Digital Currency Revolution: The Entrepreneur's Guide to Cryptocurrency Payments

Cryptocurrency is transforming how entrepreneurs conduct business, offering advantages that traditional payment systems simply can't match. For small business owners feeling the squeeze of 2-4% credit card processing fees, crypto presents a compelling alternative with significantly lower transaction costs—especially valuable for those handling high sales volumes.

The digital currency revolution extends far beyond just cost savings. While traditional banks and payment processors might keep your funds tied up for days, cryptocurrency transactions settle within minutes or seconds. This immediate access to capital provides crucial flexibility for business operations, particularly when working across international borders. The irreversible nature of crypto transactions also eliminates the persistent threat of chargeback fraud that plagues online retailers and service providers.

Forward-thinking entrepreneurs are discovering how cryptocurrency opens doors to global markets without currency exchange complications. For businesses in high-risk industries facing banking restrictions, crypto offers a path to financial independence and operational stability. Even major corporations recognize these advantages—Microsoft, AT&T, Shopify, Gucci, and AMC Theaters have all embraced cryptocurrency payments. Whether you're looking to reduce costs, reach new customers, or simply differentiate your business in a competitive landscape, cryptocurrency deserves serious consideration as part of your payment strategy. Subscribe to hear our upcoming deep dive into more businesses adopting crypto and how regulatory developments are shaping this financial frontier.

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Episode Transcript

Speaker 1 (00:00):
Hello world, welcome back to Not Just Candle Talk
Today's episode.
We're going to get into cryptofor small business and how
entrepreneurs are using digitalcurrency.
Alright, so let's get into it.
Right now, businesses areturning to crypto for payment
because it offers severaladvantages over traditional

(00:23):
payment methods, and we're goingto get into a couple of reasons
why that is All right.
So let's get into it.
Lower transaction fees Okay,credit card processing fees can
range anywhere from two to fourpercent.
In crypto, fees are often lower, especially with certain

(00:47):
blockchains.
All right, businesses savemoney on payment processing
costs, especially with highvolume sales.
Okay.
Faster transaction traditionalbanks they their transactions
and transfers and credit cardpayments can take days to clear,

(01:10):
especially if you're doingbusiness internationally.
Cryptocurrency depending on theblockchain, it can take or
process within minutes, evenseconds, oh no.
Chargebacks okay, or fraud risks.
Crypto transactions areirreversible, okay, unlike

(01:35):
credit card payments, which canbe disputed and or reversed.
This protects businesses fromchargeback fraud, which is
commonly used in online retail.
And then you have access toglobal markets.
You can accept payments fromanywhere in the world without

(01:59):
worrying about currency exchangerates, cross-border transaction
fees.
This is a beneficial.
This is definitely beneficialfor online businesses, such as
freelancers in e-commerce stores.
All right, then you have yourindependence right.

(02:20):
Some businesses, particularly inhigh risk industries, they
struggle with bank restrictionsor high fees.
Crypto provides an alternativepayment without relying on banks
Entrepreneurs in othercountries.
They don't have any issuesusing crypto to protect their

(02:45):
earnings, especially tocountries with unstable
economies.
Okay, then of course, you haveyour added security enhanced
security and transparency.
Blockchain transactions aresecure.
Transparency Blockchaintransactions are secure.

(03:06):
They reduce the risk of paymentfraud hacking, which means
businesses can have more controlover their assets, of their
funds.
Okay, and then you have thegrowing customer demand right.
More customers are investing inand using crypto for everyday

(03:27):
purchases.
So accepting crypto attractstech-savvy customer base and set
businesses apart fromcompetitors.
Right, that could be somethingthat you can use in your
business that sets you apart.
If you're struggling withthings that does set you apart

(03:50):
in, especially, businessesthat's overly saturated.
Ok, so you know businessesthat's involved in digital
assets, nfts, blockchainservices.
They benefit from AcceptingCrypto.
The smart contracts allowbusinesses To automate payments

(04:14):
and that reduces Administrativework when you have your payments
On automatic Payments With thesmart contracts.
While you know, while cryptopayments offer many advantages,
businesses might also considerchallenges that might not be.

(04:40):
If you pay attention to them,you know you might, you still
can benefit, and some of thosechallenges might be the price
velocity of the change in prices, some tax implications and

(05:02):
regulatory compliance.
That's what I think.
That's what right now in theeconomy, that's what every you
know the governments and stuffare working on, um, but you know
, I mean, I, I think that reallyis not just crypto, but you
know, that's something to payattention to.

(05:22):
The majority of the corporationsthey're doing crypto payments.
A few that I did some researchon recently Microsoft, they've

(05:45):
been accepting crypto Bitcoinfor purchases in online stores,
allowing customers to buy apps,games, digital content, at&t
they accept cryptocurrency.
Now you can pay your bill withBitcoin.
And some e-commerce even somee-commerce platforms they are

(06:09):
allowing merchants to acceptcrypto payments, like Shopify,
overstock.
They're allowing businesses toaccept crypto Bitcoin.
And then you have your retailbrands like Gucci crypto Bitcoin

(06:33):
.
And then you have your retailbrands like Gucci, um, they are
accepting crypto payments and,uh, select, select stores and,
um, that's nice.
Um, some of the entertainmentand media, um, the ACM I believe
it's the ACM Theaters they'reaccepting Bitcoin now If you

(06:55):
want to purchase this fortickets online or at the
concession stands and thingslike that.
Express VPN that's a serviceprovider.
They accept Bitcoin.
Let's see what else.
What else?
What else?
Dish Dish Network they acceptBitcoin.

(07:18):
So those are just a fewbusinesses I did a little
research on and found thatthey've been doing business with
businesses that use crypto.
They've been doing that foryears already, so it's nothing
new.
It's just you know, it's in thenews a lot, but it's it's

(07:40):
really nothing new.
A lot of these businessesbusinesses have been using it
since, uh, cryptos came, comeout in one way, shape or form.
Um, so that's all I have withthis um, particular episode.
I just wanted to do a littleepisode about crypto, because

(08:02):
that is the big talk right nowin the business world and
finance.
I want to at least touch on it alittle bit.
I'm going to do some moreresearch, of course, because
that's what I love to do.
I'm going to do some moreresearch and read a little bit
more, and I will definitely do apart two.

(08:25):
It seems like all of myepisodes now are leading into a
part two, which is awesomebecause there are always more
information and more thingscoming out as we evolved in
business, entrepreneurship andfinance.
You know all of that.
So it's.
You know it's only right to dopart twos on a lot of these

(08:45):
episodes.
I will be back with morein-depth detail and probably
more examples of businesses thathave started using Bitcoin
payment or cryptocurrencypayments, and hopefully, by the

(09:09):
time I do my part two, it'll bea lot more and we'll be at a
better understanding with ourbank situation here in the US.
All right, anyway, so I don'twant to get too political with
it, but thank you again forlistening and I will see you

(09:30):
next time.
Thank you, bye.