Numerous cryptocurrencies have been making headlines ever since late 2017, with the soaring price of tokens like Bitcoin and Ethereum causing some financial analysts to treat the phenomenon as a sort of 21st century gold rush. However, some of most interesting conversations on cryptocurrencies are unrelated to investing in them. Instead, a growing number of businesses are considering the ramifications of accepting certain cryptocurrencies as valid forms of payment for goods and services.
Chief among the contenders for the title of most popular crypto is Bitcoin, so it’s no surprise that it’s at the centre of this conversation. While some companies are hesitant to accept Bitcoin as a currency with sufficient staying power to merit its use on their websites, others are moving to embrace the crypto craze and beginning to accept it like any other form of payment.
Below are ten reasons why your company may benefit from accepting Bitcoin on your website. Think carefully about each of them, and decide whether your business stands to gain from the use of this revolutionary technology.
1. It Makes You Look Progressive
Buyers want to know that the companies from which they purchase goods and services are doing everything they can to stay on the cutting edge. Nothing says “forward-thinking” like being one of the first companies in your field to accept encrypted digital currency.
2. It Allows For Extremely Secure Transactions
Bitcoin relies on blockchain technology, which updates a strongly encrypted and decentralized ledger each time a transaction is made. Because of this, it is practically impossible to falsify records of transactions conducted with Bitcoin, and businesses can protect themselves from fraudulent behaviour. This kind of security benefits buyers too, so be sure to start advertising how secure your e-commerce site is once you begin accepting Bitcoin as payment.
3. You’ll Appeal To Younger Customers
The majority of Bitcoin users are European males between the ages of 25-34. If your brand has had difficulty connecting with a younger audience prior to now, accepting Bitcoin may be one solution. Remember: few people use bitcoin casually, so those who do will be eager to find new applications for it.
4. You’ll Expand Your Audience – And Your Network
Accepting Bitcoin can do more than simply make your brand attractive to millennial men. It can help you in the B2B field as well. Some companies will only work with businesses that accept Bitcoin. Basically, the more opportunity you create for people to buy from you, the more customers you’ll have.
5. It Will Lower Transaction Fees
Bitcoin costs the average merchant less per transaction than the use of a credit or debit card. While larger retailers can often negotiate with credit card companies to lower these fees, small businesses cannot. As a result, they are turning to Bitcoin in droves.
6. All Sales Are Final
Because Bitcoin is encrypted and transactions are anonymous, there is no way to reverse or undo them. Imagine never having to deal with another irate customer dead-set on returning one of your perfectly good products!
7. Transactions Will Be Faster
Another benefit for merchants who accept Bitcoin is the speed at which they will receive their funds. Currently, most payments made via credit card can be held for more than a week before the merchant can actually access them. If you run a small business with tight margins and require liquid capital to operate, taking Bitcoin may therefore prove much more convenient than accepting credit payments.
8. International Payments Are Made Easier
Cross-border transaction fees can make the costs of doing business in other countries prohibitive for certain entrepreneurs. International Bitcoin transactions are considerably cheaper, which helps businesses that accept it access new markets.
9. It Gives You An Excuse To Contact Older Customers
Sometimes it can be difficult to think of a reason to reach out to customers who haven’t purchased from you in years. However, the news that you’ve recently decided to start accepting Bitcoin on your website certainly qualifies as a good enough reason to send out an email enticing them back.
10. It’s Easy
You don’t have to be an expert in cryptocurrencies to accept them on your website. There are many services that can help you, including Coinbase and BitPay. However, you’ll want to make sure that you’re comfortable with the basic concepts and terminology involved before you dive right in, so make sure todo some research ahead of time.
Bitcoin represents one of the most exciting developments in the history of commerce, so it should come as no surprise that so many people are eager to start using it on a regular basis. Make sure that you’re ready to accommodate them when they do, and consider accepting bitcoin as a form of payment before your competitors do.
Nick Rojas combines 20 years of experience working with and consulting for small to medium business and a passion for journalism to help readers grow. He writes about technology, marketing, and social media for the aspiring entrepreneur. When Nick is not sharing his expertise, he can be found spending time at the beach with his dog Presto.