Bitcoin appears to be slowly gaining traction in business, both online and in brick-and-mortar shops.
When used properly, Bitcoin can give small business owners certain advantages such as global possibilities, cost savings and more.
The Small Business Administration states that a small business employs 500 employees or less. In the United States, 28 million businesses are included in this category. Small business owners have the opportunity to utilize Bitcoin, which offers a small fee of 1 percent or less for to them to accept a Bitcoin payment.
The issue for most small business owners occurs in the cost structure and payment processing. These tasks can be challenging due to cybersecurity issues and expense. In March, leading venture capitalists attended the Coin Summit. The goal was to resolve the payment issues, cyber-security and infrastructure that business owners must deal with on a daily basis.
Entrepreneurs currently accepting exchange are using any one of a number of systems such as Coinbase, BitPay, xCoinMoney, CoinBox, Coinkite, BIPS, Coin of Sale, My Coin Solutio or GoCoin. Conveniently, Bitcoin allows for a one-time payment and action.
Last year’s incidences of bankruptcy and theft have taught businesses some valuable lessons. The market must be dependable and steady, for starters. Since Bitcoin does not reverse, small business owners and entrepreneurs have to develop a solid framework for adjusting refunds and returns.
Undeterred by these challenges, consumers have demonstrated a curiosity about Bitcoin and its benefits. In a January 2014 study from PricewaterhouseCoopers, researchers determined that consumers are more willing to embrace this new payment option. The survey of 1,000 online consumers found that 42 percent were aware of Bitcoin. Further, these consumers were interested in presenting Bitcoins as a method of payment to acquire Internet services (39 percent), purchase movies or television shows (39 percent), purchase music (38 percent) or stream/download television shows (38 percent).