Why You Should Consider Accepting Bitcoins as Payment for Your Business
Over the years, Bitcoin has evolved and a lot of people are now more aware of the cryptocurrency. Communities are larger and more experienced now. There are more guides, tutorials, videos, and blogs about how Bitcoin works and how an average joe can get in the game. This makes it so much easier for the newbies (who were intimidated before) to start using Bitcoin.
These days, there are so many ways to buy bitcoin and there are so many things to spend those bitcoins on. For buying bitcoins, there are over three hundred payment methods currently available on some bitcoin exchanges (mostly peer-to-peer marketplaces). For spending your bitcoins, there are a lot of things to buy out there from ridiculous things like submarines or wooly mammoth tusks or something as simple as paying your taxes or making a charitable donation to your favorite cause.
Bitcoin, at this point, has also been adopted by several business owners — accepting bitcoin as payment. If you’re a business owner and you’re on the fence about accepting bitcoin as payment for your goods and/or services, I’ll give you a few reasons why you should at least consider accepting bitcoin as payment.
Advantages of Accepting Bitcoin as Payment for Your Business
Accepting bitcoin as payment for your business is surely going to make you a “business owner of the future”… but what does that mean and how can that help you and your business? A lot of these advantages will not only benefit you and your business but your customers as well. Here are a few reasons you should start considering accepting bitcoin as a payment method:
You Don’t Need to be An Expert
Although bitcoin has been around for a decade now, not a lot of people have the right information to start using bitcoin. Let’s face it, using bitcoin and other cryptocurrencies have quite a steep learning curve.
The difference now is that big companies are starting to help new users begin their journey. Most bitcoin exchanges will have a step-by-step tutorial on how to buy bitcoin. The bigger companies will also usually have excellent customer services to help you out even further. Some companies will even provide tutorials on how to start accepting bitcoin as payment. They’ll guide you through the process and teach you how to be a progressive business owner but as a bitcoin enthusiast, it can’t hurt to do your own research before getting right into it.
A Chance to Get Ahead
Accepting bitcoin as payment for your business can make you an industry leader. Remember that you aren’t the only business owner thinking about accepting bitcoin as payment. If some of your competitors have already adopted bitcoin, then take it as a sign to adapt it for your own business. You can show not only your customers but everyone that you’re business is competitive open to innovation.
Take social media as an example. A few years ago, business owners didn’t make a Facebook or Twitter page for their business because they didn’t see a competitive advantage. Nowadays, it’s quite essential for business owners to have a social media presence if they want their business to take off. Just take this as a sign that innovating is part of being relevant and being relevant is one of the requirements for a business to be marketable.
Raise Your Brand Awareness
Accepting bitcoin as a payment method for your goods and/or services opens your business up for a new set of clients to tap. Since bitcoin is easily transferrable worldwide, it’ll allow you to take your business global since you’ll be able to get customers from anywhere in the world. As a business owner, you’d have an easier time receiving payments and your customers will have an easier time paying. Imagine broadening your reach to global scale simply by providing your bitcoin wallet address to your clients.
Even if bitcoin doesn’t necessarily fit your line of business, accepting it as payment can lead to a lot of exposure. If you start accepting bitcoin as payment, you can start listing your website on online directories that list goods or services that accept bitcoin as payment. That is great exposure for your business on its own.
Lower Transactions Fees
As the popularity of bitcoin has spiked over the years (especially when the price reached an all-time high in late 2017), the transaction fees spiked as well. Some businesses were even forced to stop accepting bitcoin as payment.
Luckily, the prices seem to have stabilized due to more people trading and using bitcoin as a payment method. Since the prices are now somewhat stabilized, it could mean a more cost-efficient payment method for business owners (compared to the high transaction fees issued by banks).
This advantage should be the main selling point to business owners that have an e-commerce presence. Companies can even take this advantage a step further by providing discounts to customers who pay in bitcoin.
Show Your Appreciation
The bitcoin community has grown to be a large and passionate one. They are by far the strongest among all the cryptocurrency communities. People who have been mining and trading bitcoin since the beginning would be willing and excited to make changes to their buying habits, especially if it means bringing more people to use the cryptocurrency.
As a bitcoin enthusiast, mass adoption is the goal and the way to attain that goal is to provide information to people on how to use Bitcoin for both individual use and for the good of the community. Once everyone has an idea on how to use it, bitcoin adaptation will start to be regularized among any kind of business in the world.
As a business owner, especially if you’re a bitcoin fanatic like I am, you can show your appreciation to this passionate community by accepting bitcoin as payment. Who knows? It could maybe even help you when it comes to promoting your business and spike up your sales.
Towards a Progressive and More Forward-thinking Future
Accepting bitcoin as a payment method on your business’ website can truly do you wonders. The question is, are you willing to make that leap forward? At this point, it’s really up to you to decide what’s good for YOUR business.
Just remember, if you do end up accepting bitcoin as a payment method, be sure to do your extensive research. Look out for the ways you can do it better and then figure out the best way to utilize the technology for you and your business. Doing your research can not only save you a lot of time, but it can also save you a lot of money by minimizing possible risks.
I wish you nothing but the best for you and your business. If you decide to use accept Bitcoin as payment, get ready to be part of the peer-to-peer revolution!