Cryptocurrency is one of the hottest trends in the world right now! Both small and medium-sized companies have started accepting Bitcoin payments.
And if it continues, stores in every city will be accepting cryptocurrency. Newer businesses, in particular, have been keen on adopting crypto.
These store maps from Coinview show that the number of businesses accepting crypto increased from 17,383 to 19,615 within a year.
Crypto’s value grows over time
Cryptocurrency is just like any other form of money. You can use it to pay or receive payments for goods and services. What makes it unique from fiat is that its value can grow over time.
Some people even make their living just by holding on to their crypto! What they do is keep holding onto their Bitcoin or another crypto then selling them when the price reaches a certain point.
This presents a very unique opportunity for business owners.
If you take crypto in exchange for your products or services and hold on to it, chances are that money will be worth more in the long run.
Bottom Line: Your 1 US dollar today will most likely be worth 1 US dollar tomorrow. With crypto, any amount you receive today can grow 5% or more in value overnight!
Say goodbye to annoying bank fees
Sending and receiving fiat payments costs money.
That’s because banks charge fees for every transaction. Fees can get especially costly for international money transfers since conversion fees are also added on the bill.
With cryptocurrency, fees are either very low or cost nothing at all! That’s because payments don’t have to go through banks.
You can easily cross off extra expenses on your budget.
And, since banks won’t have to verify each transaction, transfers are so much faster… sometimes taking only a few hours for international payments!
Bottom Line: Lower transaction fees and faster payments.
Easier to store and carry around
Store owners have to be extra careful when handling large payments (especially if they were made with paper money).
It’s scary when you have to move the money to another location. There’s a real danger of getting robbed or worse.
Storing it can also be an issue. If you’re running a brick and mortar store, then you’ll have to find a secure place to keep the money until you can deposit it in a bank.
That also means you’ll have to take extra measures against thieves.
Crypto, on the other hand, is stored digitally. You can carry large amounts of it anywhere you want!
Plus, if you’re storing all of the money in an online wallet, you wouldn’t even need to carry anything. Just don’t forget your wallet password/s.
Bottom Line: Lower risk of getting robbed and losing all of your hard-earned money.
They have crypto credit cards now
One of the biggest issues with crypto is it can be a hassle to use for daily transactions. That all changes with cryptocurrency credit and debit cards.
These are the cryptocurrency equivalent of regular credit/debit cards and just as easy to use. All your customers have to do is swipe them and you receive the payment, as simple as that.
The best part is that transactions made with crypto can be verified by thousands of users online. That means there’s a lower chance for fraud cases to occur!
Bottom Line: Receiving payments with cryptocurrency is now as easy as fiat and it’s much safer.
Stay ahead of the trend!
The convenience that crypto provides is attracting a growing number of widespread crypto adoption.
As a business owner, it’s a very good idea to stay ahead of the competition and start accepting crypto payments as early as now. That way, you’ll be prepared for what’s to come.