Bitcoin has become a household word in 2018, gaining significant interest from people in many different industries. It used to be that Bitcoin was a mere curiosity that most people outside of finance and technology dismissed as a flash in the pan trend, but the legendary token’s staying power and potential for growth in the stock market have brought it to the attention of the masses. From large companies to individual entrepreneurs, it seems as though everyone is wondering how to carve themselves out a generous slice of the Bitcoin pie.
Some of the most exciting opportunities to make use of Bitcoin fall to small business owners. It may seem surprising, but Bitcoin and the blockchain technology upon which it is based can offer numerous advantages to savvy businesses whose owners understand how to leverage them effectively. Bitcoin itself is catching on as a currency that can be used for common transactions, even smaller ones. Meanwhile, the blockchain technology that makes cryptocurrencies such as Bitcoin so unique is being explored in numerous industries, and yielding surprising new avenues for innovators in several key sectors to explore.
If you are a small business owner, you may still have reservations about what Bitcoin has to offer. After all, you’ve probably heard all of the anxious gossip as well as the enthusiastic hype from excited investors: sure, Bitcoin is popular, but isn’t it also volatile? Could new changes to existing laws reduce the value of Bitcoin and other cryptos to the point where getting involved with them just isn’t viable at all? What about those “pump-and-dump” schemes that everybody keeps talking about in hushed voices? It’s normal to approach any new business opportunity with some apprehension, because you’ll have the largest chance of success if you learn about potential liabilities.
Naturally, cryptocurrencies carry a certain degree of risk—they’re new and hot after all, which means that the rules for them are still being written… and, more importantly, still being tested by a minority of users who are trying to game the system. Market volatility, impending legislation, and artificial inflation all represent real risks for cryptocurrency investors, but the good news is that as Bitcoin and other cryptos catch on these risks are likely to decrease. Furthermore, being a business that accepts Bitcoin is very different from investing your company’s savings in it. Using convenient digital wallets such as Uphold allows many businesses to take Bitcoin payments and quickly convert them to more stable forms of currency.
Accepting payment in Bitcoin is just one of the ways that small business owners can put themselves on the winning side of the crypto craze—but it’s also one of the easiest. Still not sure? Don’t worry; we’ve put together an infographic below that explains the basic points clearly. Have a look, and learn as much as you can so that you can make an informed decision about whether or not your business is ready to jump on the Bitcoin bandwagon and start taking cryptocurrency as payment for products and services: