Clearly, when it comes to digital assets, the gap is closing in business to consumer deals. Just do an Internet search like, “businesses that accept bitcoin” and you’ll see an ever-expanding list of businesses operating in the crypto-currency world.
This leads many credit professionals to wonder: could Bitcoin and other crypto-currencies become the norm in B2B deals?
At this point in our industrial evolution, business owners continue to be extremely conservative. They weigh the risks of every penny in the cash drawer. Simply put, funneling our transactions through our banks, from one business account into another, works. It’s tried and true. The fees attached and the time it takes to run these transactions is part of doing business, but we trust it. And we’re slow to change the things that work. Plus…
New protocols are scary.
Digital currency doesn’t need a bank. In essence, you are your own bank. To the average business owner, that thought alone is frightening. At this point, with Bitcoin and other crypo-currencies still in their infancy, the entire process appears rather complicated. Clearly, we’re not ready yet.
This article titled: How Bitcoin Could Shake Up B2B Payments takes the reader through one example of how it might work. It’s worth the read as it appears we could be headed toward a crypto-currency world.