In the past year, cryptocurrency has exploded into mainstream culture, which Wall Street dipping their hands into the industry and Bitcoin rising in value to over $20,000 CAD per coin. While values have fluctuated since then due to the volatility of the market itself, its clear that crypto is here to stay; which is leading many entrepreneurs and businesses to accept cryptocurrencies as part of their payment infrastructure.
A cryptocurrency is essentially a virtual form of money. It is designed to act as a way for people online to pay for goods and services, as well as product. The creator of Bitcoin, Satoshi Nakamoto; described Bitcoin in its white paper as a ‘peer-to-peer electronic cash system which is decentralized.’ This means that cryptocurrencies are not regulated by things like banks or central controlling authorities. In a way, cryptocurrency functions similarly to torrent networks used for file sharing. The Blockchain, which is build into every crypto is a public ledger which features all transactions which occur on the network, making it available and transparent to anyone who needs to see it.
Small businesses owners may experience a multitude of benefits by accepting cryptocurrency for payments. We’ve outlined below a number of reasons why your business would prosper if you add crypto payments to your business operation.
While there’s plenty of clear benefits to your business or brand accepting crypto for payments, there are some risks to keep in mind. We’ve outlined a few of them below:
While cryptocurrency is still growing everyday, its clear the industry has room to grow. Your company can benefit from this new technology, as long as you’re smart and your research first!
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