Cryptocurrency: Friend or Foe for a Small Business?

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Running a Small Business can the most perilous and the most rewarding thing anyone could wish to do. Today there are so many things to consider and running a small business has perhaps never been more than the juggling act it is. The day to day things of running a business are one thing but gaining advantage and stay ahead of the field and remaining relevant is all part of the mix for the modern small business. In this mix is how you trade and how your sales and purchases are made. Today the simple act of a transaction can open up a number of choices and for those companies who want to stay ahead of the curve, the use of cryptocurrencies is becoming a consideration. But, are these currencies a good thing or not?

Business within your business

Before uncovering whether the incorporation cryptocurrency is a good thing or not the first thing that can be considered is making it a business within your business with cryptocurrency trading. This does not have to be a time-consuming thing as there are many tools that can help you manage this as websites such as show. Trading in cryptocurrency will teach you a lot about the currency and this will benefit you should you decide to incorporate it in your business. The cryptocurrency trading may also be a useful mechanism to have established for the moment when you are paid in electronic currency and you need to make this money work for you.

The Pros

As with anything, there are pros and cons to incorporating cryptocurrency into your business. As was mentioned, trading in the currency a great way to learn. The pros of cryptocurrency are pros that every small business can understand. Primarily the biggest pros of incorporating a cryptocurrency into the trading mechanism are around efficiency and affordability. Transaction times between cryptocurrencies are quick, seconds not minutes, hours or days and the transaction costs or processing costs do not exist. However, the biggest pro for small business that a cryptocurrency offers is another and very advantageous method of payment. A Cryptocurrency keeps you ahead of the curve, keeps your relevant and makes it easier for others to trade with you.

The Cons

There are essentially two cons against cryptocurrency, and they are more concerns than actual reasons not to use and incorporate this modern payment method into the operations of a small business. The first is the volatility of the currencies that can lead to many challenges that may require frequent almost constant pricelist changes that can become an admin nightmare. The second concern around cryptocurrency incorporation is the lack of regulation and compliance around the currencies and the market that open up any number of risks.


It is fair to say that cryptocurrencies are here to stay and at some point, if they are not incorporated business will fall behind. Just like email and websites, at first, only a few companies had them but now if your business does not you are already many steps behind. Be ready for change and learn to embrace it is the best policy when it comes to using cryptocurrency in your small business.

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John is a serial entrepreneur and writer who is passionate about helping small businesses launch and grow. His work has been featured in Huffington Post, Entrepreneur, and Forbes.