5 ways Cryptocurrency Is Beneficial for Entrepreneurs
Cryptocurrency is no stranger to many of us. But while everyone is talking about it, not all of us has a full understanding of how it really works. In fact, even the most tech savvy among us are having a tough time wrapping their heads around cryptocurrency.
For starters, cryptocurrency is a digital currency that is free from any central authority like government or bank’s regulations. They are made by participants and miners who use specialised hardware and computers to process online transactions and secure the digital currency’s network. This digital currency has been proven to be effective and functional in different fields. Thus, it has become a widely discussed topic in different sectors.
Investing in it has been a profitable business model that has brought nothing but positivity. For others, the doubts on Bitcoins or Initial Coin Offering have resulted to losses.
If you are an entrepreneur, cryptocurrency is probably a hot topic in your circle. It’s a common point of discussion, especially among stock traders and investors. Some want to use it to better their startup company, while other want it to be the focus of their business venture. Regardless of your reason, I’m sure you are interested to understand how cryptocurrency works, and how it can help you grow your business. In that case, read on to better understand how you can use it as an entrepreneur.
- Low to zero transaction fees
Transaction fees depend on the Bitcoin wallets you will be using. These wallets allow you to safely keep and transfer payments to anyone and anywhere in the world. Thus, keep in mind that you need to choose your wallet carefully to avoid any problems. Aside from choosing a wallet, you also want to adopt good practices to better protect your money.
Bitcoin transaction fees will usually cost you just between 1 to zero percent. You can accept or send payment without minimal fees attached since bitcoin does not need a bank or a government agency to verify the transaction. However, if you want to speed up each process or up your security features, some wallets offer these options but they come at an additional cost.
- No need to worry about exchange fees
If as an entrepreneur your business involves importing or exporting goods and services, you’ll surely appreciate how cryptocurrency can eliminate having to deal with foreign transaction fees and exchange rates. This is because cryptocurrencies such as Bitcoin is a global currency, and it ignores border restrictions. So long as you are working with people who accept or send bitcoins, you’re good to go.
- Minimum wait time
These days, everyone appreciates fast transaction. We are living in a fast paced world so saving a few minutes of our time to process a payment can go a long way. As an entrepreneur, you will surely appreciate how cryptocurrency can instantly help you receive and send payment in no time. Again, since there’s no institution that looks into every bitcoin transaction, there’s no need for you to wait for days or hours to process a fee. These digital currencies let you do transactions as quickly as possible.
- Zero payment disputes
As a business owner, you’ve possibly experienced tons of payment disputes in the past. The good news is that while bitcoin is a digital currency, it still functions like cash than credit. Your bitcoin transactions are final so they can’t be contested by your paying customer in case they have a dispute with your services.
- A new investment opportunity
Entrepreneurs love new opportunities. Cryptocurrencies bring you tons of opportunities to grow your business. You can create your own ICO branding, invest in an ICO startup company, or just join a trade. Like other currencies, there’s no secret that bitcoin may fluctuate in value. But since many experts say that it is the future of online transactions, it sure is worth your every cent.