Home Business Insights & Advice Why businesses that keep an open mind about cryptocurrency are reaping global benefits

Why businesses that keep an open mind about cryptocurrency are reaping global benefits

by LLB Reporter
2nd Jul 18 4:21 pm

 

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It can be hard at times to know exactly what to believe when it comes to the technology known as cryptocurrency. This is especially true for those who own small businesses. On the one hand, there is something to be said for the safe approach of neglecting them all together, especially considering the uncertainty surrounding them on the world stage. Yet there is also no doubt that many people who have gone all-in on the cryptocurrency craze, whether that means Bitcoin or the so-called alt-coins that have sprung up around it, have also done quite well for themselves. And that doesn’t only mean the investors who have reaped the rewards of the rising value of the coins from when they were first created.

In fact, small business owners might be the ones most likely to secure some positive developments from the Bitcoin and crypto craze, because of how the technology is set up to break down the walls that hold back business relations. This refers to the way that the digital coins open borders that might have heretofore been closed. Suddenly, the idea of doing business is a far-flung yet lucrative market like Dubai for Londoners and those in England isn’t out of the question, making it more than just a vacation destination for those wondering what to do in Dubai. Here is a brief primer on how cryptocurrency can turn a small business into global operation practically overnight.

The old way

To do business with foreign countries before cryptocurrency was around, London small business owners had to rely on some sort of third party to facilitate the proceedings, whether that meant a bank or a credit card company. Of course, those institutions also impose fees for their trouble, which usually make the price of worldwide business a bit costlier than staying local. In addition, businesses must worry about tariffs and other man-made restrictions on trade.

The new way

What cryptocurrency essentially does is that it removes the barriers that impede or outright prevent one party from doing business with another. There is no overseeing third party that needs to accept or deny a transaction with cryptocurrency. That is why it is known as a peer-to-peer network. It takes the middle men out of the equation, making for a less burdensome business process.

What it all means

A business located in London that has access to Bitcoin or other types of cryptocurrency can simply find another business or individual with that same access. At that point, the transaction, whether a sale or a purchase, can take place without any unnecessary fees. In addition, the time that is taken for money to go from one account to another is minimal compared to the same process with banks or credit cards involved.

Those who are concerned about the impact of cryptocurrency are right to do their due diligence on the matter. But what they may find is that they are missing out on a great opportunity for their business by not getting involved with the technology.

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