On this morning’s WJR Business Beat, Jeff discusses the rise of cryptocurrency as a mainstream form of payment. According to a 2020 survey by HSB, 36% of small- to medium-sized businesses in the U.S. now accept Bitcoin.
Listen to the Business Beat, below, to learn more about cryptocurrency and why your business might want to consider accepting it as a form of payment:
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Good morning, Paul.
Well, just when you think you have it all figured out when it comes to commerce and the way transactions are conducted, as in pull out your wallet and hand over some cash or a credit card to someone who is selling you a good or service that you want. I get that… it’s just the way business is done, right?
But as one form of digital currency known as Bitcoin reaches all-time highs, confidence is building and change as afoot. Could this be the currency of the future?
Well, if you’re in business, you need to pay attention because at some point, you’ll be faced with whether or not you’ll be accepting cryptocurrency as a form of payment in lieu of cash or credit cards.
Crazy? Well, a 2020 survey by HSB reveals that 36% of small to medium business in the U.S. now accept Bitcoin. The most popular companies accepting Bitcoin payments worldwide? Well, how about Microsoft and AT&T for starters. And fast-moving toward accepting Bitcoin? How about good old KFC and Burger King, for example, and many progressive startups now conduct their businesses only in cryptocurrency.
So, why is this new form of currency making its way into the mainstream? Well, it actually does have some advantages. You see, cryptocurrency is tied to a digital database known as a blockchain. Every transaction is recorded in this digital ledger, which provides full transparency and accountability, and that leads to credibility, leading to confidence.
Moreover, it’s a currency without ties to any national borders and it doesn’t require any intermediaries, such as banks, to handle, manage and record transactions.
Don’t look now, Paul, but those George Washingtons burning a hole in your wallet may soon be a thing of the past.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.