2017 was a crazy year for cryptocurrencies. A few years back, no one even knew what that term meant, but after Bitcoin entered our lives, everything has changed.
At the beginning of 2017, Bitcoin was an unknown cryptocurrency that was worth about $900, but it didn’t stay that way for long. For various reasons, Bitcoins’ worth soared, and within mere months it reached unbelievable heights.
By the end of the year, the coin was worth more than $20,000 – an astronomical number indeed, which made it into a hot commodity and everyone was investing in it. However, the hot trend didn’t last for long, as Bitcoins’ value dropped dramatically only a few months later.
At its lowest point this year, Bitcoin was worth just over $6,500, but the value began to rise again. This time, however, the change wasn’t as monumental, and now the coin is worth about $7,000.
If you look at the big picture, Bitcoin is not what’s important here. You should only focus on the fact that the world is changing, and it may affect you.
As a business owner – how does it affect you? Does it mean that you have to adjust to accepting cryptocurrencies, or is it just a passing trend?
Why Use Cryptocurrencies?
Although you hear a lot about Bitcoin, it is not the only cryptocurrency circulating in the market. In fact, there are more than a 1,000 different cryptocurrencies, and the numbers keep climbing with every passing month.
That means that as a business owner, you need to think about the pros and cons of using this particular transaction method.
The main concern you might have with cryptocurrencies is volatility. As the past year has proven, the value of the cryptocurrency can change in warp speed, and there is little you can do about it. If you invest in it, things can go south in the blink of an eye.
The fact is that you can’t predict which way things will go, but you can take some precautionary measures to prevent any major losses on your part. Plus, experts believe that after the mad changes that took place last year, things are going to even out eventually.
Even though cryptocurrency transactions seem a bit unstable right now, things won’t stay that way for long, and you need to adjust to the changes.
So why should you even consider working with cryptocurrencies?
Well, first and foremost, it can help you expand your pool of customers. By using an international kind of currency, you will be able to accept payment from people all over the world with minimum fuss.
Also, the added layer of security and anonymity that comes with cryptocurrencies is bound to bring in more customers that are hesitant about making other types of cash transactions.
On top of it all, using cryptocurrencies will save you some transaction fees. Usually, all payments go through a third party – such as a bank – that charges you a small fee. Although it may look insignificant at first, the costs can add up to a substantial sum.
However, if you choose to use Bitcoin or any other cryptocurrency, the money will go directly from the customer to you, so you won’t have to deal with the extra fees.
That is something you should take into consideration if you want to keep your business up to date with the latest tech changes.
As a business owner, you need to think about how to improve the services you offer, and accepting cryptocurrencies is the question of the hour nowadays.
Take your time, learn all about it, and make sure that you know how to use the system to your advantage. Soon enough, cryptocurrencies will be a part of the norm, so you should get used to it.
Be ready for that moment, and your business will soar!