Don't know what cryptocurrencies are? Ignorance isn't bliss. Depending on your startup, it might make a lot of sense for your startup to accept cryptocurrencies like Bitcoin. Here are 3 big reasons:
1. No Transaction Fees
Unlike PayPal and Stripe, who both charge 2.9% + $0.30, there are often times no (or very low) transaction fees for cryptocurrencies. Although this doesn't sound like a lot, it adds up, especially for startups and small businesses who make a thin margin.
2. Increased Coverage
As an early-adopter of a cryptocurrency, you can enjoy a nice bump in traffic and press. This benefit isn't exclusive to startups either, burger joints and other "real" businesses have seen the benefit.
3. Embrace the Future
Most people don't get cryptocurrencies. Some people want it to fail. As with all new technology, the first few years are the hardest.
- The iPhone was originally considered impractical — it had a bad battery life and didn't have a keyboard.
- Computers were considered necessary for only businesses and the government. Now they're the norm.
- PayPal and online banking was considered infeasible. They're just numbers on a screen, what if there's a virus?
- Paper money, in it's original form, was considered strange. Why not stick with gold and silver, what is this paper money?
Why adapt to the change when it becomes mainstream, when you can be an innovator?
Does your startup accept cryptocurrencies? Let me know on Twitter (@sebfung).
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