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Should Bitcoin Be Used In Small And Medium Business (SMB)?
[Image: 1412371814-accepting-bitcoin-payments-in...siness.jpg]

In 2015 bitcoin finally made its mark: More than 100,000 businesses, including industry giants like Microsoft, and Dell, accepted it. But, what exactly is this mysterious "cryptocurrency" everyone has been talking about for years? And, is it time your small business accepted it, too?
Here's what you need to know about what bitcoin is, its advantages and potential drawbacks.
What is bitcoin?

Bitcoin is a cryptocurrency or an entirely digital form of money, invented in 2009. While that might not sound interesting, what sets bitcoin apart is that it's purely person-to-person, with virtually no banks, financial institutions or government bodies standing in the way between you and your money. Bitcoin relies on a technology system called blockchain that keeps your bitcoin wallet safe and secure from fraud.
The currency's digital format also makes for faster, cheaper, easier exchanges of cash, from which many small businesses may benefit. Overall, Bitcoin's assets stem from its decentralization. Blockchain, the technology bitcoin was built on, allows you to not have to rely on a bank to process your financial transactions.

Here are other reasons to consider bitcoin:
1. No fees

If your 2 to 3 percent merchant transaction fees are a drain on your cash flow, then bitcoin has you covered. Bitcoin transactions typically cost between 1 percent and zero.
That's no typo. You can send or accept bitcoins as payments with no fees attached. Since bitcoin doesn't require a bank to verify each transaction, you don't have to sacrifice your own revenue to the financial institutions that own your business loans or credit cards.
However, you'll often have the option to pay an extremely small transaction fee, which can speed up your processing.
2. No wait

Maybe those fees aren't bothering you, but waiting around for your money to arrive in your bank account does. Because there's no centralized institution that checks every bitcoin transaction -- its underlying technology, blockchain, does it for you -- there's no need to wait nearly as long to receive your payment. Bitcoin transactions are processed quickly, usually in a fraction of the time credit card transactions do.
You can charge a customer, go for a walk around the block and receive your money. Bitcoin is that fast.
3. No borders

If you export your goods and services or purchase supplies or materials from abroad, then bitcoin is a great solution for dealing with foreign transaction fees, exchange rates or currencies.

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