As digital currencies grab headlines (Bitcoin, Litecoin, Feathercoin) and become mainstream, many businesses owners are taking a closer look at the evolving world of digital currencies and trying to figure out which one makes the most sense for their respective businesses. Undoubtedly, it can be confusing to wade through the different options.
We’ve highlighted four main factors to consider before selecting a digital currency for your business:
1. Security and stability. Is the currency backed by an organization or government? Is it vulnerable to hacker attacks? Does the currency experience wide swings in value? Unlike Bitcoin and other digital currencies, the value of a BizX dollar (1 BizX$=1 US$) is secure and safe; It is backed by its large community of businesses using its currency to buy and sell.
2. Legal. Does the currency comply with IRS rules and regulations? BizX income is taxable in the year in which the sales occur. In 1982, the United States Congress passed TEFRA, the Tax Equity Fiscal Responsibility Act. TEFRA recognizes trade exchanges, like BizX, as third-party record keepers of barter transactions and stipulates that all BizX revenue earned is treated as income.
3. Purchase goods and services. What products and services can be purchased using the currency? It’s important to research the list of participating businesses to make sure that their services and products align with needs. BizX has thousands of participating businesses representing a wide range of industries.
4. Support. Is it easy to contact the currency provider? Is support readily available? It’s valuable to have access to on-going customer support. BizX offer its members a place to interact on the web and offers customer support to help maximize the overall BizX experience.