Should Your Small Business Accept Bitcoin?

The Benefits that Bitcoin Provides for Small Businesses
By 
Coin Cloud Team
, published on 
February 11, 2019
Should Your Small Business Accept Bitcoin?

While Bitcoin has been around since 2009, it really didn’t jump into the mainstream until late 2017 when the price skyrocketed to nearly $20,000. At that time, everybody and their mother was scrambling to figure out how they can get their hands on some Bitcoin.

Bitcoin has since dropped to a healthier level of between $5,000 and $6,000, but interest in the cryptocurrency remains.

Although we do realize that Bitcoin is ultimately a good thing and presents a heapload of benefits, is it a good thing for small businesses? Well, in this blog post, Coin Cloud discusses the benefits that Bitcoin poses for small businesses.

What is Bitcoin?

According to Dictionary.com, “Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” Bitcoin exists on the blockchain, a public ledger that records all transactions. All transactions recorded to the blockchain are final and unable to be tampered with.

The Benefits of Accepting Bitcoin

Bitcoin offers small businesses several benefits that they should be aware of:

Lower transaction fees: Blockchain allows buyers and sellers to circumvent third-party financial institutions. This means that by accepting Bitcoin, small business owners don’t have to pay the high transaction fees associated with accepting debit and credit cards. Sometimes these fees can be as high at $0.25 for every transaction plus 2–4% of the total transaction.

Merchant protection: Blockchain also protects merchants from fraudulent chargebacks. All transactions that take place on the blockchain are final and unable to be tampered with.

Increased sales: Bitcoin’s decentralized nature allows small businesses to open up their products and services to those who were previously unable to attain them. For example, international buyers can now buy and sell your products of services quickly and easily using Bitcoin.

Cater to consumer preferences: Bitcoin is the future. The companies that don’t hop on the Bitcoin train now will be left behind in the future. It’s only a matter of time before Bitcoin is used for everyday purchases.

How Can My Business Start Accepting Bitcoin?

If you sell items in a brick-and-mortar shop, customers can pay using hardware terminals, touch screen apps or simple wallet addresses using a QR code.

If you’re an e-commerce business, you should contact a competent programmer who knows how to set up a Bitcoin payment system on your website.

Another Alternative to Accepting Bitcoin

If you don’t feel comfortable accepting Bitcoin yet but still want to be involved in the cryptocurrency space in some way or another, putting a Bitcoin ATM in your store is great alternative. Bitcoin ATMs provide businesses with the opportunity to cash in on the Bitcoin craze without worrying about actually accepting Bitcoin as payment for their products and services. Coin Cloud will pay small businesses to lease some space in their store to set up the machine.

Some of the benefits of hosting a Coin Cloud Bitcoin ATM include: business owners are able to offer customers options outside of just cash ATMs, drive more traffic to their store, align their business with the future and increase their revenue.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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