Cryptocurrency the success or fall of small business
With the emergence of a more robust digital platform, companies must address many questions regarding how cryptocurrency will change the way transactions with financial institutions. Moreover, we must be concerned about the impact on the small business sector. According to Forbes, 80% of small businesses make it through their first year of business, but that number is about 45-51% when discussing the 5-year mark, and it drops to 33% when talking about reaching ten years in business (Otar, 2022). This paper uses an open-ended survey exploring the pros and cons of the crypto cryptocurrency small business market. The local business owners of Middletown, Hummelstown, and Harrisburg were be contacted, and the survey results were collected. Finally, the results were analyzed and used to develop solutions to the current problems small businesses face if they enter the crypto market. Block Chain is the primary focus for the security aspect and how it benefits the small business sector. The pros that were consistent throughout all the industries were expansion to a new market/customer base, improved customer service, and the power of Blockchain. These owners were excited about the idea of reaching new markets. Penn State Harrisburg has been expanding in the Middletown area and attracting students from all over the world. Penn State is a significant technology school in the area; local businesses would like to keep up with the trends. Blockchain has many uses; as stated above, here are a few that stood out: • New business models and disruption of prevailing models caused by Blockchain • New payment and smart contract platforms • New types of implementations of trust for better scaling and energy efficiency • Technical, societal, and environmental sustainability of blockchain applications improved business functions improved customer service through better information gathering increased security and enhanced online shopping suggestions. The cons that were consistent with the survey participants were security, cost, and lack of government regulation. While owners cannot avoid the upfront cost, security is the biggest concern. Companies will generally have an upfront fee of at least $2000-$3000 to implement cryptocurrency in the small business market, which companies of this size would recover. Still, it could take serval months if the technology does not become an instant hit.
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|Work Title||Cryptocurrency the success or fall of small business|
|License||In Copyright (Rights Reserved)|
|Work Type||Masters Culminating Experience|
|Publication Date||November 18, 2022|
|Deposited||January 03, 2023|