Payments in Bitcoin are gaining immense prominence, especially amongst the SMEs, because the transaction process is pretty simple; however, some risk persists. A few months back, the crypto market witnessed historic price crashes, even all-time popular coins like Bitcoin lost their high position and reached $69000. Despite drastic price drops and high volatility, reports reveal that SMEs (Small-to-medium sized enterprises) across countries like UAE, Germany, Brazil, Russia, Canada, Singapore etc., have shown keen interest in accepting cryptocurrency payments, mainly Bitcoin.
Studies conducted by market analysts indicate almost 24% of businesses wish to accept Bitcoin along with other digital currencies, and 59% plan to switch to digital payments entirely from 2025. Wider acceptance owes to the fact that Bitcoin or any other digital asset helps in generating business from the crypto community and can even enable one to grow their capital. A Crypto’s value is subjected to market volatility; hence when the market is favourable you can get a chance to double your passive income.
How profitable will Bitcoin acceptance prove for SMEs?
As per policy advocate Igneus Terrenus, Bitcoin will prove an apt currency for conducting daily exchange in a business enterprise. In an interview with Cointelegraph, he called it superior to centralized systems like credit cards because the transaction remains secure and faster. Although crypto will always remain a volatile and uncertain market, advancements in blockchain technology will enable SMEs to grow their revenue.
When SMEs accept Bitcoin, they can completely monopolize over funds as there won’t be any third-party involvement in the transactions. Certain businesses without proper networking with banks fail to conduct selling of their goods and services; hopefully, BTC inclusion can give them some respite.
It’s clear that despite price crashes and volatility, accepting Bitcoin in SMEs can prove fruitful for them and open new avenues. If entrepreneurs are a bit scared regarding uncertainties in the crypto market, they should convert crypto into fiat as soon as they receive the capital.
