In 2015 bitcoin finally made its mark: More than 100,000 businesses, including industry giants like Microsoft, Overstock.com and Dell, accepted it. But, what exactly is this mysterious “cryptocurrency” everyone has been talking about for years? And, is it time your small business accepted it, too?
Here’s what you need to know about what bitcoin is, its advantages and potential drawbacks.
What is bitcoin?
Bitcoin is a cryptocurrency or an entirely digital form of money, invented in 2009. While that might not sound interesting, what sets bitcoin apart is that it’s purely person-to-person, with virtually no banks, financial institutions or government bodies standing in the way between you and your money. Bitcoin relies on a technology system called blockchain that keeps your bitcoin wallet safe and secure from fraud.
The currency’s digital format also makes for faster, cheaper, easier exchanges of cash, from which many small businesses may benefit. Overall, Bitcoin’s assets stem from its decentralization. Blockchain, the technology bitcoin was built on, allows you to not have to rely on a bank to process your financial transactions.
Here are other reasons to consider bitcoin:
1. No fees
If your 2