If you’ve paid attention lately, you must have heard a lot about digital currency. It seems like this trend has a huge effect on how transactions in the business world are handled. However, many of us just don’t realize how much digital currency has changed business. If you fall under this category, you might want to take a look at our list of 5 ways digital currency affects business.
We all know that credit card transactions can sometimes take even up to 2 or 3 days to clear. This can be extremely stressful, especially when you’re in a hurry to buy something. This is why people have been looking for new ways to make payments. So, many of them have opted for cryptocurrency because cryptocurrency transactions happen in near real-time. Depending on which cryptocurrency we’re talking about, the transactions can be verified in as little as 20 seconds after the purchase has been made.
Safer online shopping
People are starting to shop online more and more. However, many businesses choose not to start an online store because they’re afraid of becoming a credit card victim. However, with cryptocurrency, this is something you don’t have to worry about. Many cryptocurrencies don’t have an “undo” option and this makes it safer for entrepreneurs to conduct business as they don’t have to be scared of losing money. Moreover, sending virtual money is as easy as sending an email, which is going to encourage many internet users to give online shopping a go.
With the popularity of digital currency rising by day, businesses simply have to keep up with it. Those who fail to do this will be at risk to become less transparent and lose their customers. That said, if you’re running a business, you have to think about using digital currency, such as Dash. There are websites you can use to sell Dash, making this cryptocurrency a perfect option for your business. By using digital currency like this one, you’ll be guaranteed to retain all the customers who decide to switch to cryptocurrency.
No processing fees
When your business receives a credit card, usually you’re charged 2% – 3% by the credit card company. This may not seem like a lot but with so many people choosing not to buy with cash, this can take a real chunk out of your budget. On the other hand, when using cryptocurrency, there’s usually no intermediary facilities that take a cut. This means that accepting cryptocurrency is essential for every business out there. Therefore, you can choose whether you want to save the money or offer lower prices in order to attract more customers.
Another great thing we saw in the business world is the introduction of smart contracts. Basically, what these do is ensure you that you get exactly what you bargained for without having to worry about your money. Once a smart contract has been signed, you’re guaranteed to automatically receive all the cryptocurrency you’re owed. With the rising level of companies that deal internationally, we could expect to see smart contracts gain a lot of attention in the future. If you’re running a business, giving these a go before their reach their peak might be a good idea.
Even though cryptocurrency is still in its infancy, it has developed quickly and it’s safe to say that it’s slowly starting to replace traditional transactions. That said, entrepreneurs need to start accepting these as soon as possible while consumers should also think about ditching their credit cards and making a switch to digital currency.
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