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  • Writer's pictureMarketing Empire Group

How Cryptocurrency Will Impact Business Owners in 2023 & Beyond

Updated: Feb 13, 2023

Whether you've been living under a rock for the last year or so, or you're just generally uninterested in anything related to cryptocurrency, there's no escaping Bitcoin, Ethereum, and the rest of the gang. As we move further into the digital age, it's increasingly likely that your customers will want to pay for your products and services with crypto. So – should you implement crypto as a payment method for your business? Let's find out.

How will I price my products?

This image contains a pizza with 2 bitcoins sitting with it.

About 12 years ago, when bitcoin was worth less than a penny, pizza was purchased using Bitcoin. In 2011, Laszlo Hanyecz, an early adopter of the newly-coded Bitcoin, bought two pizzas from a local Papa John's using 10,000 bitcoins equating to roughly 41 USD. As of September 2022, this would equate to around $200 million. Amazingly, the man stated he didn't regret his purchase, but it begs the question of how the current market will compare to a year from now.

Until cryptocurrency becomes a mainstream currency, there likely won't be a system in place to regulate everyday purchases- rather everything will be recorded on the blockchain. For now, cryptocurrency is still largely considered an investment- one that is very volatile at that.

Businesses will have to account for the fluctuations by either charging more for their goods or services or accepting a lower profit margin. As cryptocurrency becomes more mainstream, we may see more stable prices and eventually, government regulation. Until then, business owners will have to find creative ways to cope with the volatility.

Update: check out our blog on buying things with crypto to get a better sense of how you can currently purchase things using crypto

Image portraying how volatile a virtual coin can be

Crypto is fast and secure

Cryptocurrency offers a degree of speed, security, and anonymity far beyond what traditional banking can provide. When you make an online purchase or send money internationally, cryptocurrency allows you to avoid intermediaries such as banks that would otherwise peek into your account. It makes transactions quicker and more secure while keeping you protected. Moreover, cryptocurrency offers the unique ability to remain anonymous while conducting business. This is a feature that both buyers and sellers love because it allows them to do business without fearing their personal information being compromised. In short, cryptocurrency is the perfect way to conduct business online.

Cryptocurrencies are universal

Cryptocurrencies offer a revolutionary way to do business and connect with customers from all over the world. Regardless of location, people will be able to make purchases using crypto. This new form of currency can potentially change the way we conduct business. With crypto, there is no need for a third party, such as a bank, to facilitate transactions.

This not only makes transactions more efficient but also reduces costs. In addition, cryptocurrency is not subject to the same regulations as traditional currency, which could open up new opportunities for businesses. For example, businesses would be able to operate in countries where they would otherwise be unable to do so due to restrictions. Cryptocurrency has the potential to revolutionize the way we do business and connect with customers from all over the globe.

Jump on the Band Wagon

According to a recent study, upwards of 3.6 million Americans will use cryptocurrency to purchase by 2022. We're already seeing cryptocurrency utilized in the digital art world through the purchase of NFTs (non-fungible tokens). Soon, cryptocurrency could be used for everyday purchases like coffee at your local shop! Thanks to cryptocurrency, we could be moving towards a cashless society.

As it becomes increasingly popular, many businesses still don’t recognize crypto as a valid form of payment. If you want to be on the cutting edge in your industry, then adding cryptocurrency payments will help set your company apart from competitors! Marketing Empire Group is always looking to get ahead of the competition, so get in touch with us if you're looking for new ways to innovate your business.

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