The Bryden Blog/Bitcoin/How Bitcoin Helps Small Business

Tuesday, May 14, 2024

How Bitcoin Helps Small Business

Businesses should consider accepting Bitcoin for several compelling reasons. Bitcoin is a stable, self-sovereign digital currency that can't be devalued or seized by banks. Here are six key benefits:

How Bitcoin Helps Small Business

There are many reasons for businesses to accept and hold Bitcoin. This is also true for individuals and it usually stems from the business owners understanding on the topic as to whether the decide to accept bitcoin in their own business. But when you understand that Bitcoin is a fixed supply, self-sovereign money that can't be devalued by inflation or taken by third parties like banks. And once you realise how simple it is to set up in any business, it becomes the next logical step to do so...

Here are six reasons why business owners should start accepting bitcoin as an additional option for payment:

1. Use & Value
Bitcoin is like digital cash. If you hold the private keys, you control the Bitcoin. It has no centralised point of failure or the requirement to be controlled by a 3rd party (a bank). Its value comes from the fact that it is of fixed & finite supply and as such has become the best store of value asset on the planet but in addition to this its ability to be used as a medium of exchange adds to its value proposition. Accepting Bitcoin makes it more useful and valuable. The current alternative is using our "normal' money that is constantly loosing value. 

2. Attracts Customers
People who own Bitcoin want to use it and support businesses that accept it. As Bitcoin adoption grows, more customers will look for businesses that take Bitcoin. If your competitors accept Bitcoin and you don't, you might lose customers.

3. Avoids High Fees and Complications
Accepting Bitcoin means you get paid directly in Bitcoin with clear, low fees. Without accepting Bitcoin, you’d have to deal with exchanges, sign-up processes, changing fees, and risks of theft before you can secure your Bitcoin.

4. Supports the Circular Economy
As Bitcoin adoption grows, you’ll start to pay expenses in Bitcoin. Accepting Bitcoin now prepares your business for this future. You can also offer employees the option to be paid in Bitcoin, saving them time and money.

5. Ensures Control Over Funds
Bitcoin gives you full control over your money. No bank can freeze your funds. This is crucial during economic crises when access to fiat money might be restricted.

6. No Chargebacks
Bitcoin transactions are final, eliminating chargebacks and the associated costs. This protects your business from fraudulent disputes often many days after the initial transaction occurs. Payment is final and settled vial the lightning rails over the Bitcoin base layer protocol. 

​To learn more about businesses accepting Bitcoin and using sats (there's 100, 000, 000 Sats in 1 Bitcoin), check out the latest podcast episode at 'Sats For That' where we discuss, educate and inform business owners who want to grow in the new parallel free market economy. 

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