Bitcoin is Changing the World of Business… And You Should Embrace It!
The world of business and finance is changing at a rapid pace. As more and more people rely on the Internet to conduct everyday banking, the “trust factor” associated with digital money is shifting. Now people see physical cash as a hindrance, often choosing to send and receive money via the web, and make purchases online instead.
There are two types of digital currency – virtual currency and cryptocurrency. Virtual money is controlled by its developers and is unregulated, while cryptocurrencies are used for digital token transfers, networking and decentralization.
Cryptocurrencies have caused one of the biggest upsets to the financial services industry in history. With the rise of bitcoin, ripple and numerous other forms of “digital cash” people are starting to see and understand just how powerful they could become. While most cryptocurrencies are yet to make a dent on the mainstream, they are rising up the ranks, and it won’t be long until they’re in every store on the high street.
If you’re yet to embrace cryptocurrencies in your business, the following points might nudge you in the right direction.
Reduces Fraudulent Activity
With cryptocurrencies customers are not able to undo a transfer after it’s been approved by both parties; therefore, reverse charges (which can be extremely costly for businesses) cannot occur without permission from the merchant. This means that building a good relationship with each party is more important and fraudulent activity is completely avoided.
Instant Transfers Globally
When paying with or transferring bitcoins you don’t have to wait for days for your money to go between between banks, not even when you’re making international transfers. Depending on which wallet you are using, payments can be made instantly and cheaply. This means that when you purchase goods and services from suppliers, the transaction – and therefore the work – can be completed much faster.
All Transactions Are Safe and Secure
With our global landscape comes constant concerns about identity theft. As we are getting more concerned about digital security it’s important to increase the awareness around threats on the Internet. We store and carry around with physical money because we’re used to it. However, with cryptocurrencies everything is stored online. Fundamentally, it’s much safer than tradtional storage methods.
No More Shoddy Exchange Rates
The worst part about conducting business on an international scale is the transaction fees and exchange rates. When going through a traditional high street bank or online payment merchant like PayPal, they are extortionate. Because cryptocurrencies are universal they don’t have any exchange rates. Their value is the same as when it arrives in or leaves your account.
The Value is Rising
Many of the world’s largest tech corporations, such as AirBnB and Uber, are now starting to experiment with bitcoin payments. There are even pubs and restaurants in London that accept it instead of traditional cash. The more it gets accepted in the non-digital world the greater its value will become. At present (November 2017) one bitcoin is worth over $7000, up from $900 the same time last year. If the current trends continue the value could increase much further in the not-so-distant future.
There are plenty of ways of getting a foothold on the bitcoin marketplace. If the option is available, mining bitcoins will lead to the greatest profits. However, if you’d rather just purchase bitcoins (or a percentage of a bitcoin) or accept bitcoin payments, then that could also be extremely viable.
All of of the most respected companies in the world were known for pioneering movements. While you may not have your heart set on ”greatness” or strive to become the next Steve Jobs, getting a foothold in future technology and embracing it with open arms will only bode well for your business model.
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