As a small business owner, you are likely extremely protective of the entity that you have built up from nothing into an established business. That means that you are probably wary of accepting anything new into your company about which you might not know too much.
Such a stance is a good tactic to enforce, but you also don’t want to take it too far into the realm of complacency. If you did, you could be missing out on initiatives and opportunities that could take your business into a stratosphere that you never before imagined inhabiting.
Bitcoin, the digital coins which replace normal currency in transactions over the internet, probably fall into the category of things of which you can’t be too certain as a business owner. That is until you see how many benefits it can bring you.
Bitcoin: Investing while getting paid
First and foremost, among them is the fact that Bitcoin, due to the fluctuating value that makes it act like a stock, is almost like getting paid with an investment opportunity. If you’d like to check this out for yourself, you can buy some of your own Bitcoin, or you can rely on cryptocurrency-based trading programs in the manner of Bitcoin Trader to help you out in that sphere.
Bitcoin possesses many important positives that it brings to the table for small business, such as faster payments and no payment fees. In addition, you’ll find out how it can help eradicate one of the most frustrating things small business owners have to face: the challenged payment.
How bitcoin eliminates payment disputes
1. The Old Way
In the past, if a customer bought something off you and then went to their credit card company or bank to claim foul in some way, you, as a business owner, could do little but to let the process play itself out. Considering how important timely payments can be to a company that might be just starting out or relies on a small profit margin to help pay expenses, these charge-backs can be extremely damaging.
2. The Bitcoin Way
When someone pays you with Bitcoin, there won’t be any involvement from a third party like a bank or credit card company. That’s because Bitcoin is a decentralized and unregulated form of payment. Payments are verified by a group called “miners,” so named because they are rewarded for their efforts with some Bitcoin of their own as if they had mined it themselves.
3. No Dispute
Once a transaction is made with Bitcoin and the miners have done their work, that transaction becomes an indelible part of the digital ledger, a so-called “block” on the “blockchain.” You don’t need to know exactly how that happens, but, as a business owner, you can rest assured that it is a good thing for you. That’s because the payer has no refuge to dispute a payment, as there is no overseeing body to which they can turn. The sale is final and the Bitcoin is yours.
The cessation of charge-backs is just one of the many great things Bitcoin can do for your small business. Look into it and find out for yourself all it can do.