5 Practical Ways Bitcoin and Blockchain Can Impact Your Small Business

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Lately the news channel and the newspapers have been loaded with the fundamentals of bitcoins as well as Blockchain technology; however, people have taken it to be the shelter for the big businesses, in this go the small- scale business enterprises feel left out. The bitcoins and Blockchain can act as the cryptocurrencies in various practical ways. This will help the financial as well as other distinguished needs of a small – scale business. This article will throw light on the facts that will highlight the use of bitcoins and Blockchain technology in the small – scale business.

Few Ways in which the bitcoins as well as the Blockchain can influence your small – scale business –

The Payments Should Be Accepted In Cryptocurrencies –

Cryptocurrencies are hitting the society like a complete renaissance, it is completely reliable and fuss free. Big shot brands like the tesla as well as Amazon have been accepting their trade in the form of Bitcoins or cryptocurrencies. However, the small business firms are not too sure about using this new loved technology.  

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The benefits Cryptocurrency lay forward for the small – scale businesses. –

No fees policy – the credit cards as well the debit cards tend to charge 1 or 2% in fees however, the cryptocurrencies are free of charge and will not be levyied on any overhead fees. Even if it is charged, 1% tends to be the maximum amount mostly.

No government hassle – the cryptocurrencies are like free birds and they are not in alliance with any government bond it helps the small – scale business to flourish more, as there are no borders that have to be taken in considerations.

Fast access to your money – banks cannot involve themselves if the transactions take place in accordance with the bitcoins or cryptocurrencies. There are no clearing processes as well, which makes you gain the access to your funds faster and on easier terms.

Say no to disputes – these fund transfer system goes through completely digital process even then it acts like cash rather than credit. All the sales and purchase are final and hence the chance of disputes are negligible.

The wallet system named the Crypotopay offers to us digital wallets as well as physical debit cards to make the process even more easy and hassle free. It is known to be one of the most establishes players when it comes to Cryptocurrency transfer.

Sign Agreements Through Smart Contracts –

Hiring a lawyer and getting a smart contract designed for you and your vendor to sign is one of the best procedures for no faulting and trickery. This agreement act as the proof for the exchange of money and service, which has to be done within the time period mentioned and the set agendas.

The making of this contract is possible with the help of Blockchain technologies that make digitally signed agreements, which has to be mutually agreeable to both the parties. As and when the contract is submitted and hosted to the former and later side, the alterations are not at all possible.

Power Saving With Help Of Smart Electric Grid –

The cryptocurrencies have been abandoned always by saying that it consumes excessive power in terms of electricity. The power is now been saved with the help of the Blockchain technologies. Even the big city people are taking an initiative and selling solar power on the Blockchain to one and another.

Mostly the solar energy is been set for their own solar panels and the excess energy is been stored on a smart power grid. It is been used to monitor the usage of electricity, solar generated power availability and many more. As the small – scale business owner, one can benefit himself from using someone else’s excess solar energy power, which can help you save money by buying the electricity from the smart electric grid.

The popular Brooklyn Micro Gird is a P2P energy market, which is based on the Blockchain technology and helps in saving the energy as it connects as well as distributes the network, which could disrupt the energy market on a much larger scale than usual.

Pay bills through Bitcoin wallets –

In the near past, one of the reasons that people were not excited and overwhelmed about the cryptocurrency was because there was lack of use for the daily use items. What we want is that we could pay our daily grocery and normal bills with the cryptocurrency and our bank account should also grow while we do so. This is slowly and steadily taking a turn and in the present day, we have various such wallets that help us use our cryptocurrency to make daily payments at our nearby store.

The platform of CryptoPay offers a great opportunity to make the bill payments, which would not involve any manual transfer of your Bitcoins to your Normal bank account. Some may also help to convert bitcoins in normal Euros, Dollars and pounds.

Keep the track of Logistics and even vendor shipping –

As we know that, the Blockchain Technologies is like a safeguard of your documents and you can completely rely on it for keeping your documents and facts safe and sound. If ones a contract is added to these technologies, no tampering and altering could be done. Although the people involved in the contract can change and audit as per their requirement.

This helps a lot of small – scale business owner who needs to track their inventory. When you receive the inventory, its transaction is very well recorded in the Blockchain technological process. Selling, purchasing as well as shipping and even other processes are all recorded. This makes your life easier and hassle free.

While the cryptocurrencies and the bitcoins have not been embraced over, the last few years like the people were thinking. However, the growth is still taking place in the field and the small – scale business enterprise are also taking baby steps in this process to comply with the modern era and grow at a sustainable growth rate.

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