Tuesday, 04 August 2020
Sovrano

Reasons why your business should accept Bitcoin

How would you like to save money, increases sales, and improve your brand awareness on a global scale?
All you have to do is start accepting Bitcoin. It may not offer the quick and steady thrills as an email spam campaign, but over time, your acceptance of Bitcoin will create savings, improve your profits and spread brand awareness just as it has for ZUB.co.uk, a Bitcoin only shop that shares the benefits with their customers by selling products for less. Here are the main reasons why your business should accept Bitcoin.

Reason 1 – Overseas Fees And Payments

One of the biggest reasons why cryptocurrency has stuck around despite its rocky history is because of its international benefits. If you want to change your fiat money from your national currency to a foreign currency, then you need to pay a conversion fee, plus the converters will skim from the market rate so that you lose out there too.

There are also transfer fees, multi-currency fees account fees, withdrawal fees and transaction fees. You need somewhere to put the money once it is converted, and it costs even more if you use a credit card abroad or try to convert your money into hard cash.

Bitcoin eliminates the need for all those fees, problems, rate rip-offs and transaction charges. You simply buy the Bitcoin in your own currency, and then pay with Bitcoin in whichever country you need, or sell the Bitcoin in whichever currency you desire.

The fees for buying and selling are tiny, as are the fees for transferring. Plus, Bitcoin users save even more if the seller allows payments in Bitcoin.

Reason 2 – Less Competition Within A New Demographic

Cryptocurrency users are not a large demographic, but even though China has banned crypto exchanges, there are still millions of people who have cryptocurrency assets that they may wish to spend. The fact that too few companies accept Bitcoin is the primary reason why the minority of companies that “Do” accept Bitcoin are able to soak up new customers.

It is not just about a bottom-line profit motive. Due to your lack of crypto-accepting competition, crypto users are going to prioritize your services, which means they are introduced to your brand. Even now, there are people on Bing and Google trying to search out companies that accept Bitcoin. Wouldn’t it be nice if your business was on there too?

Reason 3 – Developing Countries Will Prosper

The monetary system cannot be trusted in developing countries. Be it because of unstable local currencies, scam websites, or untrustworthy banks, there are few places where citizens may store and use their money safely.

Then, along comes cryptocurrency and suddenly the people may keep a semi-anonymous stash of currency in a place where it may be saved and spent. It does not rely on the stability of local currencies or the trustworthiness of a third party. Even something as simple as buying insurance suddenly becomes far easier for a citizen in a developing country.

Reason 4 – Anonymity and Genuine Anonymity

Do you know why eBay allows sellers to specify if their bidders remain anonymous or not? It is because people find comfort in anonymity. It is true that Bitcoin transactions can be traced, but it is a darn sight harder to trace a Bitcoin transaction than it is to look on somebody’s bank accounts and credit card statements. Even if people are super worried about exposure, they can use genuinely anonymous cryptocurrency like Monero, Verge, Dash and so forth.

Reason 5 – Bitcoin is Mobile Friendly

The whole notion of mobile-based wallets hasn’t worked out as well as many companies had hoped, especially when these days people are able to wave their contactless bank card at a terminal and pay without needing a pin. Yet, the use of mobiles devices as a payment actuator is slowly growing, and the use of Bitcoin may actually make it popular.

In fact, some companies have altered their phone app so that people may pay in-store with Bitcoin. They are using a sort-of click-and-collect methodology except the customer is already in the store.

Also, as a side note, there are more and more cryptocurrency plugins and extensions for website builders these days, which means integrating a Bitcoin wallet into your website is also becoming easier. This means people may use your mobile website on their phones to pay in store as well as online.

Forget having to worry about third-party payment processors, simply add Bitcoin payments into your own app or your mobile website. In this way, you can save up your Bitcoin throughout the day and then convert it to fiat currency all at once at the end of the day, which will save you a great deal in fees.

Some companies are even developed around the savings Bitcoin has to offer such as ZUB.co.uk. Among all the benefits Bitcoin has to offer a major one is that businesses can save money and ZUB.co.uk is using that to drive in more customers by passing on the savings.

Conclusion – AMEX’s Legacy Is A Great Advert For Bitcoin-Related Savings

American Express (AMEX) has a long history of angering business owners with their high fees, unfriendly merchant policies, and long payment waiting times. All of these problems may be avoided with Bitcoin.

Most cryptocurrency is decentralized, so you need not rely on a specific company to move your payments. The fees for Bitcoin payments are as high as you require, (higher fees mean faster payments).

Even in its simplest terms, the acceptance of Bitcoin as a method of payment is beneficial for both your business and your customers, and the adoption of Bitcoin will force companies like AMEX to shape up or ship out.


source: bmmagazine.co.uk
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