Over the years, more and more businesses have started to accept bitcoin as payment. We’ve come a long way since that time someone bought 2 pizzas for
Over the years, more and more businesses have started to accept bitcoin as payment. We’ve come a long way since that time someone bought 2 pizzas for 10,000 bitcoins. Now, we have online stores that sell furniture, food, and electronic gadgets – and some of these online stores are starting to accept bitcoin as payment. Not only that, but you can also buy some pretty ridiculous things like submarines, woolly mammoth tusks, and tickets to space. If you aren’t too fond of the crazy and extravagant things, you can donate to a charity of your choice or depending on where you live, you can pay your taxes – all with bitcoin.
E-commerce has grown to be a thriving industry and bitcoin is helping it grow even more. With a peer-to-peer aspect at heart, it has also never been easier to buy bitcoins with the hundreds of payment methods that are available now. You can buy bitcoin with PayPal, debit cards, credit cards, and even gift cards.
With that being said, when should you, as a business owner, start to consider accepting bitcoin as payment? Without a doubt, you should start considering it right now because it’s a growing movement that anyone would be glad to be a part of.
Advantages of accepting bitcoin as payment for your business
Before you go ahead and start accepting bitcoin as payment for your business, it’s important that you learn about its advantages compared to regular payment methods. Aside from the ability to make money with bitcoin, here are some of the advantages of accepting bitcoin as a payment option:
Bitcoin transactions are some of the most secure transactions in the world. Each peer-to-peer transaction is recorded on a public ledger for everyone to see. There are also complex cryptographic hashes in place to keep any unwanted guests from manipulating any transaction records.
It has no borders
If you’re trying to send money to a different country via traditional banking and money sending systems, you’ll usually end up having to pay a lot of extra fees. Luckily for you, bitcoin doesn’t have these fees. Customers won’t have to pay extra fees just to send you money – this could mean more sales for you. Accepting bitcoin as payment also allows you to widen your market to anyone in the world with an internet connection.
Lower transaction fees
As mentioned earlier, when you’re paying someone from across the world, you’ll end up having to shoulder a lot of the fees. Traditional banking systems have fees like account fees, minimum balance charges, overdraft charges, returned deposit charges, hard copy statement fees, ATM fees, and many more. Compared to bank fees, bitcoin transactions have little to no fees and might be a more viable option for businesses that are primarily run on the internet.
A loving and passionate community
The bitcoin community is the strongest and most passionate cryptocurrency community. It’s a decade old and all the people who have been mining and investing in bitcoin since the start would be willing and excited to make changes to their buying habits especially if it means making the cryptocurrency more popular. If you’re a bitcoin enthusiast yourself, you can consider accepting bitcoin as payment as a token of appreciation for both the cryptocurrency and passionate community.
Know your priorities
If you’ve decided to accept bitcoins as payment, there are a lot of ways to start doing so. You can start with a small banner or sign on your website. There are also a lot of online payment intermediaries that could help you set up a button directly embed onto your website. Even if you don’t end up receiving too many bitcoin payments, it shouldn’t hurt the business to have it set up.
As a business owner, it’s important that everything in regards to your business is running smoothly. The great thing about accepting bitcoin as payment is that it isn’t a make-or-break decision so before you start considering bitcoin as a payment option, make sure that there aren’t any other lingering problems with your business that need to be taken care of. Make sure to do all your research carefully before making any rash decisions because the last thing you want to do is implement something you don’t fully understand.