Big business is paving the way for retailers to grow their client base through cryptocurrency payments.
Over 15,000 businesses worldwide currently accept crypto, and this number is sure to grow following payment giants like Visa, MasterCard, PayPal, and Square recently announcing the rollout of new crypto friendly support platforms. In the last few weeks, each of these major household names in finance have come out with headline shattering news of bringing the process of accepting and facilitating crypto payments across each network. Some are even bringing affiliate business with them- but all are making it easier for smaller merchants to begin accepting bitcoin.
What seems to be holding most small businesses back from accepting crypto payments however, isn’t lack of ability- but purely market naivety. For most small business owners, choosing to accept bitcoin would be like choosing to accept moon rocks in exchange for their goods. While they may understand that bitcoin exists, and it surely can be traded for goods, services, and fiat- knowing how to do so can take some market savvy that many small business owners just don’t have. Luckily, exchanges like Bitvavo exist, which help users not only store and exchange bitcoin itself, but also help them figure out how the markets work. With helpful exchanges and big business on board with crypto, it’s only a matter of time until the little guys jump aboard as well.
As a small business owner, there are some incredibly useful aspects to accepting bitcoin- more than just the cut and dry transactional relationship between your goods and your clients. Instead, bitcoin and other cryptocurrencies offer quite a few different perks that fiat is pretty much incapable of.
Bitcoin and other DLT (distributed ledger technologies) are amazing for crowdfunding and charitable donations. This is largely because each transaction made is stored on a transparent public ledger. Which means that anyone helping to fund your project, or make a group purchase, can immediately see where their payment went, and eventually what it was used for. The only drawback to using a DLT is that there are a number of variables when it comes tax time. Most of which are highly dependent on where your business is located, however, there are a number of highly qualified crypto accountants that can help mitigate this stress.
Bitcoin can offer your business a chance at organically widening your customer base, all by offering another form of payment. Bitcoin has been shown to appeal to both younger audiences, and customers who may live in a different country. As it is both a technologically appealing and borderless payment system. It has been noted that the inherent anonymity of bitcoin transactions, and the ease and relative inexpense of setting up a bitcoin account, is drawing the interest of many young buyers. It also shows customers that your business is staying abreast of important technological advances, promoting modern authority and ease of purchasing for a wider client base.
Cryptotechnology represents a wide scale and cohesive network of cyber security. Not only because of the bitcoin network itself, but also because of the pseudoanonymity that the network represents. When paying for a product online, with a standard bank account or credit card, your personal details are being exchanged with the seller. Credit card numbers, bank account details, security codes, and personally identifying information. What sets bitcoin apart is that only a public key is exchanged with whomever your dealing with as a purchaser. This means that outside of shipping information, no other personally identifying details are exchanged. In order to confirm a bitcoin transaction, the wallet holder must “sign off” on the transaction using their private key. This private key is never shared with anyone, so there is never a chance that a simple transaction will give anyone the power to authorize purchases from your account.
Bitcoin is becoming an attractive payment option for many who are under banked, or for those who deal in cross-border business. This is largely because for these types of transactions, there are no pesky bank fees, and the transaction time for bitcoin is comparatively short to other more traditional methods of sending money. Not to mention, nearly anyone can set up a crypto account. Where it often takes weeks, loads of paperwork, and a lot of money to set up a bank account, bitcoin accounts require little effort, funds, or personally identifying information. Because bitcoin is “borderless” that means that the purchase transactions in bitcoin aren’t subject to conversion fees or suffer losses due to current exchange rates. Making your products more widely available to anyone who is interested in them.
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