04 Jul Cryptocurrency And Small Businesses – A Blessing Or A Curse?
So, at last, Cryptocurrency has become a tradable asset in 2022. And, it’s an excellent piece of news for the business world, believe it or not.
After all, now, you’re all getting a brand new variant of payment for your organization. And, the more diversified the financial market is, the better it is for your business, no?
But, is it really a good idea for an SME to opt for Cryptocurrency?
Let’s find out!
Cryptocurrency For Small Business – Yay?
Honestly, the world of Cryptocurrency is quite volatile and unpredictable. It, in turn, makes most people avoid investing in the market from the get-go.
But, if you want to serve a wide array of audience, it’s always better to accept Cryptocurrency as a form of payment. Keep reading to know more about it.
Benefit – 1: The Transaction Fee Is Quite Low.
In a centralized exchange or system, you’ll have to pay an intermediary, like a bank, while accepting your consumer’s payment. Nonetheless, such a third-party doesn’t really exist in a decentralized infrastructure. Therefore, there’s no need to pay any additional expense.
Benefit – 2: Offering Protection To The Merchant.
Due to the decentralized system of Cryptocurrency, you, as a merchant, will be able to avoid a fraudulent chargeback efficiently. As every data is saved as a block in the ecosystem, you’ll find information about any transaction you’ve made here. So, no one can blame you at all.
Benefit – 3: Garnering More Sales.
Accepting Cryptocurrency will offer your audience an additional option to pay you. Hence, if you can integrate a trading platform like bitcoin smarter in your organization, it’ll be easier for you to serve international clients as well. No huff, no puff.
Cryptocurrency For Small Business – Nay?
Like any other financial infrastructure, the world of Cryptocurrency isn’t devoid of negative aspects as well. And, some of them can really hurt the core of a small business.
Here’s what you need to know about it.
Risk – 1: Technical Issue.
Although Crypto has become the boom of the market, many people still don’t have the right idea about it. Yes, it’s true, even for a place like the USA.
And, even if you have a proficient know-how about the same, you’ll still need to go through a steep learning curve during implementation. So, that’s another problem you might face here.
Risk – 2: Volatility Of The Market.
Like the Stock market, Cryptocurrency is quite volatile as well. Therefore, even if you earn a lot of Crypto through your business, you may also end up losing money as their value drops.
Hence, it’s always better to accept more than one Cryptocurrency as a whole. This way, even if the value of one drops, the other will keep your head straight in the market.
Risk – 3: The Problem With Security.
Although Cryptocurrency is better than the conventional financial environment regarding the sense of security, it still isn’t devoid of hacking. Hence, if you’re not careful enough, you might end up losing your money to a petty phishing attempt.
Due to this reason, we’ll ask you to keep an eye on your keys as closely as possible. And, you should also focus on implementing at least one firewall in your system. This way, it’ll be a lot easier for you to keep your money and the collected user data safe.
So, What’s The Verdict?
Honestly speaking, there’s only a 50/50 chance of you getting positive feedback from your Crypto integration. Yes, the errors and issues regarding the same are quite glaring.
But, that doesn’t mean you shouldn’t consider whatever positives the technology is offering you. After all, with it, you can save your money, improve your security, and much more.
And, if you want, you can take care of the downsides of Cryptocurrency pretty easily. We’ve mentioned a few of them already here.
But, if you feel like you’ll need a little more information about the same, don’t hesitate to jot it down in the comments. We’ll definitely get back to you as soon as possible.
So, until we meet again, have a great week ahead!