Although there are many cryptocurrencies out there, it remains the most popular one of them all. The virtual coin remains controversial. Some people believe it can work just as well as money, which explains its use in some online businesses. Other people remain skeptical about using it as an alternative form of payment. Part of the reason could be because few people understand how the coin works. Despite mixed reactions to it, cryptocurrency can make running businesses effective.
The coin is another mode of payment. It is common for people for instance to buy gift cards with credit cards or cash. However, individuals or businesses have discovered that they can buy gift cards with cryptocurrencies as well. We are going to explore ways it is convenient for businesses as well as how to get it.
Your money is safe
Businesses such as malls and retail stores run the risk of robbery. It is not uncommon for business owners to be held at gun-point and forced to give them all their money. Others break in and steal money. If you own the virtual coin, then you do not need to worry about instances of robbery cases.
The coin is stored in a virtual wallet. For you to access it, you will need to create an account and then log in whenever you need to use it. Your chances of being robbed are low since the cryptocurrency does not involve any physical handling of money. Businesses will thus need not worry about losses resulting from the theft of money.
Low charges during transactions
Businesses strive to spend less whenever they can. When a company purchases items via debit card, transactional charges will be levied on the card. The more money they purchase through the card, the higher the transactional costs. Further costs are incurred when a business purchases items listed in another country’s currency. It means the government in charge of that country will levy taxes on the transaction.
If businesses opt to pay for an item via the cryptocurrency, they will incur a cost of 1% of the total amount on top. The digital coin is not tied to any specific country, so no country can arbitrarily levy taxes. Businesses seeking to minimize costs can thus choose to purchase items via cryptocurrency.
Confidentiality of information on business transactions
Businesspeople are sensitive about exposing their transactions publically and for good reason. If outsiders get to see a business’ transaction receipt, they would likely plan to rob them if they are robbers. Think about it, what if you accidentally spotted a receipt where a trader bought items to the tune of millions of dollars? You may be tempted to rob them. For every transaction, a receipt is generated. Most people throw away receipts and the wrong person may spot them.
To keep this information discreet, transacting with the digital coin helps. Transactional details remain online. A trader simply needs to email a receipt of the transaction carried out to his/her client. The e-receipt thus remains with you and not for anyone else to get access.
Businesses become their own banks
Opening a bank account is expensive for businesses. You have to pay to open a bank account and then there are monthly maintenance fees that your bank charges. As for this virtual coin, a business will not incur any expense for creating an account for their cryptocurrency or monthly maintenance fees.
How businesses can acquire the coin
Seeing as the coin has advantages to businesses, here are some of the ways you can obtain it below:
- Businesses looking to buy Bitcoin can purchase it from trusted vendors. From the platform, businesses can either buy Bitcoin with debit card or buy Bitcoin with credit card.
- If you find it expensive to buy the virtual coin, you can instead purchase a mining hardware machine. The machine needs to run on electricity to mine it.
- If you are into gaming, why not earn from it. Some games reward you with the coin depending on the points you have scored.
- Businesses can also include the digital coin as an alternative form of payment. If a trader doesn’t have cash, they could pay for it in the digital currency.
- There are online jobs you could do as a side hustle that pay you in that coin. Common online jobs that pay you with cryptocurrency include doing surveys, optimizing content for websites, website testing and so on.
- Lastly, you can earn shopping rewards in form of the digital coin. You will need to download an application to track your cryptocurrency earnings.