Benefits of Bitcoin and Blockchain Technology for Small Businesses
Blockchain technology, along with Bitcoin, has experienced a massive hype thanks to Bitcoin’s latest bull run. But, the success of Bitcoin isn’t just an advantage for early adopters and investors. In fact, there are a lot of benefits that can come from accepting BTC payments and implementing blockchain-based solutions for your business.
If you want to learn what are the advantages of Bitcoin and blockchain technology, we cover everything one business owner should below.
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Benefits of Supporting Bitcoin
Bitcoin is a by design, is totally digital currency that is used as a medium to transfer funds over the internet. It has a market capitalization of over $1 trillion, and the latest record-breaking price was more than $60,000. When it comes to the number of owners of Bitcoin, it’s estimated that there are over 70 million Bitcoin wallets worldwide.
This puts your business at an advantage because it doesn’t matter whether you work online or offline, there is a great number of people who own BTC. Another advantage is that you will create more opportunities to do businesses with Bitcoin enthusiasts that would like to buy your product or service when you accept BTC payments. Plus, there are no fees attached to receiving Bitcoins; all you need to do is invest in a good Bitcoin wallet.
Also, by supporting BTC, you add more fuel to the market demand, which enhances the price of Bitcoin. Actually, as notable brands accept BTC payments, the price of Bitcoin surges. One instance is when Overstock publicly announced it would accept BTC payments in 2014. Other famous brands that support Bitcoin are Tesla, Etsy, Microsoft, Sleep, Bed and Bath, Burger King, among other companies.
Another benefit is that after you have received BTC, you can exchange it or sell it for other currencies. A great place to start is the Bitqh site which is an automated trading platform where you can potentially earn up to $750 in one day, even with a minimal deposit of $250.
Furthermore, because this is an automated trading platform, it isn’t required to have a lot of experience with trading or possess great trading skills. The technical side of the trading process is completed for you.
Benefits of Blockchain Technology
There are numerous benefits of blockchain technology. The network is one of the reasons why Bitcoin is a successful deflationary cryptocurrency. But, its design and the benefits it offers can definitely be implemented across business sectors.
As this is a distributed ledger technology that is fully decentralized and peer-to-peer based, it’s not possible for one entity to control it or tamper with the data. Furthermore, in order to offer complete security, it is totally transparent, and the data is viewable to each user of the network.
This is beneficial if you collaborate with multiple parties and you want to be able to keep track of their inputs. It also prevents errors from occurring because you can easily trace back or notice any changes.
As we mentioned earlier, the transparency of the culture in the network allows us to consistently stay up to date with any changes in the network. But also, you can track real-time data and products in your supply chain. It is easily noticeable to see if there’s any congestion or any party that has trouble in the business process, so you can save time and money improving the communication in your supply chain management.
Low Transaction Fees and Processing Time
In addition, due to the decentralized nature of the blockchain network, it is completely self-sufficient. Therefore, it has low transaction fees of approximately $0,66 . This is an advantage if you work as an online business or business that delivers products overseas because it will minimize costs for your audience, and it will be beneficial for you when you have a great audience of customers that uses BTC to make purchases.
Another benefit is the processing time on the blockchain network which is widely known to be very short or up to 10 minutes on average. This is again something that is useful to every business regardless of whether it makes transactions as a brick-and-mortar store or as an online brand.
Now Over to You…
Some would say that Bitcoin has no utility and the blockchain in general is useless. Regardless, we have seen many upsides from the technologies in one way or another. In time, there will be a worldwide adoption of Bitcoin and the blockchain technology, and there are always the first-mover advantages to small businesses adopting those tech.
So, will you wait or take the leap of faith?
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