Business

9 Pros and Cons of Accepting Bitcoin for Small Business in 2021

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Written by Quentin Hack

Did you know that there are over 5,000 cryptos in the world and across 20,000 global markets? The crypto industry has a capitalization of 260 billion dollars. BTC is used in 65% of the market.

Due to this fact, a lot of small and big businesses, as well as retailers, are getting onto this trend, and are trying to implement its use in their business. If you want to make this switch as well as you’re wondering why this might be a good move for you, keep on reading! Here, we will talk about all the pros and cons when it comes to Bitcoin.

Top 6 pros of bitcoin payments

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Cross-border payments are slow

Some businesses prefer bank and credit card payments, and some are already getting onto the Bitcoin trend. Bank payments as well withdrawals can take several days to do and to go through, which can be time-consuming. On the other hand, checks can be inefficient. If you use PayPal you probably know about its fees, which is another annoying aspect. On a more positive note, Bitcoin is a peer-to-peer payment system that is easy to use. It also allows you to receive and send payments to others without any facilitators. Make sure that you have your e-wallet (or that your company does) before you begin your transactions.

There are no chargebacks

Are you worried about experiencing any issues when it comes to chargebacks? Luckily, BTC means getting your money at the right time without the option for a third party to return the payment. This decision and this move are entirely up to you and if you want to do a refund. Most start-up businesses, as well as smaller businesses, will appreciate this fact, as well as this feature. Speaking of this feature, as well as some future actions from Bitcoin, did you know that we can expect a lot of new and modern trends in 2021? Europeanbusinessreview.com will let you in on all the details regarding the mass adoption business.

Low fees

PayPal’s fees are around 4% in most countries, as you probably know by now. Banks can have their own fees that vary from one bank to the other. Setup fees usually have a fixed price rate that will make an impact on your overall transaction and future profits. Make sure to do your math beforehand and before you commit to one provider. BTC only takes around 1% per transaction, which makes it reliable, trustworthy, as well as affordable when compared to other options, as well as its other competitors. This is also a good go-to for anyone who is trying to get the most coin.

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Easy to accept and understand

Most newer companies (and people in general) love to follow different and new trends. If you wish to look cool and adopt some new techniques, go for BTC. It is highly-acceptable and loved by millennials + it allows you to expand your business in every way. Gen-Z’s are also falling for this crypto, and are using it in most fields and aspects of their life, such as when shopping, playing games, or doing transactions. Business-wise, you will be approached by different and newer companies for sure, and you will be way easier to reach in general.

BTC is against inflation

Did you know that a currency loses its value as time goes on and as you print it? The more you print it out, the less valuable it becomes. On the other hand, BTC has a cap of 21 million, which is its highest and limited capacity. There will be no more BTC’s coming out to the market, and you will enjoy using them and feeling safe with this fact. Thanks to this, this crypto could be up against monetary inflation, which is good news for most business owners. Although not certain about it, it is a good perk to think about.

BTC is a great investment

If you are a small business you should accept this payment method the moment the opportunity presents itself. You don’t have to convert it or use it right away, which makes it perfect for future investments. You will get the current market value the moment you put it out and sell it to the market. If you love to think smart and plan ahead, crypto values are a must-do in your case! This is also a smart move for your overall company, and your empoyees.

Top 3 cons of Bitcoin payments

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Market volatility

This is the most common and talked-about con when it comes to BTC. So, is it a risk that you’re willing to take? The market forces the price of this crypto, which can be a bit scary and not as reliable. Make sure that you’re smart and quick when it comes to your crypto, especially if you’re working with your companies money.

Any security concerns

Cryptocurrency exchanges can make you lose your money, if not protected properly. If you are worried about your safety and you’re not too sure what to do, turn to the well-known e-wallet. It is the best solution for keeping your transactions safe and somewhat private.

Public transactions

BTC means letting everyone know that your transactions are public, and being able to spot them in the system. They are placed on a public ledger which can annoy some people or business owners. If you are worried make sure that you protect your data and identity in general as much as possible, as well as your company.

Are you ready to make a change?

So, are you ready to make a change in your business and accept Bitcoin? Were you a fan of cryptocurrencies before? If not, were we able to convert you throughout this article? BTC has its pros and cons, but almost everyone will benefit from its use. Think about it, read this article, and understand the basics before you make your next big step.

About the author

Quentin Hack