Why Small Businesses Must Use COVID-19 as a Launch Pad to Get Into Cryptocurrency

0 0


Photo by Clifford Photography on Unsplash

Corona Virus (COVID 19), a novel virus that’s spreading across the globe is the leading topic on various news, social media and print media channels.

The havoc its wreaking on business is gradually gaining traction as Airlines, Hotels and Restaurants bear are the first casualties bearing the brunt.

Some news agencies are predicting a serious economic downturn ahead whiles others are telling us to be positive as we help #flattenthecurve and reduce the level of infection through Quarantining and Social Distancing

If this Covid 19 infection persists, it will have serious economic impact on businesses across the globe as some countries shut their borders and heavily restrict travel. The movement of funds will inadvertently be affected as well.

For small businesses, maneuvering these tough times will make or break the business, as there are reports of some businesses that have already closed temporarily or completely shut down whiles others call for bailout from their governments.

For anyone foreseeing major uncertainty within the global economy, this is the time to look into cryptocurrency and see how it can be used to hedge and sustain businesses.

Likewise for people who are going out of jobs due to layoffs, cryptocurrency presents an alternative to sell their skills on the global market whiles leveraging numerous benefits that cryptocurrency presents.

Ownership

When money is stored in crypto, individuals and businesses truly own it and it can’t be taken from them.

Ambassadors of cryptocurrency have mentioned without fail that individuals and businesses that keep their cash in the banks are handing over finances to another party to keep which comes with its own challenges and inefficiencies.

Such a challenge could result from being barred from your funds due to legal and regulatory issues to loss of money when a bank becomes insolvent.

Transaction Fees

Cryptocurrency has lower transaction fees when compared to transactions using fiat money via Money Transfer Agencies. International money agencies are notorious for charging ridiculous transaction fees for money transfers.

Fees aside, transactions are not always instant and relies on an institution such as a bank to perform the last mile which may not be accessible at all times.

Store of Value

Throughout this global pandemic, cryptocurrency has proven to be a strong store of value. Some cryptocurrencies occasionally dip but the well established cryptos within the digital currency space always make a comeback.

Sustained Global Business

The ability to use cryptocurrency opens businesses up to a world of global prospects. This is important because as country borders close and small businesses take a hit.

Cryptocurrency there’s the liberty for the entrepreneur to continue to do business and create value whiles getting paid. Statistics have it that there are 3.4 billion internet users across the globe. All these people have the potential to become paying clients once there’s a product to be sold.

The world is hopeful for a slow down of Covid 19 cases and an eventual return to regular business, but until then, this is the time to research and give serious thoughts to cryptocurrency.

You might also like
WhatsApp chat