Small-scale businesses that accept cryptocurrency can differentiate themselves from their competitors. However, cryptocurrency presents risks and a steep learning curve that can be difficult for small-sized businesses to conquer.
Cryptocurrencies operate decentralised, meaning that they operate without an authority central to them. Blockchain technology is used to record transactions into an immutable and secure ledger. The absence of a central authority reduce the cost of transactions for businesses, which can be 2 to 5 percent versus 4 percent for credit card transactions. This also eliminates the need for a bank to check every transaction, which cuts back on fraudulent chargebacks.
Demand and scarcity increase the value of cryptocurrencies. For example, the number of people mining Bitcoin increases the value of the coin because it reduces the amount of money that can be spent. Some coins use a mechanism known as burning to increase the value of their currency by destroying a part of the total supply.
The cryptocurrency industry is filled with scams and fraud, and it’s essential for consumers and businesses to be aware of the dangers. No legitimate business will ask you for money via email, text message or social media to purchase products or services. Don’t click on links within unsolicited emails. They are often phishing attempts to get your personal information from your computers, including your username and password.
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