If you are a small business owner you may wonder if Bitcoin is right for you. As retail giants like Walmart, Overstock, etc and payment service providers like PayPal express their intent to accept crypto payments and Elon Musk invests $1.5 billion in the Bitcoin, it is only natural for you to get tempted to use Bitcoin for your business. To understand if the Bitcoin will be right for your small enterprise you must consider technical and pragmatic factors.
The Bitcoin was founded in 2009 by Satoshi Nakamoto as a decentralized digital currency that eliminates the need for financial institutions like banks or governments when it comes to transferring money. It is founded on the blockchain technology where transactions are verified by multiple nodes in the network, eliminating chances of double-spending or forgery. Since Bitcoin is digital currency, it facilitates faster and efficient money transfers across boundaries. Many people choose to use and trade bitcoins because of the speedier transfers and capacity to initiate even micro payments. Many auto-trading robots are now available in the crypto market facilitating easier transactions even for newbie traders. The bitcoin rush app 2021 is a secure and classic crypto bot that fully automates the trading of numerous cryptos. This bot automatically trades round the clock giving traders peace of mind regarding their investments.
Can you use Bitcoin for a small business?
- One of the biggest advantages of using the Bitcoin is that transaction fees are much lower than regular money-transfers through banks. When you find that the 2%-3% merchant fees are draining your company budget, Bitcoin might be your best bet. With Bitcoins, you will need to pay between 0% and 1% for a transaction. Moreover, Bitcoin transfers do not need approval from the bank or any other financial institution.
- Since cryptocurrencies are based on the blockchain technology, merchants are protected against fraudulent chargeback. Transactions are verified and once the records are added to the blockchain, they cannot be deleted or changed.
- Since the Bitcoin is decentralized it allows smaller businesses to scale up and welcome international customers. Many of these international buyers may not have been able to access your products or services before this; transactions in Bitcoin facilitate this growth. This automatically increases sales and harnesses growth for a small company.
- When you accept payments in Bitcoins you can provide your customers with yet another easy and hassle-free method of payment. Besides, customers will also benefit from an extra layer of protection that is attached to crypto transfers. In Bitcoin transfers, the identity of the parties is kept confidential; this greatly appeals to customers.
- While transaction fees may not be too much of a bother for your small business, but a prolonged waiting period can be a bother. In crypto transfer, there is no intermediary like a centralized institution or bank; so, the wait is much less. Bitcoin transactions get processed much faster than even credit card transactions.
- When your business exports items or buy raw materials from outside, Bitcoin payments can be a godsend because it eliminates the hassles of dealing with exchange rates, foreign transaction fees, or foreign currencies.
- Since Bitcoin is a decentralized digital currency it means that records of transactions once added, cannot be tampered with or repudiated. Customers can never contest transactions; so it makes perfect sense for businesses plagued with frequent customer disputes, to use Bitcoins.