THE IMPACT THAT CRYPTOCURRENCIES HAVE ON THE PROFITABILITY OF SMALL BUSINESSES

Abstract

In the global financial environment, cryptocurrencies have become a disruptive force that offers possibilities as well as problems for firms in numerous industries. The incorporation of cryptocurrencies into small businesses’ operations has gained more attention in recent years as a way to boost their profitability. This study paper intends to provide a thorough examination of the effects of cryptocurrencies on the profitability of small businesses, illuminating the numerous aspects and ramifications of cryptocurrency adoption, but also emphasizing its consequences for the financial performance of small firms, with the aim to fill the knowledge vacuum, as well as to provide insights into the potential and constraints connected with cryptocurrencies in the small company environment by examining revenue generation, cost management, financial transactions, and market growth. For a number of reasons, it is essential to comprehend how cryptocurrencies affect the profitability of small businesses, and in order to accomplish the goals of this study, a thorough analysis of the body of literature will be done, looking at empirical research, case studies, and theoretical frameworks pertaining to the effect of cryptocurrencies on small company profitability. This research study seeks to provide a comprehensive grasp of the topic by combining the existing information. In order to learn more about small company owners’ experiences, difficulties, and possibilities related to bitcoin adoption, as the main cryptocurrency so far, primary data were gathered via surveys or interviews among them. The study adds to the body of information already available and provide useful advice, as well as shared practical experience for academics, policymakers, and small company owners who are interested in learning about the effects of bitcoin integration on small business profitability.