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Cryptocurrency helps small business development

The popularity of virtual currency increasingly encourages businessmen around the world to accept Bitcoin as a payment.

Many of them mention that only a small proportion of customers use cryptocurrency, but even so businessmen managed to expand their businesses.

The Chief Executive Officer of Slam Academy, who offers courses on programs and creation of digital work, J. Anthony Allen described how successful the decision to accept virtual cryptocurrency has turned out to be for his business.

Despite the fact that only one customer agreed to pay for services in Bitcoins since November 2013, the real success was waiting for the company after they had announced about acceptance of cryptocurrency as a payment in media. According to Allen, they did not originally set themselves a task to have media coverage, but the attention of print media was a very pleasant bonus.

ʺI was looking for new ways to promote business and made a post on Reddit’s forum, where users suggested to me to introduce cryptocurrency payment system. On reflection, I realized that there was no need to deny customers if they wanted to pay Slam Academy services in some non-standard way, because I would be able to use virtual currency to pay a rent,ʺ Allen said.

Many other businessmen told similar stories. For instance, the owner of Homestead supermarket Robert Hone noted that due to the acceptance of cryptocurrency he was able to attract new customers who paid attention to his company because of the possibility of payment in virtual currency. ʺSome people come to us to ask about Bitcoin,ʺ Hon said.

In spite of attraction of media attention, working with virtual currency also provides other significant benefits both to companies and their clients. Nick Pappas, being the owner of the Flamestone American Grill restaurant, drew attention to Bitcoin when the BTC rate had been about $30. As soon as the exchange rate began to rise, he did some research and came to the conclusion that such payment method would save on commission fees. Besides that, offering Bitcoin as an alternative to fiat currency, a company takes all risks and problems of volatility, but not customers, which is especially important in business.

Despite the fact that most businessmen cannot boast a great number of clients, who pay for goods and services in Bitcoins, they note that positive changes, which their companies have experienced after the announcement of acceptance of cryptocurrency and believe that the virtual currency will be appreciated in the near future.

Source: cryptorussia

  • December 5, 2016 5:38 PM MSK