Skip to main content

How Cryptocurrency Is Making a Difference for Local Small Business Owners

Cryptocurrency is a hotly discussed topic in certain circles on the Internet, but until pretty recently, it was confined to that space. Extremely online people would go back and forth on social media debating the merits of one token or another and dissecting the finer points of blockchain technology, while the rest of the “real world” went on about their business.

Try Automated Crypto Trading with Gunbot.

But for small businesses, cryptocurrencies present a major opportunity, and some are taking notice. Here are five (mostly positive) ways that Bitcoin and other cryptocurrencies are impacting local businesses.

1. Crypto Can Eliminate Transaction Fees

Credit card companies often charge 2-3% of a total purchase in transaction fees to the merchant for the “privilege” of being paid via their system. That cuts into small business’ profits in a much more noticeable way than larger companies, and for businesses whose margins are already small, that can spell big trouble for the bottom line.

Bitcoin and other cryptocurrencies, by contrast, have either free transactions or very low fees. That can save businesses a lot of money over time.

2. Small Businesses Can Eliminate Chargebacks

Chargebacks, in which a credit card company or other financial institution reverses payment on a transaction after a dispute, are a major problem for small businesses.

Dissatisfied or disgruntled customers can dispute payments for whatever reason they see fit, and since small businesses usually lack the time or legal resources to defend themselves, they just have to give the money back. This is costly, especially since there are often additional fees tacked on to the chargeback. Bitcoin eliminates this problem: all transactions are final and can’t be contested.

3. Crypto Makes It Easy for Small Businesses To Accept International Payments

If your local small business provides a special item that’s not available elsewhere, there might be interest from international consumers. But the difficulty of transferring money across borders can create an impediment to these profit streams. Since cryptocurrencies are decentralized and not tied to any particular government, you can accept payments in them from other countries without worrying about exchange rates or border restrictions.

4. Crypto Attracts Curious Consumers

For the time being, most small businesses don’t accept cryptocurrency. That means those that do have an opportunity to stand out from the crowd.

Advertising that you accept cryptocurrency will attract clients who otherwise might not be interested in what you’re selling. And if your product is quality, they might just stick around to keep spending their crypto tokens at your establishment!

5. No Wait (Most Of The Time)

While credit card transactions take a while to process, since they need to be checked by a single centralized body, Bitcoin payments are theoretically instantaneous. The reality, though, is that limitations in block size can sometimes create long wait times. T

he recent fork that spawned Bitcoin Cash was intended to remedy this problem, so if you’re concerned with getting your money quickly, you might want to accept Bitcoin Cash instead of vanilla Bitcoin.

While many big companies are afraid of what the decentralization that blockchain enables could do to their bottom line, small businesses stand to benefit in a major way from accepting cryptocurrencies. The above are just a few ways cryptocurrency can change the game for small business owners.

Comments

Popular posts from this blog

Gunbot and bitRage to be integrated with +130 Exchange Markets

The Gunbot community has always requested more exchange markets integrations, from the top markets to smaller ones.

Today we bring Gunbot and bitRage owners great news: Gunbot is getting integrated with +136 Exchange Markets and even more are coming soon!

Thanks to the CryptoCurrency eXchange Trading Library both Gunbot and bitRage will be equipped with the 136 integrated cryptocurrency exchanges.
CCXT states: "The CCXT library is used to connect and trade with cryptocurrency exchanges and payment processing services worldwide. It provides quick access to market data for storage, analysis, visualization, indicator development, algorithmic trading, strategy backtesting, bot programming, and related software engineering."



Certified Cryptocurrency Exchanges



       logo
id
name
ver
doc
certified





binance
Binance
*
API




bitfinex
Bitfinex
1
API




bittrex
Bittrex
1.1
API




coss
COSS
1
API




kraken
Kraken
0
API




kucoin
KuCoin
2
API




poloniex
Poloniex
*
API




theocean
The Ocean
1
API




upbit
Upbit
1
API








Supported Cryptocurrency Exchange Market…

5 Ethereum Apps To Make You Money in 2020 - Decentralized Crypto Finance [tutorial]

These are 5 decentralized finance apps on Ethereum that you can use today to make money in crypto! Super easy tutorials!
TRY OUT DEFI
METAMASK
DEFIZAP
KYBER
POOL TOGETHER
COMPOUND
AAVE
DYDX
NEXUS MUTUAL

💥 CASH BACK CRYPTO DEBIT CARD - $50 FREE CRYPTO with 50 MCO STAKE ►►
This is the code cryptolark
💡 LEARN MORE -

👀 BLOCKFI EARN 5.1% COMPOUND INTEREST ON BITCOIN ►►
💡 LEARN MORE -

👨‍🎓 CRYPTOCURRENCY EXPLAINED BEGINNER COURSE ►►

🤑 $112 FREE CRYPTO - LONG & SHORT BITCOIN ON PHEMEX ►►
(please note margin trading is high risk and is only for experienced traders)

🔥 LONG AND SHORT BITCOIN ON BYBIT - UP TO $90 FREE BITCOIN BONUS ►►
(please note margin trading is high risk and is only for experienced traders)
💡 BYBIT TUTORIAL

💰 GET 20% OF TRADING FEES BACK ON BINANCE ►►

🐙 BUY BITCOIN ON KRAKEN ►►

🦘 BUY BITCOIN IN AUSTRALIA & NZ ►►

⚔️ TAKE YOUR SECURITY SERIOUSLY - GET A HARDWARE WALLET
LEDGER NANO ►►
💡 LEDGER TUTORIAL -

🔐 EXODUS - BEST SOFTWARE WALLET - PERFECT FOR BEGINN…

Gunbot v14 has been released - What's New

Changes in the Gunbot version 14 release



Improved ROE calculation for Bitmex: values now closely match the leveraged ROE values on Bitmex itself. If you're unsure what value to use in Gunbot, refer to the examples on the margin strategy pages for ROE.




TradingView alerts on Bitmex Testnet: email alerts can now also be used on Testnet.




Close entire positions on Bitmex using alerts: enable TV_CLOSE_ALL to close an entire position when a close alert arrives, instead of closing the amount specified in trading limit settings.




SL_DISABLE_SELL : Disabled the sell side after a short position hit STOP_LIMIT.