Risks and Dangers for Small Businesses Accepting Cryptocurrency


The cryptocurrency market has exploded as an instant, low-cost payment option for small businesses, and those that accept it can differentiate themselves from competitors. However, it is a risk and a learning curve that is difficult for small-sized business owners to overcome.

Cryptocurrencies are decentralized and they operate without an authority central to them. Blockchain technology is utilized to record transactions into an immutable and secure ledger. This lack of central authority allows businesses to lower transaction costs, which could range between 2 and 5 percent, compared to up to 4 percent when using credit cards. Also, it helps prevent fraudulent chargebacks by removing the requirement for banks to check every transaction.

The value of cryptocurrencies is determined by demand and scarcity. For instance, the quantity of people mining Bitcoin increases the coin’s value because it reduces the amount of money that can be spent. Some coins also use the process of burning to increase their value through the destruction of an element of the supply.

It is vital that consumers and businesses are aware of the risks associated with the cryptocurrency industry. For example there is no legitimate business that will contact you via text message, email or social media asking for money in exchange for goods or services. Do not click on links in unsolicited emails. These are often phishing attempts to get your personal information from your computer information, such as your username and password.

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