Even though there is a lot of buzz around bitcoin and cryptocurrencies in general, you might feel as though your small business doesn’t have much use for it. However, even if you are only one store, or you have a small online operation, there are many ways that this new currency can impact your business. In fact, those that are not open to the possibility of using bitcoins could soon be losing out.
Accepting Bitcoins
The survival of cryptocurrency is dependent on whether companies start to accept it as payment. Although this can make some business owners a little nervous, it could be the best thing you can do. The main reason is that small businesses are not jumping on board the bitcoin train as fast as larger corporations. For example, both Amazon and Telsa are both now accepting bitcoins as a form of payment. However, for those who buy bitcoin and are looking to buy other goods, the choice isn’t yet there. It could be that if your small company starts to accept bitcoins, you will attract many customers eager to spend their money. Bitcoins can also have other advantages; transactions fees are typically small, and you can have access to the funds much faster than with traditional payments.
Smart Contracts with Vendors
One of the big issues when dealing with vendors is the contracts that have to be agreed. It can often be a long process that involves lawyers and negotiations before the agreement can take effect. However, if you are looking for an easier way to organize your vendor agreements, you can take advantage of Smart Contracts. These are digitally signed agreements using the blockchain, which execute certain things when conditions are met. Your supplier creates it with the services they will provide, and also the number of bitcoins that will be paid. Once submitted, it cannot be altered, and it will be monitored until its complete. When the conditions are met, the coins are automatically sent across.
Paying Your Company Bills
In the past, many people were put off using bitcoins because you weren’t able to use them to pay for everyday things like energy bills. However, more companies including energy companies are now accepting these coins as payment. For the business owner, it makes things easier, as they can themselves also accept bitcoins and use them to pay bills.
Publicity
Because bitcoins are still something of a phenomenon, when businesses, especially small ones, start using it, there is a certain amount of media attention. It means you will be able to reach a wider consumer base and perhaps generate more sales as a result. In fact, just by putting the fact that you accept bitcoins on your website can be a big selling point for many people.
As cryptocurrency continues to grow, you will start to see a shift in the way people use their money to pay for goods and services. Perhaps in the future, businesses will prefer to use bitcoins than other forms of payment.
