Is it Time for Smaller Businesses to Embrace Cryptocurrency?

Whether you’ve looked into it in the past or still feel as though the worlds of crypto, blockchain, and decentralised trading are entirely foreign – not to mention a little intimidating – to you, it's no secret that companies around the world, of all shapes and sizes, are increasingly turning to this virtual technology as a way of advancing their business further into the 21^st century.

Of course, progress on this scale does not happen overnight, and the number of businesses for whom crypto remains an abstract entity continues to outnumber those who have successfully implemented it within their day to day business.

As a result, for those who have yet to take up with crypto, it is easy to presume that this technology remains on the fringes – something that only devotees trade amongst themselves. In reality, however, the trend toward crypto is incredibly fast-growing. Fascinatingly, in 2020, it was found that, in the US alone, well over 30% of small and medium businesses had begun to accept Bitcoin as a form of payment.

Read more about its value for businesses operating online, below.

Early Sway within the iGaming Industry

There are industries in which it has found its feet faster than others, and any business owner looking to implement this technology within their site need only look at the ways in which it has transformed some of the leading online casinos.

These days, users of cryptocurrency who want to enjoy the best USA casinos in the market, for instance, are able to conflate the two worlds together and gamble entirely with virtual currencies – a which has already proven incredibly popular among crypto-enthusiasts and newcomers alike. The nature of the online casino makes it the perfect platform for existing crypto-users and relative beginners to utilise these virtual currencies, and reap the benefits of improved security and speed.

In those areas where it has already been adopted, it has proven incredibly beneficial. Not only does it give businesses an edge over their competitors – a must for the online casino – and ensure greater interest from those already moving within the crypto community, but it also affords businesses all the practical benefits that made crypto popular in the first place.

How Can Crypto Benefit Smaller Businesses?

2021 may have entered into the ring only a few short weeks ago, but already it has seen a massive amount of news, and a never ending supply of updates, from the world of crypto. Bitcoin and Ethereum alone – the two frontrunners of the industry – have demonstrated their remarkable propensity to surge in value, and attract a growing pool of internet uses into their midst.

For many who use the internet in a relatively limited capacity, such as running a small e-commerce business online for example, it can seem as though the immaterial world of crypto is far removed from the ‘reality’ of day to day internet users’ usual routines, and that getting to know the complicated world of buying, selling and trading is more than it's worth at this point in time.

Still, there are a number of untapped benefits for smaller businesses considering stepping into crypto. For one thing, it ensures that your business stands out to an online community that is rapidly growing across the globe. By some estimates, 2020 saw over 100 million unique and active bitcoin wallets alone – and the recent jump in publicity suggests that this number will continue to grow over the coming months and years.

What’s more, adopting crypto early on means that you will be able to take advantage of the increased security to your customers, and faster processing speeds – not to mention the untold benefits of embracing a trend that is almost guaranteed to continue growing in significance far into the future of the internet.

Will it Catch on?

Crypto represents a complex concept, and for that reason it has continued to face struggles in appealing to great swathes of the online community. It has, however, got a strong network of users behind it who are keen to continue its advance into more mainstream circles online.

It has also garnered significant interest from widely recognised companies – from PayPal, which has earned the trust of millions of users worldwide, to Facebook, whose ubiquity grants it a certain amount of influence over future trends, some of the largest companies in the world are gradually advancing their capabilities with crypto.

For that reason alone, this technology is well worth the time and money it takes to get to grips with it, and to begin utilising crypto as part of business-as-usual online. As time goes by, growing interest in virtual currencies seems like an inevitability, and any business would do well to incorporate it into their processes sooner, rather than later.

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