For years now, Cryptocurrencies have infiltrated our lives. Bitcoin’s emergence as a popular cryptocurrency worldwide presents surprising opportunities for business. Whether it is a small or a big business, moreover moving with time by making it easily accessible for daily use. Cryptocurrencies offer many opportunities that one can use to their benefit, and there is no audience more likely to do this than the average business owner.
Being the leading currency in the cryptocurrency world, was officially launched in 2009. Where several months later after its launch, Satoshi mined up to 1.1 million bitcoins. According to statistics worldwide, in 2022, Bitcoin will be able to reach over 81 million wallet users.
While some people who do not invest in crypto are sitting on the sideline because they do not understand, others are turned off by its vitality and lack of physical evidence. However, if we have learned anything from the past, sleeping on crypto is a bad idea because bitcoin does have some stability periods. Moreover, bitcoin has tight security measures making it impossible to crack. Bitcoin was created as a way for people to send money through the internet; digital currency was created to provide an alternative payment system just like traditional currencies. Since Bitcoin emerged, there have been an increasing number of companies worldwide who are using bitcoin for investment, operational, and transaction purposes. As with any frontier, there are unknown dangers but also strong incentives.
Let’s learn more about why businesses should venture into using bitcoin and how bitcoin can help grow the business. Here are some of the benefits of using bitcoin:
Merchant protection: they are protected from chargebacks
Increased sales: Small businesses expand and open their doors to international buyers who previously couldn’t access their products and services.
Convenience for customers: Using bitcoin is an additional way of paying and also having their information protected.
Lower transaction fees: The lack of third-party (Financial institutions) involvement reduces transactional costs, and businesses can accept credit card payments and incur fewer charges.
Improved payments processing: Bitcoin allows a business to receive payments for products sold or services rendered within a couple of seconds or pay for what they need quickly.
However, Bitcoin is not only limited to the benefits mentioned above. It also acts as a protection layer against economic instability by maintaining the value of money over time. According to a article, “there is a bitcoin wallet App which is easy to use, a multi-coin crypto wallet that puts you in full control of your assets. It allows you to buy or sell tokens quickly and easily while being secure and fast.” To top off the icing, your cryptocurrency will continue to grow while it is stored in the wallet. Businesses are able to store funds it collects from customers from around the world. Bitcoin also creates a backup so that it reduces the risk of losing important transaction data and funds. It also reduces errors or any miscalculations.
Bitcoin also offers a multi-signature feature that allows bitcoins to be spent only if a subset of a group of people authorizes the transaction. This can prevent members from making expenditures without the consent of other members, and this feature can be very handy for a business. Bitcoin is able to maximize its revenue and also expand to international territories.
Bitcoin offers untapped potential, and now would be the time to tap into it and also do some research. Note that Bitcoin’s use for business is not only limited by transactional benefits. It offers additional opportunities that one should certainly explore further in detail.
By: Hanna Parker