When everyone thinks about digital currencies they often think about bitcoin and how it has performed since it was initially set up. You could have bought many hundreds of this particular coin for a few cents 15 years ago and now each coin is selling for upwards of $20,000. That is an immense increase and believe it or not, it was up to $65,000 before per coin. It does show some volatility but nevertheless, if you had invested all of those years ago then you would be a millionaire today. This is what makes digital currencies so popular nowadays and everyone wants to get a very small piece of the pie.
The thing to remember however is that when you do make significant profits you do have to pay crypto tax in most countries and so it’s important that you have a way to work out exactly what that is and how much you have to pay. Thankfully there are service providers that provide platforms to do this which makes life easier for everyone.
If you are currently running your own business, then digital currencies can actually help you limit transaction costs and hopefully aid profitability. The benefits of using this type of currency are listed below.
- Less fees to pay – When you’re using credit cards to pay for products and services, the charges can be pretty high and if you are taking payments from customers in other countries then even more so. Allowing your customers the option to pay you in digital coins allows them to pay much lower fees and so it is more likely that they will want to do business with you than with your other competitors who do not offer this option.
- There will be no chargebacks – There are some unscrupulous customers out there who will pay you online with the credit cards and then try to claim a refund back from the credit card company making up some BS reason. You get to avoid all of this when you accept payment in cryptocurrency, and you don’t have to put up with other businesses putting it down to the cost of doing business and following compliance.
- You get money more quickly – Having to rely on the banking system to receive payments can sometimes be a long drawn-out process when your business needs the funds today. By trading in cryptocurrency, everything is sped up dramatically.
Dealing with digital coins helps to build up your business reputation and customers learn that they have multiple payment options available. As an added benefit, you will no longer need to keep credit or debit card details on file and so they don’t have to worry about your systems being compromised. By making it a lot easier for international customers to do business with you, it should lead to reduced transaction costs and potentially more sales and revenue once people learn that this option is available to them.
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