You may feel like cryptocurrency is a fair bit out of date, a thing that was once all the rage, but is now a bubble that has completely burst. And you would be wrong.
Cryptocurrency is still a great way to boost your business and get an edge over your competition.
Here’s how it can do just that:
Instead of waiting for hours, or even days, for money to land in your account (or a client’s account), with cryptocurrency you can speed things up so much, that you will feel like you’re traveling at the speed of light.
Cryptocurrency transactions are very nearly instant – and you will have access to your funds in a matter of minutes.
This means faster access to your assets, and no more liabilities when it comes to unpaid invoices – crypto makes all this a thing of the past.
Easier international transactions
As there is no middleman between the two parties participating in the payment, no bank, no accountant- nothing can prevent you from sending money anywhere in the world. There are no specific laws and transaction limits you need to abide by, so you can do business with anyone in the world, anywhere in the world.
This makes accessing foreign markets much easier, without having to worry about any potential restrictions, currency exchange rates, and so on.
Taxation and accounting challenges
With cryptocurrency, there’s no need to deal with accountants and banks. That means no banking and accounting fees, and transactions made easier.
When it comes to gauging the value of your cryptocurrency, however, you might find yourself at a bit of a loss. How do you know how your coins translate into cold hard cash?
Fortunately, there are tools and platforms to help you out. With this really cool cryptocurrency tracker, you can always tell how much your virtual funds will be worth when turned into actual funds.
When it comes to taxation, depending on where you live, you may (by now) have to pay taxes on your crypto transactions, but you will need to check for details to make sure how much, and for what kinds of funds.
More ways to pay
When you start accepting payments in cryptocurrencies, you will instantly attract an entirely new market segment. There are people out there who prefer to pay in crypto and want all of their transactions to be safe, secure, and untraceable, even when they are buying something as simple as shoes.
Attracting more customers is always a good thing – and more customers mean more revenue, whichever form it comes in. Also, more ways to pay is a great way to tell all of your customers that you are a serious player and you mean business.
A caveat on safety
While we are much more familiar with cryptocurrency now than we were a couple of years ago, and while the initial bubble has most definitely burst, you still need to be careful about the currencies you accept, and educate yourself as much as you can.
There are so-called ‘blue chip’ cryptocurrencies, like Bitcoin or Ethereum, which are considered safer and more stable, and which you can deal with without too many concerns. There are, however, also low cap coins out there that have not yet accrued value and reputation you would like to place your trust in, so you’ll need to choose the currencies you accept with care.
Also, make sure to educate yourself about this new payment method you are accepting. Some of your customers will be well-versed with it, but there might be those who will view you with a bit less trust or understanding. So being able to educate them yourself, rather than having them look online for answers, is a must.