Why Small Businesses Should Consider Bitcoin
March 26, 2018 (Investorideas.com Newswire) If you want your small business to remain competitive, you should be on the lookout for exciting new opportunities at all times. Today, a significant number of those opportunities lie in cryptocurrency—various forms of digital money that are taking the finance and technology worlds by storm. You've probably heard of some cryptocurrencies before. Even if you don't recognize names like Ethereum or Ripple, you've almost definitely heard of Bitcoin. However, do you know why a growing number of small businesses are investing in Bitcoin and accepting it as a valid form of payment? If not, read on—you might be about to learn something that can help you in the coming years.
What is Bitcoin and How Does it Work?
Firstly, here's a primer for those of you who aren't confident in your knowledge of what Bitcoin is: Bitcoin is the original cryptocurrency. It's a digital “token” that uses blockchain technology to verify all transactions that are made with it. Blockchain technology allows Bitcoin transactions to be recorded in a secure digital ledger, which is copied to various devices on a worldwide network whenever a new Bitcoin transaction takes place. As such, it is virtually impossible to falsify a Bitcoin transaction because any fraudulent activity can quickly be identified by multiple copies of the correct record.
Bitcoin Benefits for Business Owners
There are two main ways that businesses can get ahead by embracing Bitcoin. The first way is by investing in it. Here's why: approximately two years ago, each Bitcoin was worth just over $367 USD. Today, a Bitcoin fetches more than $10,000 USD. The unprecedented growth of Bitcoin in recent years has caused some to dub cryptocurrency a new "gold rush" of sorts. Concerns about the stability of Bitcoin have caused some people to shy away from investing in it, but many who have done so have seen their fortunes increase dramatically.
There are real reasons to be cautious about putting all your money in Bitcoin. For one thing, the market has been prone to sudden losses as well as dramatic gains over the course of its history. For another, some critics predict that Bitcoin is a "bubble" set to burst at some point in the not-so-distant future. Such critics point to the fact that Bitcoin is a floating currency, which means that its value is not linked to any physical asset (such as gold). However, it is worth noting that the US dollar is also a floating currency, and that many contemporary forms of money no longer derive their value from tangible commodities.
Still, there is always the possibility that a cryptocurrency investment (like any other) will fall through. For that reason, many small businesses are choosing to embrace cryptocurrency in another way: by accepting it as a form of payment and quickly converting it into cash by means of a digital wallet. Several such digital wallets exist, including Uphold, Copay, and Jaxx.
Accepting Bitcoin as a form of payment can be beneficial in several ways. Firstly, your transactions will be highly secure because of the blockchain technology that verifies all Bitcoin payments. Secondly, you may never have to issue a refund for products or services purchased this way because many Bitcoin users keep their personal details anonymous. Taking payments in Bitcoin can therefore be convenient and cost-effective.
Learn More and Stay Ahead of the Curve
Bitcoin is quickly gaining mainstream acceptance, so you will reap the greatest possible benefits by embracing it sooner rather than later. Use the information above to help you get started, and make sound decisions that will help ensure the success of your business in the future.
Nick Rojas combines 20 years of experience working with and consulting for small to medium business and a passion for journalism to help readers grow. He writes about technology, marketing, and social media for the aspiring entrepreneur. When Nick is not sharing his expertise, he can be found spending time at the beach with his dog Presto. @NickARojas
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