Topic: Why Small Scale Businesses should accept Cryptocurrencies as a medium of payment - page 2. (Read 548 times)

I think the advantage of small-scale businesses is its regulation with the laws. Given that they are only "small-scale," the some government institutions somehow waives the right for them to comply with the existing licenses as a form of support and help. A good example is here in the Philippines, street vendors are not required to file taxes as a form of privilege to the needy.

I hope the government somehow adopts the same concept with cryptocurrency when it comes to regulation. The fact that there is that potential of cryptocurrency becoming an alternative currency for their services/products, the hope still remains that it will soon be accepted as a whole.

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

There are only a fewer countries that banned it and it is the same with PayPal which is widely used by people around the world. It doesn't mean that if it is not widely used we will not implement it, it is the decision of the business owners, I have seen a lot of threads here that are business owners accepting bitcoin as payment for their goods and items, it is for awareness of the people. But again it is only one of their payment method not ONLY the payment method as there are people who want to pay by a card or in cash.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

It is a common saying that “cryptocurrency is the future” but one can categorically say crypto is the present. Many big corporation now accept cryptocurrencies as a medium of exchange and that is how it begins.

We all know the history of fiat money, how it was first the merchant receipt of deposits in large commercial transactions.
Paper money was first introduced in the 7th century during the ‘Tang dynasty’ in China but it did not appear till the 11th century during the ‘Song dynasty’. It was not introduced in Europe till the 13th century by European explorers like Marco Polo. in the early 1800s, Napoleon issued Paper notes.

The essence of the history lesson is to illuminate the similarities between the introduction of paper money and the introduction of cryptocurrencies. If you also look at the introduction of credit/debit cards you'll see a whole lot of similarities. The point is, these mediums of exchange/payment don't just get accepted overnight. Just as it took paper money centuries to be accepted globally, so did it take credit/debit cards, electronic bank transfers, to be accepted globally. We can see cryptocurrencies following in these exact steps but better, more transparent and easier to understand. Governments, businesses, individuals around the world saw the benefit of accepting paper money and keyed into it. Centuries later, they saw the benefits of adopting credit/debit cards and they did.

Today governments, big corporations, individuals are seeing the importance and benefits of cryptocurrencies that is why they are adopting it. So why should the small scale businesses be left behind?

If you still need more reasons a small scale business should adopt bitcoin, these are a few;

1. Low transaction fees and Quicker transaction:
    It is relatively cheaper to carry  out transactions through cryptocurrencies than electronic bank transfer. It's also faster

2.  High Security and reduced transaction Fraud:
     Every transaction is stored in the decentralized blocks, once the transaction is made, it cannot be reversed or canceled.
     Since no central authority oversees the operation, customer confidentiality is maintained.

3.  New Customer acquisition:
     There are hundreds of millions of people all over the world who trade in bitcoin and other cryptocurrencies. In fact
     according to Zippia, there are about 36.5 million American crypto user and 300 million global users as at 2021. So if you
     accept crypto as payment for your business, you will have more people who prefer to transact in crypto and you have the
     opportunity to expand.

4.  Access to world market:
     Unlike the stock market that has an opening and closing hours (working hours), crypto markets don't have specified
     working hours. It operates 24/7. You can take advantage of this and work around the clock if you want to without any
      limitations.


https://en.wikipedia.org/wiki/Banknote#:~:text=The%20first%20known%20banknote%20was,coinage%20in%20large%20commercial%20transactions

https://yourstory.com/mystory/impact-bitcoin-cryptocurrency-small-scale-business

1. Low transaction fees and Quicker transaction:
    It is relatively cheaper to carry  out transactions through cryptocurrencies than electronic bank transfer. It's also faster

I think giving your customers/clients more payment options is definitely something that will help you make a sale, whether its a small scale business or a large scale business, does not really matter. You could also procure more clients by using crypto as a marketing gimmick, just to get people more interested in what you have to sell.

The best option would be if you had an online platform and an online presence with a considerable amount of loyal followers. But even if you hang up a "We accept Bitcoin here" sign on your physical store, you will be getting interested looks, either way.

It is a common saying that “cryptocurrency is the future” but one can categorically say crypto is the present. Many big corporation now accept cryptocurrencies as a medium of exchange and that is how it begins.

4.  Access to world market:
     Unlike the stock market that has an opening and closing hours (working hours), crypto markets don't have specified
     working hours. It operates 24/7. You can take advantage of this and work around the clock if you want to without any
      limitations.

Paper money was first introduced in the 7th century during the ‘Tang dynasty’ in China but it did not appear till the 11th century during the ‘Song dynasty’. It was not introduced in Europe till the 13th century by European explorers like Marco Polo. in the early 1800s, Napoleon issued Paper notes.