Is Bitcoin Ideal for Small Business Owners?

During the latter part of 2017, the value of cryptocurrencies escalated beyond $177 billion. This shows that cryptocurrency is no more a futuristic investment option or something that is just for the adventure-seeking investor; it is fast becoming an alternative payment medium for your daily goods and services. The convenience of being able to get payments within seconds and low transaction fees appeal greatly to businesses, large and small.

This has also heralded the opening of many more online stores that are now accepting cryptocurrency payments for their products and services. Bitcoin has been constantly embroiled in controversies because of its price volatility and automated trading bots like bitcoin era though the investors have started using it widely. However, this does not mean that small businesses should not explore its prospects along with the traditional modes of payment.

Why small businesses can accept the Bitcoin:

• The Bitcoin offers many advantages, the most important perhaps being that there is no fees. 2-3% merchant transaction charges could earlier have an impact on your business’s cash flow. But with Bitcoin transactions this cost is practically negligible. You can easily accept or transfer Bitcoin as payments, devoid of any fees. Bitcoins will not need a bank for transaction verification; so, you will not have to surrender your own revenues to financial organizations owning your credit cards and business loans.
• With cryptocurrency transactions there is no waiting around for the money to come to your account. When you use a traditional bank account, the time taken for transactions to happen is substantial but, when small businesses use Bitcoins, there is no centralized institution for checking these transactions. All transactions are verified and stored in the blockchain for all to view.
• With Bitcoins, exporting your services or buying supplies from outside is far less tedious and hassle-free. You do not have to worry about exchange rates and foreign transaction fees. Bitcoin is a leading global currency that is not attached to any specific government or company. If your customers are willing to accept payments in Bitcoin, there is no difficulty in using cryptocurrencies.
• The Bitcoin is a decentralized digital currency but it is closer to cash in properties than to credit. All transactions are final; they cannot be disputed by customers. So, for small businesses which frequently face trouble with their customers regarding payments, Bitcoins are safer solutions.
• Like any other currency, Bitcoin’s price can go up and down. But, at the same time, it is less stable than gold, cash, or other commodities which you are more familiar with. This rise and fall in prices works like a shortcoming but it also has an upside. If you regard Bitcoins for investment purposes, you can wait to cash these in when prices fall. Chances are high that their prices will go up soon, and you will reap profits.

So, the Bitcoin can be unregulated, unstable, and tough to forecast, but it has great potential for the future. There are many advantages that Bitcoin can offer your small business; so, it makes sense to devote time to identifying the possible roadblocks and planning ahead.