As technology advances, it keeps transforming many aspects of our lives, including different industries. Perhaps one of the most significant changes was the migration from brick-and-mortar stores to online stores. As a result, a number of small businesses that were stubborn or reluctant to adapt to this trend have disappeared from the business map altogether.
This is why certain changes need to be implemented, especially ones deemed to be defining by consumers and the business world. Cryptocurrencies are one of such changes that will affect the future of doing business in many ways. If you don’t have much experience with them, but you recognize their significance, or if you are still somewhat reluctant to introduce them to your business, let’s take a look at some of the many benefits cryptocurrencies can offer.
The Transactions Become More Secure
When starting a business, one of the first concerns is the initial capital. Once you resolve that, you begin slowly obsessing over having enough money for salaries and purchasing inventory and materials. Then, as your business grows and develops, an inevitable worry about becoming a target for criminals becomes an everyday concern.
One of the main reasons why business owners are reluctant to introduce cryptocurrencies to their business is the fear that the chances of being robbed are greater with cryptocurrencies. However, this cannot be further from the truth – cryptocurrency transactions are an impenetrable fortress that rely on cryptography encryption. Naturally, it is your responsibility to research wallets in which you will store your crypto coins, as well as whether you would store them in a hot or a cold wallet. So, while your choice of wallet can affect the security of your coins, the transaction itself is entirely safe from any (cyber)attacks.
Transaction Time Is Reduced
When customers complete a transaction, they are focused not only on the safety of the transaction but also on its speed. A typical business depends on healthy cash flow for its daily operations and any unnecessary delay on the part of the bank can have a negative influence on the business.
On the other hand, you have cryptocurrencies whose transactions are safe and almost instantaneous because there is no bank as a mediator to slow down the process. Not only will the payment be at your disposal in a blink of an eye, but you can also use crypto mining equipment to earn, or mine, cryptocurrencies and boost your budget. Instead of painfully slow bureaucracy complicating your business operations, you can have a system that would actually aid your budget and allow your business to thrive.
Your Business Stays in Touch with the Times
As mentioned at the beginning, technology advances and businesses evolve. This is true for most businesses– at least in the case of businesses that focus on growth. Some decisions that you make are more relevant in the grand scheme of things, while some are less important, but what’s essential is that you strive to stay in touch with the trends to be able to assess what is worth implementing and what isn’t.
It is reasonable to write off certain notions as fads that will not survive for long, but cryptocurrencies are definitely not a fad. One of the most popular crypto coins, Bitcoin, has been in use for 10 years now and although its value varies, which is to be expected, it remains strong. As with most novelties, jumping on board sooner rather than later usually carries more benefits. This means it would be prudent to start accepting bitcoin and other cryptocurrencies as soon as possible, as it is still a competitive advantage.
Fees are Decreased or Eliminated
When you transfer money through any mediator, a bank takes its cut. They guarantee a safe transfer of the funds, as well as storing them, but instances of transfers that became complicated due to redundant outdated procedures are not that uncommon. Some of these procedures are indeed necessary for safety reasons, but some are there simply because their systems are slow to change.
With cryptocurrencies, the transfer is, as mentioned, safe, quick, and there are no fees imposed by a mediator. Of course, the wallet that you chose might charge a fee, just like a bank would charge you for your bank account’s maintenance, but there are no banks to take an additional percentage out of your funds. With a smart choice of a wallet provider and exchange market, you can save a significant amount that you can then invest in the advancement of your business. You have a choice of using that crypto directly to purchase items or you can exchange it to fiat (regular currency, such as euro, dollar, etc.) and continue investing it in that form.
Cryptocurrency is not a thing of the future – it is a thing of the present. If your business embraces it, you will ensure a swift and safe transfer of both your payments to your suppliers and the payments from your clients to you. If these reasons are not enough to tip the scales to cryptocurrencies’ advantage, what’s important to know is that this trend attracts a younger tech-savvy crowd which will help you expand your customer base and bring you more profit and opportunity to grow your business.