We are currently at the start of a journey, one which could change the world of business forever. While cryptocurrencies have been around for many years, they have only recently gained widespread recognition. And now, with names like Richard Branson, Bill Gates and Elon Musk publicly endorsing them, people are starting to take notice. If you’re yet to jump on board with the bitcoin revolution and still don’t see the point of incorporating cryptocurrencies into your business model, perhaps the following points will change your mind.
1. Fraud Prevention
It’s estimated that approximately one percent of all transactions end up in dispute due to chargebacks. While some of these requests are legitimate, many are fraudulent. Unfortunately, it can be difficult for businesses to prove that they’ve provided a sufficient service when it reaches this stage, particularly those working within the digital sector. With bitcoin the merchant is in control, meaning that you have the final say as to whether or not a client deserves a refund.
2. Fast Payments
Exchange rates aren’t the only issue with sending money overseas via a traditional bank; transaction times can also be problematic. While services such as TransferWise can significantly reduce these costs and offer fast payment processing in pounds, dollars and euros, transferring to other currencies can still take time, often 2-3 days (banks often take up to 7 days). Bitcoin payments are instant, regardless of where in the world the money is coming from.
3. No Transaction Fees
Unlike traditional currencies, bitcoin is completely open source. That’s means it’s owed by us, the people. There is no central bank or government managing it; there is no company at the top calling the shots. When you send money or receive money, there are no hidden fees or charges, apart from the price of using the wallet. In today’s globalized world where cross boarder payments are the norm, this can save businesses a phenomenal amount of cash.
4. Growing Value
Since the very beginning of bitcoin analysts were at odds with each other. Some predicted a complete collapse, while others predicted a rapid rise in value – some even state that an individual bitcoin could reach one million dollars within the next decade! Fortunately, those who were smart (or foolish!) enough to invest early have been rewarded many times over – and will continue to be rewarded into the distant future.
5. Growing Popularity
Do you want to be a pioneer or a follower? Bitcoin is taking off, and if your business isn’t embracing it, others within your field will. And consumers who choose to use bitcoin as their primary payment method will opt for the latter. Accepting cryptocurrencies in addition to your preferred payment method will only broaden your reach.
Of course, as with any investment there will always be an element of risk. However, bitcoin has been defying critics for the past eight years and is growing at an exceptional rate. While bitcoin mining isn’t as easy as it used to be, there are still plenty of ways to get a foothold in the industry – accepting it as payment for products and services is one of them!