There’s a lot of misconception about using cryptocurrencies. Still, the truth is that they are here to stay, and every serious entrepreneur needs to understand what they are and how their businesses can benefit from them.
You see, early adoption of a new technology is one way to set your business apart from that of your competitors. For starters, cryptocurrencies are digital currencies that use encryption technology to exchange value between people over the internet.
Cryptocurrencies work independent of the traditional banking system and are acceptable as legal tenders in many countries of the world. Most people now use cryptos as payment for services online and for the purchase of goods.
As an entrepreneur, you can receive payments from your clients and customers using cryptos and pay vendors the same way.
If you are in doubt if cryptos are accepted for your business, then you first have to look at the unique needs of the business, but on a general note, there are more advantages than disadvantages. Below are five reasons why every business should accept cryptocurrencies.
1. Save More Money
It is on record that merchants in the US have paid $78 billion as debit and credit card-related fees over the years. Since cryptocurrencies are decentralized, they do not rely on any bank for transaction verification.
Thus, there is no need to pay, and extra cash is free. As a serious business owner, you will end up saving between 2-5% of your cash as you jettison the ridiculous fees imposed by financial institutions.
2. Transaction Processing Speed
Another drawback with using traditional financial institutions is the amount of time you’ll have to spend for your transactions to be processed. With cryptos, accepting it as a payment method transactions are processed almost instantly or within a few minutes.
Except you like to be kept waiting unnecessarily, there is no need why you shouldn’t be thinking of adopting cryptocurrency for your business.
3. Borderless Transfer
If you have tried to transact on the international scene, you will agree that there are many unnecessary bureaucratic hurdles to cross, thereby slowing things down.
With crypto, you can transfer money from one side of the globe to another within a short time without needing to go through any long process or pay exorbitant fees.
4. Safety of Funds
With cryptos, you stay safe of risks such as fraudulent transfers and chargebacks. There is no way to trick the system into processing a transaction when you have currency available in the best cryptocurrency wallet. With bitcoin, for example, every transaction is processed by a miner who confirms it.
5. Gain more Customers
There are many crypto enthusiasts today, and therefore when you integrate cryptocurrency as a payment method for your business, you open it up to a large community of adopters.
It is not a question of whether cryptocurrencies will have a greater audience of adopters; it is a question of when?!
As a smart entrepreneur, leveraging on the pros that come with using cryptocurrencies can be the game-changer for your business.