7 reasons why accepting Bitcoin could help a business
7 reasons why accepting Bitcoin could help a business
Blockchain

7 reasons why accepting Bitcoin could help a business

By Stefania Stimolo - 15 Sep 2018

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Bitcoin and other digital currencies are beginning to become mainstream and for this reason, there are already many companies that offer their customers the opportunity to choose bitcoin or other cryptocurrencies as a method of payment.

Among the first revolutionary companies in this sector, we find Overstock.com, the big US retailer that already in 2014 had modified the entire website to introduce bitcoin as a payment method.

Other giants such as Expedia accept bitcoin only for specific services like hotel reservations, while for the purchase of airline tickets there’s Virgin Galactic.

Others, such as Shopify, offer the possibility of paying in bitcoin only to loyal customer-partners who open an online store within the portal.

The list is very long, but the message is clear: Bitcoin as a payment method is already a reality.

But why should all companies evaluate the integration of bitcoin? Why is it useful to everyone?

Here are 7 good reasons why companies of any size and industry should accept bitcoin:

  1.     Evaluate the opportunity in terms of brand.

Whether it’s a high-tech company or not, accepting Bitcoin could be good news to offer to customers or attract new ones, choosing to see a competitive advantage before it is adopted by the masses.

  1.        Fast procedures and payments.

Accepting Bitcoin is a bit like having a bank account with the difference that the time and bureaucracy of all the procedures in the activation and use are much faster.

A prerogative for every company is to receive payments instantly. With bitcoin, it is certainly easier to manage entry and exit flows. Compared to traditional methods, bitcoin transactions take place in one click or by scanning a Qr Code with a smartphone.

  1.        Privacy for customers and greater security.

Security is assured when all the transactions made in bitcoin go on the blockchain, the public, distributed and decentralized accounting register. There is no manipulation on the blockchain and, above all, the identities of the various recipients are not public to everyone. This protects the user’s privacy, even from governmental controls.

  1.        Bitcoin as a global currency.

There is no European, Japanese or American bitcoin. With bitcoin, the fees for international payments are all zero. Online and international customers, or consulting from companies based abroad will no longer be a problem.

  1.        No mandatory returns.

All bitcoin transactions are irreversible. Therefore, contrary to what happens with PayPal, if there is money to be returned it is a choice, an ex-nova transaction and not the consequence of a dispute, mainly because there is no central body that can decide whether the merchant must do a refund. In general, credit card reversals are automatic, inconvenient and expensive for merchants. The use of bitcoin, on the other hand, offers the trader the possibility of creating a new transaction with much lower commission costs.

  1.        Lower transaction costs

Transaction fees fluctuate just like the price of bitcoin. Originally, the strong point of the cryptocurrency was precisely zeroing transaction costs. After the January peak, commissions have risen as well, but then returned to low amounts. The tendency is to be cheaper than conventional credit or debit cards which have commissions of 3% or Paypal with its 6%.

  1.        Advertising induced by the bitcoin community

A final consideration when you think of starting to accept bitcoin, is that you will implement a system of exposure of the activity at local and global level. Just think of all the apps or websites created to find the closest point of sale that accepts bitcoin, or simply thanks to the informative propaganda that is always looking for news to report.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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