The cryptocurrency boom of 2017 might be a distant memory for most. However, the evolution of Bitcoin et al haven’t stopped. Even if digital currencies aren’t the talk of mainstream media outlets as often as they used to be, the technology is still evolving. What’s more, their practical applications are increasing. Although Bitcoin and its peers might not be set to replace the US dollar any time soon, the potential is there.
As a small business, you should be aware that cryptocurrencies belong on your radar. Regardless of whether consumers swap traditional currencies for virtual ones, there are still plenty of reasons cryptos can enhance your business. The main reason for integrating Bitcoin et al into your business is flexibility. All cryptocurrencies are universal by nature. In other words, they’re not localized to one country or region. If you’re a small business with international customers, you’ll already know the toll conversion fees can have on your bottom line.
Cutting Costs with Cryptocurrencies
Even if you use payment processors with low/no international transaction fees, there’s always going to be costs associated with converting currencies. Because exchange rates fluctuate throughout the day (week, month and so on), you could be in a position where the price customers pay in one country is better value than another. With cryptocurrencies, there are no such issues. Because the cryptos are decentralized, there’s no central point of authority. This means it can be used anywhere in the world by anyone with access to a computer. If you can both receive BTC and process BTC, this eliminates inconveniences such as currency conversion fees.
In addition to opening up your business to a global audience, cryptos are future-proof. Blockchains, the underlying technology that powers Bitcoin and some other cryptocurrencies, is now being used by major businesses. As well as retail outlets such as H&M and Starbucks accepting Bitcoin payments, banks and financial institutions are exploring uses for blockchain and similar digital ledgers to store data and process transactions. So, by jumping on the bandwagon now, you’re putting your business in a position to move with the times. Of course, to do that, you need the right tools.
Tools and Knowledge Are Required
To accept crypto payments from customers, you need a processor. BitPay is one processor that provides a way for customers to pay and for you to accept payments. If you are going to embrace the crypto revolution as a small business owner, it’s also worth diving into the market a bit more. Learning how to buy and sell cryptocurrencies is one way to familiarize yourself with the technology, the way transactions are made and the coins that are available. From there, you can explore several possibilities for further growth, such as the Bitcoin Era app is a trading robot that uses artificial intelligence to support your investment decisions. Using machine learning, the software can react to market changes and place trades on your behalf or offer guidance as to which cryptos are worth investing in at a certain time.
This type of technology is a great way to immerse yourself in cryptocurrencies and get comfortable with how the market ebbs and flows. You can then use this knowledge to enhance your business. By using the right tools and building up a working knowledge of the industry, you’ll be best placed to incorporate cryptos and everything they have to offer. In turn, this should give you business a secure, global presence and, potentially, the edge over your competition.