The Bulgarian food industry is not widely known at the international level. So when you say Bulgaria, the first thing that pops up in our mind is Rakia, Shopska salad, and Yogurt shops. But there is one more field for this country – Food Industry. You can check bitql.cloud to learn more about bitcoin trading.
At the beginning of February 2014, Bulgaria entrepreneurs received a trade-in trade with computers and accessories. This is one of the first licenses given to companies that produce and sell digital currencies – bitcoin.
7 ways bitcoin benefits the food industry in Bulgaria
- Bitcoin is cheaper and supports the direct transfer of money. There is no need to use banks or other financial institutions such as PayPal, which takes a significant commission for each transaction or payment order. Due to bitcoin, you can purchase 1% only. Thus, the food industry in Bulgaria will accept this type of payment because it is safe and cheap.
- The accessibility of bitcoin makes it easy to sell Bulgarian food products internationally. It is not easy to sell Bulgarian cheese, wine, or other products worldwide due to their low recognizability as a quality product on the international level. But as soon as bitcoin as a payment method spreads worldwide, Bulgarian companies will find new customers and increase their sales.
- Bitcoin can substitute money, which you hold in your wallet or pocket. Imagine that you have to go shopping and pay for everything with your debit card/credit card. Most shops do not accept this type of payment in Bulgaria but only cash or bitcoins. So if you have a bitcoin wallet with some bitcoins, you can save money for shopping in your electronic wallet and spend it when the time is right.
- No more taxes. Many shops on the Internet do not make people pay tax for their purchases and only charge a 5% commission from customers for this service.
- Bitcoins are used as a security against inflation in some countries. This means that people buy bitcoins for their savings and use them when the prices increase due to the hyperinflation of local currency. As a result, people will have more money on their electronic wallets in bitcoins, so they will have more money to spend when the time is right.
- Electronic wallets are simple to operate, even for those not computer literates or who do not speak English fluently. All you have to do is download a bitcoin wallet, create an account that takes up to five minutes and then go shopping. Even if you are not good with computers and don’t understand the language well enough – you will still be able to open an account, make a purchase and use bitcoins.
- Bitcoin offers a helpful customer care team available around the clock, 365 days. All you have to do is make a phone call, send an email or go on the company’s website and ask your question. You will always get an answer quickly and clear enough, even if English is not your first language.
4 ways bitcoin can negatively impact the food industry in Bulgaria
- The fact that the government does not back this currency is a big drawback. So many skeptics think that bitcoin can not last for a long time and be relevant in the future. In addition, there are speculations about bitcoin price because it goes up and down as other currencies do.
- There is no stability with bitcoins, so people are scared to make long-term plans or investments with them. – You can not touch bitcoins. You can only use it on the Internet.
- Bitcoin can be used for money laundering, drugs, and other illegal activities. People think that cryptocurrency is unsafe to shop for, so there are many skeptics about bitcoins.
- Bitcoins are very volatile, which means that their value can increase or decrease sharply within a short period. As a result, you must keep up with the headlines and be ready to make rapid judgments whether the transaction rises or falls.
Conclusion:
After reading this article, you should know more about bitcoin and its positive and negative sides on the Bulgarian food industry. But, first, it’s worth noting several advantages to utilizing bitcoins.
