How Bitcoin Can Help Improve Small Businesses?
Since 2009 when Bitcoin was created, a lot has changed in the financial sector. The traditional banking system has been threatened in no small ways. With digital currencies, it appears like we have a global currency, and like Bill Gates said – “Bitcoin is the future of money.”
Today, we have over 10000 virtual currencies accessible to everyone in the cryptocurrency market globally. We live in a technologically driven world that has more people spending time on their phones than they would anywhere else. Considering that you can buy Bitcoin traded on your mobile device from the comfort of your home, it is one innovation that is desired by all.
Generally, when people think of Bitcoin, there is a picture of it being only for the big people in society. This sometimes begs the question among many people, is Bitcoin for me? Can Bitcoin help to transform my business, and how?
These questions and many more continue to pop up when an average man thinks about Bitcoin or any other digital coin.
Of the many industries and sectors that have been largely affected by Bitcoin, the business world seems to be the most prominent. Initially, only large businesses incorporated Bitcoin into their payment system or leveraged blockchain technology for efficient and transparent trading. However, all that has changed in today’s world, as we can see how small businesses can also leverage Bitcoin.
Before we examine how a small business can use Bitcoin price for business transactions and the many benefits that come with it, let’s quickly examine some basic features of this digital coin that makes it outstanding in the cryptocurrency market.
Why is Bitcoin for You?
If you’re one of those who continue to wonder whether Bitcoin is for you, the simple answer to this is yes! Bitcoin is for you as much as it is for everyone else because of some of the outstanding features of this coin, and some of them include:
No strict regulation
One of the major highlights of cryptocurrency is the absence of regulation around it which has contributed immensely to its growth over the years. To some experts, the lack of regulation around Bitcoin operation has also contributed to its major drawbacks. But here is the thing, you will appreciate Bitcoin and the idea of regulation better when you analyze the traditional banking system.
Financial regulations have restricted several activities, especially for small businesses. There are a lot of processes to follow through that can sometimes get overwhelming for small businesses. With Bitcoin, you don’t have to worry about all of that because you don’t just own your coin alone but can also decide what you want to do with it.
Ease of purchase and trading
Another feature of Bitcoin is the ease of purchasing and trading it. Unlike what you will get with the traditional system where you have to stand in a long queue before you initiate and complete a transaction, you can purchase and sell Bitcoin from your PC, laptop, or mobile device via an exchange platform.
Bitcoin and Small Businesses
As a small business owner, you must find ways to cut costs and maximize profits. Talking about maximizing profits, you need to design a structure that makes your business attractive to prospects. In the digital world that we live in today, one good way is to allow for online payments.
When users can pay directly for products and services offered by your business, they find it user-friendly. However, beyond allowing for online payments, you can integrate Bitcoin payments. In other words, users can pay for products and services using cryptocurrency instead of the regular currency.
For small businesses, this is not just a strategy to attract more buyers to your business, but one that can retain existing ones.
Benefits of Integrating Bitcoin Payment into Your Small Business
Small businesses may not have all the resources to carry out marketing campaigns as large businesses do, but they can integrate a Bitcoin wallet to the platforms. Your business will have to work with an established and secure exchange platform for ease of payment and recording user information. Some of the benefits of integrating Bitcoin payments for your small business include:
It increases visibility
Bitcoin is a global currency, and allowing users to pay with it for products and services offered by your small business increases your business reach. With Bitcoin payments, you can attract buyers from every corner of the world who may not have been able to patronize your business should you make payment only in the regular currency.
It takes away the stress of regulation.
Regulation can, many times, be a challenge for small businesses. Many buyers tend to avoid certain small businesses because of the stringent financial regulations attached to engaging with them. Some do not like the many details required when they have to make payment the regular way, and this is not needed when you buy Bitcoin.
Introducing Bitcoin payments for your small business can take this hassle away and allow for easy payments.
It allows for faster and safer payments.
Cryptocurrencies largely operate on the blockchain, which has proven to be more secure and transparent. We often hear of payment issues surrounding debit and credit card payments, which cause prospects to lose interest in engaging with small businesses. The use of Bitcoin as a means of payment for products and services can make it easy for users to engage with small businesses.
In conclusion, Bitcoin offers a lot of prospects for small businesses that can be maximized. However, it is important to note that Bitcoin, like every other virtual currency, is volatile. Bitcoin price can go up and down based on market forces like trending news, demand and supply, and government policies. Before integrating Bitcoin as a means of payment for your small business, it is important to have considered both the pros and cons.
A lot of places, there is a major payment issue. Bitcoin can solve the problem for your business. Anyone from anywhere can make payment. One can even make a payment of millions of dollar for just 10 USD fee.
Having said that, we would like to make it absolutely clear, we are not suggesting you to hide any transactions to avoid taxes. You should absolutely keep all the records of the transactions and pay your taxes.
There are major players like Microsoft and Paypal who accepts Bitcoin. You can find the complete list here. So do not stay behind and try Bitcoin for your business. Share your experience with us under the comment section.