Should Your Small Business Accept Cryptocurrencies?

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Should Your Small Business Accept Cryptocurrencies?

Over the past few years, cryptocurrencies have trended on the news. At first, businesses have been scared stiff of this e-currency, but have soon started trusting in it and using it.

You might have heard of Bitcoin and Ethereum, two of the most common cryptocurrencies that make use of the Blockchain technology for the highest level of security. The world has gone ahead to awaken up to the reality of this currency, with more types coming up each month.

So, why do you need to use this currency in your small business deals? Here are a few reasons.

 

It Offers Immediate Settlement

Traditionally, you had to buy real property through third parties, such as the notary or lawyers because of the risk of fraud. Due to this, many buyers experienced a lot of delays and could lead to extra costs. Cryptocurrency transactions are designed in such a way that you avoid third parties.  These currencies cannot be faked because it is in digital form, and it cannot be counterfeited or reversed, unlike PayPal or credit cards.

 

Lower Charges

Typically, you don’t need to pay any fees when trading in cryptocurrencies. However, there are processes that need you to pay some fee, such as verification of the transaction. Although the cost of exchange is zero and requires no fee, many of the sellers use the services of a third party to create and maintain the electronic wallets. Third party exchange services act just like PayPal or any other digital currency platform.

 

Convenient Access

You can get paid for your goods and/or services with cryptocurrency. The currency can be broken down into smaller amounts, just like you can break down any other currency. This means you can receive payment for an item regardless of the price.

The payment also reflects instantly – you don’t have to wait for days on end for your payment to reflect in your e-wallet.

The global acceptance of cryptocurrencies has led to banks accepting this currency. You can now get your funds using an ATM card from your local bank. This gives you convenient access to your money at any time from different locations.

 

Fewer Incidences of Fraud

With cryptocurrency, your customers don’t have any risk of losing their cash to fraudsters.

This is because the currency features a push system, whereby is depends on the buyer to send a certain number of, say, Bitcoin to your e-wallet as opposed to the pull technology where you charge the credit card.

 

It Offers Open Access

With over 2 billion people using the internet, only a few have access to a conventional form of money exchange. With the rise of cryptocurrencies, everyone can use this form of exchange without the restrictions that have been seen with other web-based payment methods. Many people can make use of this currency without getting limitations.

 

Decentralization

The database of Bitcoin is handled by an international computer network referred to as Blockchain.  In other words, each cryptocurrency is under the administration of a network without the need of a central authority. Instead, it works on a peer-to-peer approach.

 

Internationally Recognized

Cryptocurrency doesn’t rely on any exchange rates, interest rates or transaction charges. Therefore, you can trade with customers from any part of the world without any problem. Any person can now pay you using Bitcoin or Ethereum from any corner of the world. You also don’t have to come up with an account and verify it to trade; all you need is to have an e-wallet and you are ready to receive your funds.

So, if you have been looking for a way to get paid without the complications that come with PayPal or credit cards, you can consider cryptocurrencies.

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The Small Business Blog was started in 2009. Aiming to help SME businesses. With that in mind, we are always looking for talented writers to write for us and add to the blog.

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