Bitcoin has been gradually retreating from the spotlight since 2017. At least, this is e case among consumer cryptocurrency investors. However, at the same time, the number of businesses that accept Bitcoin is rising. Leading the charge are small businesses and new startups.
Based in Las Vegas, Diamond Cleaning USA is the latest U.S. small business to embrace the so-called digital currency revolution. There’s just one question. Namely, why is joining the ranks of businesses that accept Bitcoin becoming so popular?
Businesses that Accept Bitcoin Increase in Number Each Day
Diamond Cleaning USA is a Las Vegas residential and commercial cleaning company. At first glance, they and Bitcoin, therefore, seem like unlikely bedfellows. However, Diamond Cleaning USA has a bit of a habit of innovating.
Diamond Cleaning USA is a majority female-owned startup. For Diamond Cleaning USA, joining other small businesses that accept Bitcoin is also a matter of basic commonsense.
Las Vegas is Already a Crypto-Friendly City
Las Vegas has one of the United States’ highest concentration of Bitcoin ATMs. The city is also home to booming local cryptocurrency usage.
In 2014, Bitcoin supporter Derek Stevens put The D Las Vegas downtown hotel on the map, as the first hotel and casino in Nevada to accept Bitcoin.
Not to be outdone, the landmark Golden Gate Casino quickly followed suit. Fast forward to the present, and the number of Las Vegas services and stores that accept Bitcoin has seen a boom asa result.
Presently, businesses that accept Bitcoin in Las Vegas include local fast-food restaurants like American Coney Island, wedding photographers, and even famous attractions like the SlotZilla zip line.
How do Businesses that Accept Bitcoin Benefit?
As Diamond Cleaning USA sees it, Las Vegas isn’t just home to people who invest in cryptocurrencies. As well as this, there is already a thriving Bitcoin economy emerging in the city.
Unlike in other cities, residents and city visitors alike are regularly spending Bitcoin. This presents Diamond Cleaning USA with a unique opportunity. After all, if people are already paying local wedding photographers with Bitcoin, who’s to say they won’t appreciate being able to hire a local housekeeper the same way?
Of course, Diamond Cleaning USA is still accepting cash and all major credit cards. However, businesses that accept Bitcoin don’t just attract new crypto customers.
As discovered by Diamond Cleaning USA, accepting Bitcoin is an easy way to prevent having to chase bounced checks and credit card chargebacks.
- Starting to accept Bitcoin requires no investment in new point of sales technology.
- Bitcoin payments settle almost instantly and aren’t reversible.
- Many customers appreciate the convenience of being able to pay using cryptocurrency.
But What if the Value of Bitcoin Goes Down?
Naturally, there are downsides for businesses that accept Bitcoin payments. The main downside rests with the fact that cryptocurrency prices can be notoriously volatile. However, there is a solution to this problem.
When businesses and stores that accept Bitcoin do so, transaction amounts can be instantly converted (and banked) as regular cash. This negates almost all risk associated with accepting cryptocurrency payments.
Are Businesses Like Diamond Cleaning USA Smart to Accept Bitcoin?
The cryptocurrency market may have seen better days. However, there is no mistaking the fact that accepting cryptocurrency payments is a smart move for small businesses.
By accepting Bitcoin, businesses cater to consumers underserved by bigger brands. Cryptocurrency enthusiasts are also fiercely loyal consumers. The only question is, will Diamond Cleaning USA be the first and last to tap the crypto cleaning market, or will other cleaning companies now follow suit?