4 Reasons Why Your Business Should Start Accepting Bitcoin
For years, bitcoin was nothing more than a gimmick. While it seemed to have potential on paper, it wasn’t taken particularly seriously in the financial sector. However, fast forward four years and it’s stronger than ever with a value over seven thousand dollars per bitcoin (November 2017). Now, analysts have changed their tune, with many believing the bitcoin journey is just beginning.
If you’re currently running a business and aren’t accepting bitcoin as a payment method, now is the time to give it some serious thought.
Universal Transfers
The business world is becoming more and more globalized. In fact, when working remotely, borders mean nothing. While this is something to be celebrated, it comes at a cost. Poor exchange rates are the bane of international businesses. According to ICO Investments, this often reduces the bottom line by up to five percent (sometimes more).
Bitcoin is a universal currency that has no central government or financial service controlling it. Therefore, when money is transferred from one account to another, regardless of where the merchant-consumer exchange takes place, the value will stay exactly the same. This could save businesses hundreds, thousands, possibly even millions per year.
Cheap To Use
This is without a doubt the most powerful element of using bitcoin. With cryptocurrencies, you can transfer money without having to use a third-party payment processor, such as PayPal or a traditional bank. This means that you can reduce the processing costs and poor exchange rates. All you need to send and receive bitcoin is a digital wallet, which can be downloaded via a mobile device for free.
While it may not be “mainstream” yet – as in most high-street stores still don’t accept it – bitcoin is growing rapidly and becoming more and more accessible. Many cities throughout Europe and the United States are now installing bitcoin ATM machines to encourage businesses to start using it. And the more that take it up, the higher its value will become, and the cheaper it will be to use.
Provides Merchant Control
One of the problems with conducting business via the Internet is a large number of reverse charges. When people pay for goods and services via PayPal or with a credit card, they have 180 days to reverse the charge. Unfortunately, there are many people out there who try to swindle the system and get their money back, even if the goods or services were provided.
With Bitcoin, you are in control. That means if you don’t agree with a reverse charge you have the authority to prevent it, rather than making it go to a third-party ombudsman – which often sides with the consumer. This will ensure that you are never left out of pocket for goods or services that you provide legitimately.
The Value is Rising
Bitcoin’s value is rising faster than any other currency in the world. Many of those who invested early are now millionaires, and those who jump on the bandwagon now could double, triple, or even quadruple their money within the next year (if current trends continue).
Bitcoin doesn’t work the same way as hard cash, so it’s important that we don’t compare it to hard cash. While its value will rise and fall, the parameters that determine its worth is new territory. It’s now generally accepted that the value of bitcoin probably won’t fall much below its existing value; some even expect one bitcoin to reach a high of one million dollars within the next decade.
Do you want to be known as a pioneer or a follower? Sometimes in business, you have to take a chance and go against the grain to build something that will withstand the test of time. Of course, as with any investment, there’s always going to be an element of risk. Bitcoin isn’t foolproof, however, it has certainly exceeded all expectations to date by a longshot and there’s really no reason why it won’t continue to do so in the near – and not-so-near – future.
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