Small Businesses and E-Commerce Stand to Gain the Most from Cryptocurrency Attributes
E-Commerce And Small Businesses Have A Lot To Gain From Cryptocurrency
It should be no surprise to consumers that 2018 has not exactly been the greatest year for cryptocurrencies. Even though it looks like the bear market is going on and on, that has not stopped partnerships and adoptions from increasing. These are the times when investors need to remind themselves of the purpose of crypto and blockchain technology – ensuring transparent and secure transactions that keep the power in the investors’ hands, rather than only big business.
Small businesses have been thriving in the America for quite some time, and they have not gotten a fair piece of the financial pie for plenty of reasons. One of the biggest profit-eating issues is the high fees for processing credit card payments, or the fees associated with using services like PayPal. However, since cryptocurrency has different applications, they can improve profits and reduce overall cost.
There are new articles weekly about partnerships and startups that can greatly benefit small businesses, but the big issue is following through. Both Starbucks and Microsoft are attempting to make crypto payment systems more mainstream. There are even multiple travel agencies that employ the use of cryptocurrency to make reservations. That being said, this opportunity is being drastically underutilized, considering that so few small businesses use it yet. However, a recent survey shows that Americans would like more general purchase options to be available through cryptocurrency.
If small businesses decide to be bold enough to show their interest in cryptocurrency, that could mean a lot of free advertising for those involved. Crypto startups often publicize the companies that add their services as a way to make them appear more enticing, which means that even small businesses can take advantage. This option benefits both the small business and the new startup.
There are some small businesses that are still apprehensive about joining an existing cryptocurrency, but they also have the option of starting their own. There is a comprehensive guide that can be found on MetaMask that walks users through the process of developing an ERC20-based token. This is perfect for consumers that have a current reward system, though the guide also shows companies how to modify the awarding of tokens to their needs. Once complete, the operators have the option to use the tokens as they see fit. However, if they want to get involved with a startup that already provides a similar service, that could set them up for cryptocurrency without the need to develop a platform.
Right now, there are plenty of payment options afforded to small businesses for cryptocurrency. Some of the better-known ones include Dether, Bitpay, GoByte Pay, PumaPay and Crypterium. There are many companies that want to accept Bitcoin, rather than cryptocurrency, and adapting the acceptable payments creates this chance easily.
Still, cryptocurrency is largely seen as an investment. In order to actually profit, there needs to be additional partnerships and better adoption efforts, making users more willing to purchase cryptocurrency and end up raising the price. By 2021, cryptocurrency stands to reach new heights in revenue, and it would be in the best interest of these small businesses to get involved while industry prepares for a new pinnacle of sorts.