Could Accepting Cryptocurrencies Help Your Business?

Featured article by Damian Troy, Independent Technology Author

Cryptocurrencies of all kinds are beginning to take over the world, and with a huge number of benefits such as transparency, its decentralised nature, and its global accessibility, it’s easy to see why a number of businesses are looking to integrate these digital payments. With big brands such as Microsoft already integrating this type of technology, smaller businesses and start-ups are looking to follow their lead. Here, we’re taking a closer look at whether or not accepting cryptocurrencies could actually help your business in the long run.

Access To New Markets

Around the world, there are a huge number of individuals who are classified as ‘unbanked’, essentially meaning that they do not have access to a traditional bank account. This means that transferring money and paying for items online is almost impossible if the retailer requires a debit or credit card. As a result, a large proportion of the world’s markets remains inaccessible to many merchants. Cryptocurrencies could be the answer. With their digital payment processing, and fast transactions with minimal fees in most cases, more individuals are likely to start purchasing products online that they may not have originally had access to allowing your business to open up new opportunities for sales across the globe. Alongside this, cryptocurrencies are quickly becoming more accepted around the globe as a form of payment method, although legally it is not described as such. For example, individuals in America are able to trade BTC to USD and back again seamlessly with new technologies, further helping to increase the overall accessibility of Bitcoin and other cryptocurrencies. The more accessible these coins become and the easier they are to trade the more people will begin to jump on the bandwagon to use these digital payment methods.

No More Financial Intermediaries

One of the major benefits of integrating cryptocurrencies into your business is the lack of financial intermediaries which you will have to deal with. With traditional transactions often calculating a number of fees and charges, businesses are likely to start looking at cryptocurrencies as a way to reduce costs. This is particularly true for start-ups, as they are unable to break even within the first year of opening their business and as a result will be looking for a way to minimise their costs more efficiently. If you’re a start-up or a young business, then accepting cryptocurrencies can provide you with an almost fee-free opportunity to accept payments quickly and easily. The lack of financial intermediaries will also ensure transactions are much faster than they will have ever been before, and the potential for human error could be reduced even further.

Potential To Attract New Customers

With research being undertaken displaying that many UK millennials do not trust traditional banking systems, it’s highly likely that individuals will begin to utilise cryptocurrencies more and more in the future. As a result, if your business does not begin to accept cryptocurrencies, you could see your business actually start to lose customers over time. While this will not be immediate or significant in one go, this could have an impact over time which could dramatically impact your overall revenue and profits. You can also utilise cryptocurrencies to attract customers that have already made the switch to digital payments. Alongside this, digital currencies could be a way to integrate a seamless loyalty program which may be something that you have been unable to implement in the future.

Cryptocurrencies have a lot of potential, alongside the blockchain technology which makes them up. With global accessibility becoming more integrated than ever before, more individuals are set to start trading and utilising these payment methods. With governments around the world taking more notice of this form of digital transaction, it’s only a matter of time before cryptocurrencies become the norm for businesses.

About the Author

Damien Troy is an experienced and notable author, who loves taking on new challenges and writing across a huge range of topics -channelling his personal experience and expertise. When Troy isn’t tapping away at his keyboard, creating his latest masterpiece, he can be found exploring new countries and cultures or burying his head in a good book.