Governments do not know what to make of the virtual currency Bitcoin. People are slow to use it, and CNN has even referred to it as the “shady online currency.” Regardless, small businesses are now turning to Bitcoin. Lauren Orsini, writing on ReadWrite.com, says small businesses are looking to Bitcoin as a possible way to protect their money from banks and national retail chains.

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According to Jerry Brito, a senior research fellow at George Mason University’s Mercatus Center, the major draw comes down to revenue. “Bitcoin can be cheaper and faster over commercial payments than PayPal. It’s cheaper than Visa or MasterCard. If you’re a small business merchant and want to accept electronic payments, you first have to apply to join the network—and yes, there’s an application fee. If you get accepted, each swipe of any credit card you take costs you 0.25 cents. In addition, you have to return three to six percent of the sales total to the credit card company. One part of the appeal of Bitcoin, to be sure, is using cutting-edge technology to stand out from the crowd. For Michelle Larson-Sadler of Conscious Cookery, right now it’s less about profit than hype. “I feel that we are on the edge of something really new as the economy continues its sluggish trend.” Since Bitcoin is less stable and less supported than other forms of fiat currency, each business has had its own pains setting it up. So why bother? For business owners, it’s not just about better rates. According to Larson-Sadler, it’s a way for small businesses to take a stand. “It is the middleman such as a bank, a distributor, that drives up the price of goods. Once we start to choose to initiate a shift to accept a currency without the middleman, prices will start to go down,” she said.

See Full Story: Why Small Businesses Have The Most To Gain From Bitcoin (RedWrite.com)