by Contributing Author
Cryptocurrencies are booming and steadily taking over global markets and having an immense influence over them. As the world evolves, businesses and various institutions also need to adapt and follow the ongoing trends to remain relevant and accommodate a variety of customers with different preferred payment methods, which will positively affect the business through the influx of income.
According to an official site, “To survive, companies must be versatile without compromising on their core values. In this economy, business versatility and adaptability look like and include accepting Bitcoin as a form of payment for products and services”. Here are reasons why your business should accept Bitcoin:
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9 Reasons Why Your Business Should Accept Bitcoin:
- In the world we live in now, traditional currencies, like physical money, are not the only means of having and making money. Digital currencies that come in the form of various cryptocurrencies also exist and are making waves. Accepting both traditional currency and opening up the avenue of accepting digital currency will open up more avenues for profitability, which could lead to even tremendous growth for the company.
- Bitcoin, specifically, is the number one leading cryptocurrency in the world. Accepting this as a payment method means accommodating a wide span of customers.
- Bitcoin enables businesses to use algorithms that allow financial transactions to occur in real-time.
- Bitcoin now allows businesses to avoid the complexities of traditional financial transactions on the internet and enable global access to cash exchanges.
- Due to Bitcoin being a digital peer-to-peer currency, transactions are immediate. They’re also less costly than major payment networks such as PayPal, Visa, or Mastercard, saving the business from the fees involved with these payment methods.
- Blockchain payments are permanent and irreversible, leaving the customer with no choice but to contact the business directly if they want a refund. This adds a layer of security to any business’s operations.
- Bitcoin provides safer and cheaper cloud storage. Blockchain storage applications allow users, including small businesses, to store data securely and at a reasonable price without compromising data security or overspending.
- Businesses can use smart contracts. Bitcoin smart contracts involve trustlessness, meaning a third party is not required for transactions and gives the business more direct control over transactions.
- Bitcoin has never been hacked, making it the most secure decentralized blockchain network globally. In addition to the above, the financial resources required to pull off a successful attempt make such an attempt impossible and futile.
Why Is Bitcoin Valuable?
- There are numerous significant reasons that point to Bitcoin’s value. Some of these include that Bitcoin fulfills the characteristics of money: durability, portability, divisibility, fungibility, scarcity, and acceptability.
- Bitcoin can’t be copied. Although the coding can be seen and accessed by anyone, the properties go beyond programming. With over 13 years of existence, Bitcoin has proven to be decentralized and censorship-resistant.
- We have seen the world evolve from using physical money to using technology to process digital money. People rely more on using their devices than carrying traditional cash, which is much safer. In essence, we are bound to see completely digital economies in the coming years. A time will come when digital currencies will be widely accepted and used globally, thus increasing and solidifying their value.
- Bitcoin protects identity theft and control and allows users to protect their money using a backup and encryption system.
Due to those mentioned above, it is evident that it is worth it for a business to accept Bitcoin as a form of payment. The willingness of a company to accept crypto as a form of payment shows consumers that the industry is versatile, flexible, adaptable and inclusive, which will inherently lead to an expansion of the business at large. New business trends are emerging, which will require a company to be fluid enough to apply and adapt in order to survive. Businesses need to move with the times. Allowing Bitcoin payments has many more positive outcomes than negative ones — it’s time to take the leap!
Coin Insider is a reputable crypto news site that gives in-depth insight and guides on cryptocurrencies. It is the authority on Bitcoin, Ethereum, ICO and Blockchain news, providing breaking newsletters, insightful opinions, market analysis and regulatory updates. Use it as a resource to help you understand what you need regarding cryptocurrencies for your business and beyond.