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Can Small Businesses Benefit from Cryptocurrencies Today and beyond?

Can Small Businesses Benefit from Cryptocurrencies Today and beyond? small-scale business owner who’s on a quest to solve the mystery of cryptocurrencies.

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Can Small Businesses Benefit from Cryptocurrencies Today and beyond

Isn’t it hard to imagine the world without all things digital? Over the last 20 years, the pervasiveness and ubiquity of digital technologies have grown exponentially, and it remains to do so even as we write.

Undoubtedly, digital technologies such as the Internet, PC, TV, smartphones, and various other handy gadgets are becoming extensively intertwined in our daily lives.

Whether its education, entertainment, social interactions, healthcare, or financial management, every aspect of global societies is becoming digitally-dependent.

Since the developments in digital technologies are ever-growing and take place at the speed of light, we are now and then exposed to new and improved digital innovations that transform our lives profoundly.

Small Businesses Benefit from Cryptocurrencies Today or Beyound

Apart from filling our lives with unlimited entertainment such as Spectrum 4K and giving us numerous online platforms to connect to the world, digitalization has also facilitated the exchange of value.

This means that strong digital links between people allow them to buy and sell goods and services to each other and make commercial transactions.

Digital platforms have boomed connectivity and revolutionized businesses and trade to a great extent.

From enabling us to receive and transfer money virtually via online banking to the evolution of cryptocurrency that is the talk-of-town these days, assets can now be built and traded entirely digitally.

But wait for another, what exactly is a “cryptocurrency”? Is it related to some underworld banking system? Is it something shady? How can I use it? Does it even exist?!

If you are an entrepreneur or a small-scale business owner who’s on a quest to solve the mystery of cryptocurrencies, then stick with us till the end to get all the answers!

1. What is Cryptocurrency? – A Definition for Dummies

In simple words, a cryptocurrency is a virtual currency that is a hybrid of money and digital assets. That determines that it can be used to pay for goods and services, and you can also invest in it to generate long-term profits. Some real-life examples of cryptocurrency include Bitcoin and Ethereum.

Before we go every further, let us give you a quick insight into cryptocurrencies.

2. How Cryptocurrency Works?

Cryptocurrencies are an utterly internet-driven medium of exchange that is powered by blockchain technology and cryptographic protocols that ensure that all transactions are decentralized, secure, transparent, and unaltered.

The distinguishing feature of cryptocurrencies is that they are not controlled or regulated by any central authority such as the state bank or government.

Two parties can directly send and receive cryptocurrency by using public and private keys.
The transactions are processed swiftly by paying just a minimal fee that is nothing as compared to the hefty processing charges that are imposed by the traditional financial systems.

Now that we are pretty clear on the fact that cryptocurrencies do exist and what they are, without further ado, let’s shed some light on how small businesses can benefit from cryptocurrency in today’s high-tech age.

3. The Benefits of Cryptocurrency for your Small-scale Business

A handful of businesses have started accepting online payments via Apple Pay or Paypal.

However, with over 5000 cryptocurrencies existing across 20,000+ markets, the option to use them as a payment option has emerged over the horizon.

The reason behind this could be that in 2019 there were over 44 million cryptocurrency users, and the many are expected to increase further.

Here are some ways small businesses can leverage from cryptocurrencies.

4. Attract New Customers and Increase Brand Visibility

Cash, credit cards, and bank transfers –the most commonly used payment options by businesses around the world.

Due to the general availability and usage of high-speed internets such as that provided by Wave internet service, smartphones, and e-shopping platforms, the number of digital shoppers in the US has skyrocketed to 227.5 million in 2020.

Since small businesses face various market-penetration challenges, adding cryptocurrency such as the Bitcoin as one of the payment methods can help them widen their customer base.

Imagine the number of customers and sales you will attract by targeting the 2.3 million users who make payments via Bitcoin! Massive, isn’t it?

5. Cost-Effectiveness

Being a small business, incurring various operating expenses such as rent, bills, inventory, licenses and taxes, marketing budgets, and much more, can be stressful.

Cryptocurrency transactions are borderless and timely, which means that payments can be sent and received in real-time irrespective of their geo-location.

The promptness of cryptocurrency transactions can give peace of mind to small enterprises as they won’t have to dread late payments and to pile up unpaid invoices.

Digital currency transactions involve no paperwork and have minimal to none processing fees. This can benefit small businesses by saving their time, energy, and money as compared to using traditional payment methods.

6. Safer and Sounder Transactions

As we all know that the cyber-world isn’t free of thieves! Credit card payments are backed with an elaborate transaction history that can be leveraged by hackers for malicious gains that can put you and customers at a loss.

When it comes to secure payments, cryptocurrency is a game-changer for small businesses that are in a weak position and cannot afford chargebacks and frauds.

Cryptocurrency transactions are backed by a foolproof blockchain technology that ensures that all money transfers are final and irreversible, i.e., they cannot bounce-back or get canceled.

Moreover, since transactions cannot be annulled or overridden, the payments made by the customers using cryptocurrencies are straightaway added to the blockchain digital ledger via a process called “mining.”

Another best part about cryptocurrencies is that they don’t offer debt or loans. This means that a person cannot spend more than they have, which in turn helps in keeping chargebacks and unwelcome financial constraints at bay.

This top-notch reliability and security of payments that come with the use of cryptocurrency give small businesses a more clear-cut and more straightforward mode of payment as compared to the traditional banking system.

7. Boost Sales with Worldwide Outreach

Cryptocurrencies have a massive potential to become a global currency in the coming future as the system is growing more and more digitalized with passing the time.

A handful of countries, including the UK, Singapore, Japan, Germany, and many more, have legalized cryptocurrencies.

The decentralized nature of this epic digital mode of transactions can allow your business to target a more significant customer base globally without facing any cashflow issues or geographical obstacles.

Introducing cryptocurrency as a payment option will let you sell your products to international buyers smoothly and help you generate higher profits by accessing new global markets.

Cryptocurrency ensures smooth cashflow by removing traditional banking obstacles such as incurring high international transaction costs, worrying about exchange rates, and long global scale-waiting time as payments are instant.

9. Is Cryptocurrency a Good Option for Small Businesses?

While cryptocurrency can be a huge cost saver for small enterprises with smaller margins, they should be prepared to pivot around timely changes that might come around soon.

Since more countries are standardizing crypto-transactions due to unforeseen market events such as the COVID-19 pandemic, this might impact the regulatory landscape of the cryptocurrencies in the future as laws and taxes might get imposed on them.

Moreover, as there is no such thing as water-tight security in the cyber-world as hackers keep getting more robust, the fact that cryptocurrencies and digital wallets are not insured might put yours at risk of loss.

Additionally, if you are a small-scale entrepreneur or business willing to accept crypto-payments, then getting yourself familiar with the digital wallet software might take some time or extra effort if you’re not tech-savvy.

10. The Final Word

Despite having a few barriers that can be easily mitigated with keeping an open eye and mind, cryptocurrency can be quite potent for your small business.

If you learn to overcome the few crypto-obstacles were coming your way, and once you obtain that hang of it, blank can stop you from taking your small-enterprise to the next level if you manage to hit the nail in the head!

Baldwin Jackson is an active writer and digital marketing consultant involved in taking businesses a notch higher. Since I am a part of the digital marketing enterprise for over six years,

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Best Dogecoin Mining Pools to Join in 2022

Here is everything you need to know about Doge mining pool options. Make the choice between the largest and the most profitable pools that enable you to mine Dogecoin.

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Become a good CFD trader using bitcoins

Curious about finding a way to earn passive income? You may consider joining a pool of crypto miners. These groups use their joint computational power to increase their chances of successfully mining cryptocurrency.

You need to find an interested group of people who want to form an association for pooling resources together to achieve the computational power required to mine a block profitably.

There are also mining pools already in existence, and joining one might be easier than making your own. The main things needed to enter these pools are fast internet, specialized computers, and cheap electrical power, among other things.

Mining coins through a pool can significantly add to your passive income and staking crypto-like BNB, SOL, or AVAX. You can easily exchange your fiat currency or a stable coin like USDT to AVAX and start earning yields right away.

1. How to Join a Mining Pool

It is more convenient to join a Dogecoin mining pool because the organization already exists, meaning you will not have to run around finding dependable people to do it with. Even though joining a mining pool is more accessible than making one on your own, there are a few things you will need to enter:

Fast internet. Get quick and reliable Internet access. Your plan should be able to supply well over 1,000 MPS.

Cheap electrical power. Mining can run up your electrical bill, so set up your operation where electricity rates are the most affordable.

Specialized computers. Cheap power is needed because the computers needed to mine consume a lot of energy. Dogecoin ASICs used for mining are rated for over 1,000 watts and run 24 hours a day. Additionally, you will need a graphic processing unit.

Heat dissipation equipment. ASICs get hot, so you need to have a cooling system installed.

Wallet. Set one up so that you can receive your mining rewards. Keep the coins in a hardware wallet to be safe from hackers.

Cryptocurrencies Bitcoin

2. Best Dogecoin Mining Pool Options

AikaPool. It is a mining operation involving dozens of coins, including Doge. It is arguably the most popular pool because it is reliable and stable.

LitecoinPool. This pay-per-share service has numerous features, such as email notifications for idle members, two-factor authentication, and regularly updated mining stats.

1coinPool. This website is for LiteCoin and Doge, and it manages to mine three blocks every seven days. Payouts are made proportional to the computational power put into the pool.

MultiPool. The main reason to use this pool is that users can mine Doge and Litecoin simultaneously. Even better, users are only charged 0.25% of their earnings.

ProHashing. Being a well-established pool, ProHashing has a large community of miners worldwide. It has handy charts and tools that help miners manage their activity efficiently.

Genesis Mining. This platform allows users to mine Doge, Bitcoin, and Litecoin. Miners pay a fixed rate, and there are no surprise fees. This platform stands out because it automatically mines the best coins and exchanges them for Bitcoin.

GHash. GHash is one of the largest pools for Doge, Bitcoin, Ethereum, and LiteCoin. The platform is known for its reliability, transparency, and responsive customer service.

ZergPool. The advantage of this pool is that users can receive coins in Doge and Bitcoin, Litecoin, Ethereum, and several other currencies. Also, no registration is required, idle users are regularly purged, and payments are made every four hours.

ZPool. This mining pool displays live hash rate stats, makes payouts once per day, and allows users to specify minimum payouts. They also have excellent customer support via Discord.

F2Pool. It is a geographically distributed mining pool with over 40 proof-of-work networks worldwide. Users can mine dozens of coins, including Doge.

3. Is It Profitable to Mine Dogecoin?

The benefit of mining Doge is that there is no capped supply. That means miners will be able to mine as long as the coin is popular. Whether or not mining DOGE is profitable in your particular situation will depend on many factors: your equipment, your utility charges, your initial investment, the price of the asset, etc. However, as long as there is demand for this coin, the endeavor will stay generally profitable.

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