For anyone who uses cryptocurrency, there is a lot of misinformation out there. We are here to provide you with the facts about how using cryptocurrency for your business can save you money and help increase efficiency.
Cryptocurrency is an increasingly popular way to transact online because it provides security without charging large transaction fees like other methods of payment do. In addition, cryptocurrency transactions usually complete faster than most other methods of payment.
This blog post will teach you everything you need to know about making use of this revolutionary new form of currency for your own business. If you’re an SMB (small-to-medium business) owner, this blog post will be especially useful and informative.
Reduce Overhead Costs
Blockchain is one of the most cost-effective ways for small to medium-sized businesses to track and report their costs. We’ve seen this work on the enterprise level already. Saudi Aramco’s blockchain implementation is projected to save the company (and other oil companies) a lot of overhead costs, which means SMBs can save money by implementing this technology themselves.
But how exactly does it help? When your business accepts Bitcoin or any other blockchain payment platform, your SMB can save on merchant processing fees. P2P networks handle cryptocurrency payments and require no centralized verification. Thus, a small business has the ability to take this approach if they want to reduce expenses without having an impact on its bottom line.
But a new form of payment is on the horizon. One that will allow SMBs to process payments quickly and cheaply, all while providing users with a more secure way to participate in the world economy. Introducing Skycoin: an innovative blockchain platform designed for fast transactions without any fees whatsoever! ‘Coin Hours’ act as fuel for this revolutionary system which grants holders dividends (as well as access) and significantly decreases transaction times across exchanges alike – not just speeding up time, but saving money too!
On a quick, final note, another way to reduce overhead costs with blockchain is by automating key services like legal and accounting, which will result in savings on payroll, invoicing, and external service fees. Smart contracts can ensure SMBs are getting the most out of these automated processes without paying for redundancies or unnecessary work that doesn’t need human oversight.
Discretion
As a business, you must consider what your customers value and what they are after when doing business with you. In this hyper-connected world of social media and the internet, it’s very easy for customers to feel they have lost all sense of privacy. This is where cryptocurrency comes in.
Bitcoin is the perfect currency for people who want to shop privately. Unless a user voluntarily publishes their Bitcoin transactions, nobody can trace them back to and identify them personally associated with the transaction.
The anonymous bitcoin address generates a new change every time they make a transaction, so no one else knows what they bought before. It’s much like making a cash purchase; only they don’t have to be directly in the store to pay, which adds an extra layer of anonymity.
So if you want to expand your list of clientele to people who value anonymity, expand yourself and begin offering your customers the ability to pay in cryptocurrency.
Technology Adoption
A business’s tools and technology are the keys to success. When you upgrade your equipment and technology, it can provide an improved understanding of market trends as well as a better response time when new customer needs arise.
One of the most significant benefits that blockchain can provide an SMB is enhanced analytic tools. Business intelligence is more critical than ever, especially in this digital age where competition has become increasingly fierce as new enterprises are born every day across all industries – including yours (whatever industry that may be).
With these heightened needs come greater expectations from stakeholders and investors to turn raw data into actionable insights so your business remains competitive while also maximizing profitability potentials at each stage of its life cycle.
Let’s take Endor as an example. Endor allows SMBs to leverage the power of predictive analytics and do it in a way that is simple. By importing any data-driven business’ customer information into Endor, they can easily ask questions about their customers which will identify relevant examples from past behaviour within seconds. It does all this by identifying patterns with what the system has learned over time based on other, similar cases. Then it presents its predicted outcomes for your decision making process. This means you are able to make accurate decisions quickly.
Tokenizing your services is a great way to create and foster customer loyalty. You can reward participants in many different ways, but it’s important not to let them get too comfortable with one service before they’re offered another opportunity for new rewards.
Lower Taxes
The Blockchain technology can help you lower your taxes by enabling cryptocurrency as a form of payment. The IRS does not recognise cryptocurrency as ‘money’. As a result, any transactions involving cryptocurrencies aren’t subject to the same rules that apply for cash balances.
But always consult your accountant before deciding whether to accept cryptocurrency payments in business through blockchain technology. There might be consequences involved with this decision, or you could find out something you didn’t know previously.
Deters Theft
It can be difficult to manage the risk of theft in your business. Cash is easy for thieves to take, credit and debit cards are easily hacked, and checks may also get forged by those seeking a quick way into your company’s products or services. Luckily, with blockchain, these issues don’t have to be so troublesome!
The blockchain is a novel way for businesses to have more security and transparency in their transactions. The data cannot be easily forged, which equals less money lost due to fraud or theft from customers. This will save the company time as well because they won’t need to do any additional work outside of what’s required by law when there has been fraudulent activity on the business’ account.
Conclusion
Blockchain technology has been touted as the solution to many of today’s problems. It can reduce overhead costs, lower taxes, and deter theft all while providing a level of privacy not found in traditional banking methods.
This is because blockchain transactions are recorded on a secure, distributed ledger that cannot be tampered with by any one person or organization. The only way someone could steal your money is if they have access to both your private key (which you should never share) and your username/password combination for logging into the network where funds reside. And even then there would still be an audit trail showing unauthorized transactions!
With Unbanked, you can make your own financial decisions without any intermediaries. Cryptocurrencies are here to stay, so get started with our crypto banking accounts and debit cards! Sign up for a free account and visit us today to see how you can start investing in cryptocurrencies like Bitcoin or Ethereum or trading cryptocurrencies through the exchange we have set up at no cost!
