Bitcoin made its big mark in 2015 and all major businesses including Dell, and Microsoft admitted it. But one can’t help but wonder what this mysterious cryptocurrency really is. And is your business ready to accept it? Before answering that question, it is important to know what Bitcoin is. It is a digital form of money (cryptocurrency) that was invented nine years ago. What makes it so different is the fact that it is purely person-to-person with no government bodies, financial institutions, or banks in between you and your money. It heavily relies on the blockchain that makes sure to keep the bitcoin wallet secure from a scam or fraud.
Due to Bitcoin being a form of digital currency, one can easily make exchanges of cash quickly and cheaply. This will benefit many small businesses. Now that you know what Bitcoin is, let’s ponder upon the reason why your business should start accepting this cryptocurrency.
#1. No Transactional Fees
Bitcoin is completely decentralized. What this means is that you won’t be needing any third party or bank to help in the transaction process. This will allow you to bypass the cost it takes to process the payments. You will only be required to pay the transaction fees if you decide to opt for a company’s service like BitPay to manage Bitcoin balances and payments.
#2. Transactions Happen Instantly
Whenever you use Bitcoin to purchase services and goods, the transactions will take place almost immediately. Traditional payment methods like bank transfer would take days to mature and businesses would normally have to go through multiple processes before getting their money. But this won’t happen if you use Bitcoin. Plus, if you want to make the transaction process even smoother then consider hosting a Bitcoin ATM. This will allow the users to invest in Bitcoin via their debit or credit card. If you opt for it then not only will it help your customers but will also give you another channel of generating some money.
#3. You Will Be Secured From Frauds
As stated above, you will be secured from different frauds if you choose to accept Bitcoin. One common fraud in online transactions is a chargeback. This means, that you will be charged whenever there is a reversal of payments which will never happen if you make your transactions with Bitcoin. Plus, all major cryptocurrencies make use of encryption which means that no one would be able to fake a transaction.
#4. The Reputation Of Your Business Will Increase
Although not many people understand the concept of Bitcoin, they have a high opinion of it. So, when a business allows customers the option to pay with Bitcoin, then it will give them a reputation of being reliable and flexible. This will also appeal to many buyers who wish to use cryptocurrency for their purchases.
#5. International Transactions Get Simplified
Are you a bit hesitant to accept international payments because of the high cross-border transactions? If yes then it is time for you to start accepting cryptocurrencies. You would be glad to know that Bitcoin transactions do not make use of go-betweens. This means that the location of the sender and the receiver would not in any way affect the overall transaction cost.
The world as you know it is going to be digitalized sooner than some might think. Therefore, it makes sense if businesses start to accept Bitcoin as a payment method. Plus, the benefits that businesses could attain by doing this cannot be undermined. Therefore, don’t think twice to make this option available as it will only facilitate the customers. It is easy to implement. Plus, your transactions will become a lot cheaper, secure, and seamless!
Also, what you may not know is that working on blockchain and enabling the option of Bitcoin would require you stable access to the internet. I have a friend who is utilizing Spectrum offers one of them is Spectrum internet plans to run his small start-up and is quite happy with how things are going for him. Therefore, you can do what he did to ensure there is no interruption while handling your business operations.