Why Bitcoin is fast-becoming a valuable tool for Gloucestershire businesses
New legislation from Government aims to change how we all view cryptocurrency, not just as a source of investment but as a valuable tool for business. Joe David, of Nephos Group, explains.
Gloucestershire has long been full of entrepreneurial spirit - from vibrant independent cafés and family-run shops to tech-savvy startups and digital creatives, writes Joe David, of Nephos Group.
As this landscape continues to evolve, so too do the tools available to business owners.
One that’s quietly gaining traction - yet still widely misunderstood - is Bitcoin.
At Nephos Group, based here in Cheltenham, we work closely with businesses across sectors, helping them navigate financial decisions, tax obligations, and emerging technologies.
Through our crypto accounting arm, Myna, we’ve seen an increasing number of conversations centered on Bitcoin - not as a speculative investment, but as a practical tool for businesses.
So, why are some companies choosing to accept it?
A niche market with surprising value
Bitcoin users - often called Bitcoiners - represent a small but growing community. What makes them interesting from a business perspective is their loyalty. Many actively seek out companies that accept Bitcoin, even travelling out of their way to support them.
This creates a subtle but valuable opportunity: to stand out. For local retail or hospitality businesses, even a handful of new customers each month can help support high fixed costs or quiet periods. And for service-based businesses, it’s a simple way to signal innovation and reach new audiences.
It’s easier than you might think
There’s a common misconception that accepting Bitcoin requires a complete tech overhaul. In reality, thanks to platforms like Bridge2Bitcoin, most businesses can get set up in under an hour - often with nothing more than a smartphone or tablet.
Costs are typically low. Many providers charge less than 1% per transaction, with no setup fees or subscriptions. It can be more cost-effective than card payments - and in some cases, simpler.
What about the tax side?
This is where clear guidance is important. At Myna, our team specialises in cryptocurrency tax and compliance. We help businesses understand their obligations and ensure everything is properly accounted for - whether that’s a few small transactions a month or part of a wider digital asset strategy.
For those new to the space, this reassurance often makes the difference between exploring the idea and acting on it.
Is it worth it?
In truth, the risk is minimal. If no one pays in Bitcoin, you’ve lost nothing. But if even one new customer discovers your business because of it, it’s a win. As a payment method, it’s instant, secure, and resistant to chargebacks - and it adds a layer of resilience, operating outside traditional banking systems.
Looking ahead
We’re currently working on plans to host a ‘Bitcoin & Beers’ event here in Cheltenham - bringing together local businesses and crypto experts for informal, accessible discussions about what digital currency could mean in a local context.
Bitcoin might not be the answer for everyone - but it’s certainly worth understanding. As technology continues to shape the way we work and trade, Gloucestershire businesses have an opportunity to be curious, open-minded, and ahead of the curve.
Joe David, is founder and chief executive officer of Nephos Group.
READ MORE: Is cryptocurrency about to go mainstream? Joe David discusses the Government’s plans to regulate the cryptocurrency sector, protect consumers and entice in some of the big players in the fast-emerging emerging market.