Birmingham is one of the biggest hubs for business growth in the whole of the UK. We’re not just famous for our size, our culture and our diversity; more and more small businesses and entrepreneurs are making their breaks here, and many of them are home-grown. We’re also proud to see plenty of international businesses and bigger UK firms finding a place to stay in the city, too. All things considered, with more modern businesses heading to the city, we’re also embracing big changes in modern technology and trading.
One element of modern business and trading which is picking up steam fast in Birmingham is Bitcoin. If you’ve been paying attention to financial and business news in the past few years, you’ll probably already know that many people are already getting into the Bitcoin game. But what is it really all about, and what’s the knock-on effect for our city at large?
Bitcoin and business
Birmingham, by design, is a growing city. Not comfortable with only being one of the biggest cities in the UK, we’re also focused on growing in terms of culture and innovation. Therefore, it’s hardly surprising we have entrepreneurs and start-ups across the city and boroughs which are investing in cryptocurrency.
Cryptocurrency is, for the uninitiated, a digital form of money. It’s cash which people invest in online. Cryptocurrency is mined from something called blockchain, through complex ledgers and code. However, you don’t have to understand all the intricate details to get involved.
More and more businesspeople in Birmingham are using Bitcoin because it’s so convenient. There are virtually no fees involved when trading across the world, and what’s more, payments are instant. There’s no waiting around for money to process from bank to bank. That, if nothing else, is encouraging Brum businesses to really take advantage of crypto.
The rise and rise of crypto
Statistics show that ever more of us are getting into crypto. It’s not hard to understand why. Not only is Bitcoin hugely convenient for growing and enterprising businesses, it’s very easy to start trading and to start making money.
All that businesspeople, and everyday consumers, have to do is set up a digital wallet and to start looking at online exchanges. It’s as easy as finding the right markets and putting money into the currency you think will give you solid returns.
However, many businesses shy away from Bitcoin and crypto because it can be extremely volatile. To me and you, that means it has a habit of hitting deep dips after spiking high. Many expert traders will tell you that it is always worth riding through the lows to get to the highs. You only have to see how many people have made thousands on the online markets to understand that there is weight behind that logic.
What’s more, people are turning to programs and bots to automate their trading. This means that you can now ask software to make difficult decisions when it comes to investing or selling crypto online. You can read more about this phenomenon as discussed in this article.
All things considered, crypto is attracting more and more interest. Therefore, it’s likely more businesses will leap on the bandwagon.
Should Birmingham businesses accept Bitcoin?
While there is still some concern over whether or not it is worthwhile for businesses to invest in cryptocurrency right now, it needs to be said that by acting now, firms and start-ups could attract a lucrative audience. Bitcoin and other digital money is particularly popular with young people, which means it is likely to see further growth in the years to come. Can businesses really risk missing out by failing to accept this new money?
Experts and traders suggest we’re at the edge of a big bang for Bitcoin. That’s nothing to do with the so-called ‘bubble’ that newspapers have talked about for years. It’s about cryptocurrency slowly entering our mainstream. It’s very unlikely physical money will go away any time soon. However, what could happen is that Bitcoin emerges as a leading alternative to such money both online and in physical stores. Can Birmingham businesses really afford to miss out?
You shouldn’t find it a surprise to see Birmingham businesses and entrepreneurs adopting Bitcoin in the months and years to come. Yes – feelings are still shaky about crypto in general, but the time is now to start embracing future innovations because the currency could propel Brum businesses to new global heights.