When we consider how business is conducted on a daily basis over the past years, the only method available to buy and sell goods, services and other products was by using traditional [fiat] currencies such as the British Pounds or the US dollar. As things stand, this means that a business that is operational and may wish to function on an international basis would need to find customer buyers for their products, then they would have to convert that money into the local currency of the buyer.
In terms of dealing with suppliers, currencies may have to be converted in order to pay them in the original currencies. This of course could take a lot of time and work for companies who are involved in shifting large volumes of products. At this point it should be noted that small businesses do understand that they have to work with a professional website design and development in order to establish a firm presence on the internet, this front of the business will get customers through using content based marketing strategies and guiding clients through lead generation processes which will eventually lead on to them becoming pay customers.
With that said, in this day and age
things have changed. Now there
are various online marketplaces
that allow buyers and sellers to
use cryptocurrencies such
as Bitcoin to make their
transactions, i.e. to purchase
products and services.
These marketplaces often offer the buyers and sellers a discount if they choose to use make use of cryptocurrencies instead of a local fiat currency such as the GBP or the US dollar.
Some of these marketplaces also provide a conversion service that will convert the buyer’s currency into the seller’s currency. To provide an example, if the customer of a business uses Bitcoin, Ethereum or another whatever is their favourite crypto currency to purchase a product, they can convert the Bitcoin into their local currency and then pay [say] the supplier directly from the converted currency.
This means that there will not be a need to worry about converting any form of money into a particular local currency, this can be a difficult and time consuming task. At this point it should be stated that most small businesses may well need to work with a uk digital marketing agency such as us here at Capid Houser in order to programme the company website that provides the functionality for small businesses to accept cryptocurrency for their products.
Cryptocurrency is being looked at by many as holding the key to keeping many small organisations afloat as we continue to live in these difficult economic times, many so called ‘brick-and-mortar’ stores are struggling and are looking for a way to provide increasing value to their customers – allowing people to be able to make transactions in digital currencies ties hand in hand with mobile marketing as is the use of chatbot marketing that is increasingly being used to interface with customers.
There are a number of advantages for businesses when it comes to using cryptocurrency instead of a traditional currency. First of all, the transaction costs associated with using a cryptocurrency are much lower than traditional currencies. In addition to the above, the transactions are very quick because the payments are made almost instantaneous. This does as in normal cases mean that the customers will have to make sure that they have adequate funds in their account so that you can cover any potential delays.
If any small business happens to be looking to sell products using digital currencies, they are able to make use of a similar system. What will need to
be done is to create a dedicated online store stocked with core services and other products that accepts cryptocurrency as payment. Then, whenever a
customer goes on to purchase something from the online store of a business the business will start to accrue digital currencies within their business
account, this of course can be converted and transferred to a standard bank account at any time.