Bitcoin and business: How the two can benefit each other

Curious about cryptocurrency? Find out how Bitcoin and business can benefit each other.

Bitcoin, also known as Cryptocurrency, was the world’s first digital currency, and it took the world by storm. Although you have probably heard of Bitcoin, you may not realise how valuable this alternative method of payment can be to your company. It has proven to be the most common decentralised payment system, with its cutting-edge technology and creative features.

Before you go and buy BTC online, here are some ways in which your business can benefit from adopting Bitcoin or other forms of cryptocurrency.

Trethowans
Trethowans

How can your business benefit from using Bitcoin?

Bitcoin is not controlled by any third party, broker intermediary, or a central system like a bank. While this made some early adopters anxious, decentralisation has its own set of advantages. You do not need to rely on a bank or a central system to approve or process your transactions. Instead, miners authorize all Bitcoin transactions and add them to the blockchain.

This has the advantage of speeding up the process and avoiding high transaction fees charged by banks. You will pay a low transaction fee or no fee at all to get your transactions processed. Paying a small charge, on the other hand, will speed up the process, and with Bitcoin, you can set your own fee.

There are almost no inflation threats

Another advantage is that there are almost no inflation threats. Inflation happens when the government prints more money over the course of a year, depreciating the value of the currency and reducing people’s buying power. The Bitcoin system, on the other hand, was developed with the sole intention of being finite (and that number is speculated to be around 21 million). This suggests that the chances of inflation are pretty much zero.

This form of cyber currency also provides additional protection against different types of online fraud. Blockchain is impermeable and completely resistant to cyber attacks due to the way it operates. If you use this method of payment, you are very unlikely to receive a cyber fraud notice.  Accepting credit or debit cards, PayPal, and other similar modes of payment are always leaving you open to fraud.

Because of the problems we have discussed, more and more people are avoiding conventional forms of payment. They do not have access to credit or debit cards and are seeking alternative methods of payment for services and products. Many companies have seen a rise in potential customers as a result of providing this additional method of payment.

More and more people are curious about using Bitcoin

Customers are drawn to the opportunity to use Bitcoin. Being known as one of the early adopters of this new digital payment system will almost certainly gain you more custom as existing users who are looking for ways to use their Bitcoin will be delighted to learn that you accept it. It makes you look innovative and eager to embrace new tech – which is always a good look for a business.

The popularity of Bitcoin and other types of digital currency will only help to solidify cryptocurrencies’ image as full-fledged, legal currencies that are here to stay. With so many benefits, especially for small online businesses, it’s more a question of “when” than “if” the majority of online merchants embrace it. Bitcoin and blockchain-based finance and technology are huge steps forward.

Photo by Thought Catalog