The Topic Of New Currencies For SMEs Isn’t As Cryptic As It Seems

businesses accepting new currencies benefits taking bitcoin crypto payment

For anyone who's not yet acquainted with cryptocurrency, it can be a lot to get your head around. First and foremost, it is crucial you understand what it is. Cryptocurrency is essentially a virtual/digital form of currency that is renowned for being highly secure, in that this type of transaction allows users to mask their identities when they pay for goods and services online. 

As cryptocurrencies have grown in popularity, businesses have been faced with a difficult decision: should they accept this burgeoning new trend of cryptocurrency or not? 

On the one hand, it's all the rage right now and people are buying into the trend voraciously. However, on the other hand, it’s easy to see why so many entrepreneurs are nervous considering the instability of the technology that could ruin a debt-free approach. So, what's the prognosis for businesses who are contemplating giving cryptocurrencies a go in 2022 and beyond? 

Bitcoin Operates Globally 

It's important to note that the security element of blockchain software is a huge plus point. Whether it’s you or your customers, it’s essential to maintain a high level of privacy when surfing the internet. Cryptocurrencies such as Bitcoin and Litecoin do this effortlessly, which is a benefit that your company can advertise as a result. However, something that’s glossed over is the fact that the main cryptos operate globally. What this means, among other things, is that a single coin is worth the same in North America and Asia as it is in the UK. 

Concerning entrepreneurs, this feature provides a level of flexibility that fiat currencies don’t offer, in that they rely upon conventional measures such as conversion rates. Unfortunately, the latter often results in consumers losing money, which leads to businesses losing leads and sales. Removing these obstacles, no matter how small they appear, can be the difference between success and failure. 

You only need to look to the online gambling industry to see how true this statement is. Gamblers love Bitcoin because of its many advantages, especially the fact that they don’t need to worry about conversion charges. All they need to do is find a suitable eWallet, put money in, and start placing bets. That’s why some of the highest-ranked online options are Bitcoin casinos: depositing and withdrawing Bitcoin is simple and quick, not to mention secure and trustworthy. Essentially, players receive an eWallet address that belongs to the casino site to confirm the transfer in their cryptocurrency wallet. The process is transparent and clearly outlined, which is reassuring when transactions are concerned. 

Thanks to simplifying the process, as well as accepting cryptos in the first place, the global market is expected to hit a market value of £72 billion by 2025. Even established operators have taken advantage. PayPal is an excellent example because it commanded 26 million merchants before it announced it would allow users to hold and sell cryptos in the US and UK. By the fourth quarter of 2021, transaction revenue increased by 12.8%, with customers who bought crypto through the platform logging in twice as much as they were before. 

Cryptos Attract New Customers 

Engaging new customers is the lifeblood of any organisation because new customers are crucial to healthy profits. Loyal shoppers are also important, but they are less likely to spend as much money or make as many purchases in the long term. People who haven’t used the brand before play a significant role in the company’s future, which is why so many businesses focus on them intensely. One way to tick this particular box in 2022 is to adopt cryptocurrency transactions. 

According to a 2022 study centering on the economic impact of accepting Bitcoin, 40% of customers that pay with cryptos are new. Even better, the amount of the purchases was around twice the size of credit or debit card transactions, while using the technology led to fewer overheads for merchants since cryptos are less expensive than card payments. The good news doesn’t end there, either, because the effect reaches beyond customers to clients. 

After all, it makes sense that fresh revenue sources will appear when your brand is synonymous with the latest, up-to-date technology on the market. Due to the high market value of a single coin, investors might decide to offer up money on an asset basis. Again, Bitcoin gambling websites evidence these impacts as new customer offers are integral to the billion-pound evaluation of the industry. Not only are they generous, but they are tweaked to incorporate cryptocurrencies, giving players more reason to choose them over traditional wagering operators that aren’t as forward-thinking. This is on top of the appeal of maintaining their privacy while playing online. 

Crypto Conclusion

Cryptocurrencies are controversial and divisive at the moment, so there will always be reasons to keep them at arm’s length according to the general consensus. However, the increasing demand, from clients and customers, is making them harder to ignore. Seeing as cryptos operate globally and attract new customers, investing in the industry seems like a positive move in 2022 and beyond.

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