Graduation Year
2015
Graduation Month
May
Document Type
Thesis
Degree Name
Bachelor of Science
School or Department
Business School
Major
Management Information Systems
Faculty Mentor Department
Business School
Faculty Mentor
Dr. David Firth
Keywords
Bitcoin, Credit Cards, Small Business, Virtual, Currency, Business
Subject Categories
Entrepreneurial and Small Business Operations
Abstract
This research paper discusses my findings in assisting Lake Missoula Tea Company become one of the first businesses in Missoula, Montana to accept Bitcoin, a virtual currency, as payment. First, I will offer a background of how Bitcoin technology works, and draw on notable historical issues to better understand its evolution, leading up to how it is currently used. I will explore possible economic benefits realized through utilizing Bitcoin in a business environment, such as transaction fee savings through substitution of traditional credit card processors, alleviating security and privacy issues, as well as publicity and marketing benefits. Serious roadblocks of the applicable usefulness of Bitcoin for a business are also discussed, based on my experience with Lake Missoula Tea Company and other examples. I hope to educate the small business sector on the risks and rewards of virtual currency, as well as enabling them to properly accept and process it as payment for goods or services.
Honors College Research Project
Yes
Recommended Citation
Sheehan, Spencer, "ADVANTAGES AND CHALLENGES OF INCORPORATING VIRTUAL CURRENCY INTO SMALL BUSINESSES" (2015). Undergraduate Theses, Professional Papers, and Capstone Artifacts. 22.
https://scholarworks.umt.edu/utpp/22
© Copyright 2015 Spencer Sheehan