Should Your Business Accept Cryptocurrency
- Cryptocurrencies

Should Your Business Accept Cryptocurrency

The chances are that you’ve already heard about Bitcoin and, without looking much into it, dismissed the idea because you heard about it from your overly enthusiastic cousin who is always looking for ways to earn a quick buck. It’s only natural that you thought so since at first cryptocurrency attracted a narrow circle of people, but as its benefits became apparent, it started gaining in popularity. 

It’s been ten years since bitcoin, the first and the most popular of the cryptocurrencies, appeared. Since that time, it went from something appealing only to internet geeks to a desirable item for businesses as well. If you are considering introducing bitcoin or other cryptocurrencies as a payment method for your products and services, here are a few things that you can expect to gain.

Attracting more customers

Whenever a business makes a significant change, it will most probably change its customer base. Some of the old customers might leave, and new ones may find their way to you, but this, of course, depends on the type of change. Merely adding an original payment method shouldn’t drive anyone away while it can attract new customers.

Younger generations and techies are enthusiastic about cryptocurrencies, and they would love to have more opportunities to spend their mined or traded coins. It’s probably interesting enough to come into possession of those, but it’s even more exciting getting something tangible from it. Regardless of whether you own a chain of coffee shops or a car wash, it’s a win-win situation because you are gaining new customers and earning more without driving away from the current customers.

Following the trends

As mentioned, the goal is not to push away old customers, but you can’t hope to grow your business without attracting new ones. Technology is continually developing, unusual urges and trends drive different generations, and to remain afloat, keeping up with the times is necessary. It’s just like with your online presence – nowadays, it’s a must while it used to be reserved only for a few businesses.

Cryptocurrencies won’t replace the fiat currency for some time, but they will increase their area of influence as they have during these ten years and will become more common. With that in mind, your business should have a strategy and some rules at play than to join the game at a later stage completely unprepared. 

Join the team that doesn’t waste time

There’s a lot of truth behind the saying ‘time is money’ – this is what makes you ensure that your employees manage it well, supplies acquired when necessary, and that generally no time is wasted. Also, taking banks, for example – how many times has it happened that you have to wait until some red tape was settled before you were able to resolve a matter?

Banks are institutions that are flexible when it comes to paying your debt to them, but when you need to do business through them, the whole procedure can be quite long and complicated. On the other hand, the crypto coins your customers have earned through crypto mining can get from their wallet to yours in a matter of seconds. And the best thing is that they are ready for you to use them then and there. 

The transaction fee will be the thing of the past.

All finance of your business needs to go through a bank – the money you pay to suppliers, your employees’ salaries, your income. All of it goes through financial institutions that as intermediaries take their cut of everything. The only thing we have a say in the choice of a bank, so most of us just try to find an institution that will not rip us off.

But with cryptocurrency, there is no mediator to take a percentage since there is no financial institution controlling it. Imagine how much you will save if there weren’t any transaction fees! Naturally, you have to be mindful of your choice of wallet provider and do some research before creating an account, but the changes in your budget would soon be visible. 

Transactions are an impenetrable fortress.

Many that don’t know much about it think that since there is no financial institution controlling bitcoin that the transactions are unsafe and a gamble. Some are afraid they might get lost and never reach the person or business they were intended for.

However, this can’t be further from the truth. Each transaction lies on the back of advanced mathematical codes, which keep them impenetrable. The only potential problem is, as always, human error – if you don’t check your facts, you can make a mistake, but math can’t. Banks can get broken into and hacked, but blockchain simply can’t.

Final thoughts

The quick answer to the question from the title is – yes! Cryptocurrency is the future, and it is winning more ground day by day. All those who thought that it was a fad now know that this “fad” has been around for ten years now. Its development only serves to prove that you should get on the ride while it’s still developing so that you can be ready and have established mechanisms for when their usage becomes widespread.

Should Your Business Accept Cryptocurrency

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About Keith Coppersmith

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