Cryptocurrencies are here to stay. Whether or not they are considered completely mainstream remains to be seen. Volatility aside, there are a number of reasons why small businesses across the US are taking full advantage of Bitcoin et al.
Of course, before throwing your brand or business behind crypto, it makes sense to do your homework. It’s worth using services such as AskTraders, for example, to find out more about the best way to buy bitcoin. What’s more, you need to consider how you can align cryptocurrency adoption with building revenue and a customer base!
Ahead of any further research, let’s consider how Bitcoin (BTC), in particular, could help grow your business in the years to come.
When it comes to BTC adoption in the business world, it is often the smaller enterprises that are quickest to adopt. Reasons for this are numerous. Crucially, business owners can expect lower transaction costs and faster handling when moving finance away from centralized, fiat banking.
Bitcoin provides speedy transactions thanks to its lack of ‘red tape’. There are no hefty fees or surcharges added for the sake of transfer either. For small businesses just starting out, cost and time are — unsurprisingly — crucial commodities.
Beyond this, the world opens up hugely to businesses who dabble in BTC. Given that there are no exchange barriers or fees that come into play when trading between international territories, those companies extending services overseas are sorely tempted by cryptocurrency in general.
Ultimately, BTC and other cryptocurrencies are likely to appeal to growing enterprises. Especially those that may previously have been held back by the restrictions of fiat banking. Of course, there’s more than just BTC to consider and trade on the modern markets too.
Mainstream news may balk at the idea of its readers and viewers trading in BTC due to its volatility. However, this is not only unlikely to stop interest growing in the currency, but it also means that more crypto tokens will pop up alongside as viable alternatives.
For example, many people who choose not to bank with BTC head to Ethereum (ETH) instead. Ethereum remains the second-biggest crypto token available to invest in right now. Perhaps most famous for supporting the trade of NFTs, or non-fungible tokens.
There’s also a growing thirst for ‘stable coin’ alternatives. These are cryptocurrencies that offer the benefits of some anonymity and ease of trading. However, it is without the stranglehold of centralized finance. Stablecoins attempt to tie their market value to a fiat currency such as the US dollar or a commodity such as gold. The biggest stable coin to emerge in recent years has been Tether, or USDT. As a result, it is widely emerging as an accepted currency at many online stores and casinos. Tether is also impressively large, with a market cap sitting at under $72.5bn at the time of writing.
Algorand, or ALGO, is another name in crypto that small businesses may wish to learn more about as the months go by. This decentralized currency aims to be a direct rival to ETH. It largely focuses on providing traders with better security during trades. Cryptocurrencies generate concern over their safety and viability in mainstream markets. Therefore, ALGO may provide a safety net that small business owners are looking for.
Volatility remains the chief concern for business owners yet to fully embrace cryptocurrency in its various forms. However, just as setting up a loyalty program can entice customers to get to know your business better. If you open the door to crypto you could welcome a new legion of buyers on board who are willing to ‘move with the times’.
While cryptocurrency may not be popular with all, it’s proving to be more than a niche interest. Particularly as global crises and political scandals continue to ravage the value of fiat money all over the world. Could now be the time for your business to buy into Bitcoin?