5 Ways Bitcoin and Blockchain Can Influence Small Businesses

The hype created around cryptocurrencies and blockchain technology might make small businesses feel low. Therefore, to empower small businesses and enterpreneurs, here are five tips that can empower them to use Bitcoin and blockchain cryptocurrencies financially and for other needs too.

Let’s discuss.

1. Using Blockchain for Small Businesses

Accept Payments in Cryptocurrencies

The cryptocurrency’s survival completely depends on the acceptance and how small businesses can excel in them. Major companies namely Tesla and Amazon are accepting Bitcoin and other cryptocurrencies even with not small businesses.

Continuing the discussion, here are some of the benefits of accepting cryptocurrency –

• Little Fees
If you make a payment through credit card, their processors will charge you around 2 to 4% service fees. However, cryptocurrency transfers are almost free, they charge just 1 percent that will save the money. On the contrary, you can avail those services too which confirms the transactions on the blockchain faster, but takes big fees.

• Fast access to Funds
In cryptocurrency transactions, no banks are involved as this is a completely decentralized process. So, in this method you get the faster payments. For instance, if you make payment through bank, then most of the bank payment processors takes around 1-2 days to send the payment. However, Bitcoin payments takes from minutes to maximum few hours as per the cryptographic network load.

Bitcoin and Blockchain

• No Government Ties
As these cryptocurrencies are not liked to regulatory agencies or governments so there are no boundations. Transaction fees or international exchange rates can be easily avoided.

• No Disputes
Cryptocurrencies works more like credit, even after being completely digital. All transactions are final on the Bitcoin network, so no way left for a user or an individual to dispute over any transaction.

2. Sign Agreements Through Smart Contracts

In fiat currencies, signing contracts might be hectic, as for that you require a lawyer to draft a contract and take a client’s signature. This will not only take money, it will also take time and agenda. You have to wait till your contract is signed by the parties and get notarized. In case, party dent to pay the amount, you have to go to the lawyer for the same issue.

However, in blockchain technology makes the things simple by smart contracts. In this, the agreements are digitally signed in order to execute the things under certain conditions. The signed agreements are created when users are mutually agreed on the amount and deadline of the service.

Once it’s completed, it can’t be changed in the blockchain. It will be viewable to public and accessible to them all the time. Each transaction is noted on the blockchain network.

3. Save Power Through Smart Grids

All the cryptocurrencies are majorly criticized for the high use of electricity, now we can see a change as power can be saved through blockchain. To support this technology, people are selling solar power.

People collect the solar energy from the panels and post that store it in a smart power grid. The energy is then utilized in the blockchain technology.

The blockchain is also used to sell solar energy to neighbors or to the places where is an electricity shortage. Thus, all transactions are done in cryptocurrency only.

If you owns a small business, you can easily get benefited from solar energy that will ultimately save the money on electricity. In case, you have an access to big solar source, then you can even become an electricity net seller.

4. Track Vendor Shipping and Logistics

As blockchain is tamper-resistant, you cannot change or delete any transaction or document in the blockchain.

This will help small businesses to track inventory as blockchain will keep the record of everything. Whenever an item is shipped, purchased, all that will be recorded in the blockchain and will make the process easier. Therefore, no upscale programs will be required for securing the transaction data. All things will be done real time with no more costs.

5. Make Payments Through Bitcoin Wallets

One of the major reasons why people are not happy using cryptocurrency is that Bitcoin cannot be used for the purchase of daily items. The gas or other bills cannot be paid through the cryptocurrencies. However, with the time things are changing and Bitcoin wallets are able to make the payments.

There are many platforms that provide service of making bill payments and transfer Bitcoins to bank account. A few wallets even convert Bitcoins to US dollars or other currency without affecting volatile values.

Wrapping Up

Over the last years, cryptocurrencies are growing day by day and a constant growth can be seen happening around, in terms of value and acceptance among businesses. Increasing customer base will provide added benefits in the financial market. So if you are planning to get start with Bitcoin and other cryptocurrency mining, choose Hashgains – a leading Bitcoin cloud mining service provider.

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