Cryptocurrency is simply digital currency, an online medium
of exchange via blockchain technology. It’s encrypted , immutable, and decentralized. According to Statista, the global cryptocurrency market
could grow from $51.5 billion in 2024 to $71.7 billion by 2028 at a compound annual
growth rate of 8.62%. In recent years, we’ve witnessed the growing adoption of
cryptocurrency among companies across different industries, but is it right for
your small business?
Cryptocurrency now leads the
financial technology, paving the way for digital transactions in business
worldwide. Small businesses can attract international consumers using crypto
and offer local customers new payment methods. Let’s take the use of Bitcoin as a perfect
example. It was introduced back in 2009 and turned into the most popular crypto
globally.
Blockchain helps build new payment
rails for businesses. Small companies can capitalize on this technology for
more efficient and seamless transactions. Meanwhile, they can benefit from the
lower transaction fees and no chargebacks or disputes of cryptocurrencies.
Yet, they can boost sales by serving new and international consumers using
crypto.
Blockchain is
notable for its encryption and decentralization, fostering platform security
and data privacy. Small businesses can utilize the technology with a smart
contract audit process for hired contractors. Likewise, SMEs accepting
cryptocurrencies from customers can guarantee irreversible, transparent, and
secured transactions.
Top 10 Advantages of Cryptocurrency for Small Business Success 💼
Ever thought about accepting crypto in your business? Here’s why you definitely should:https://t.co/CE3vEEHxYV
— KUNA Pay (@kuna_pay) March 7, 2024
The Possible Risks of Using Cryptocurrency
The cryptocurrency industry is
known for its volatile market. Crypto values fluctuate frequently, making them
highly unpredictable for small businesses looking to earn and grow. Take
Bitcoin as an example: Its value rapidly increased to more than $64,000 per
coin in February 2021 and quickly decreased to less than $28,500 per coin in
May 2023.
While notable for
its decentralized nature, cryptocurrency might eventually be subject to laws
and regulations. The industry is facing uncertainties as governments seek to
regulate the crypto market. Some countries have begun considering the creation
of the Central Bank Digital
Currencies, which might impact the crypto market in the near future.
Cryptocurrency…
