Cryptocurrencies and especially Bitcoin have become extremely popular ways of payment. The cryptos have gained popularity and value over the past years and have reached the peak back in December 2020. The extreme popularity of the crypto assets is also determined by the fact that more and more businesses are accepting cryptos, especially Bitcoin. While there are a number of reasons why you should start accepting Bitcoin as a payment method, if you are a business, we would like to outline some of the most important ones.
It is easy to start accepting the Bitcoin
Despite the fact that cryptos are increasing in popularity with rapid speed and there millions of people who already possess cryptos or are planning to invest in cryptos in the near future, the concept of digital currency still remains blurry for some people. This might be one of the main drawbacks, why they are resisting accepting Bitcoin or any other crypto payment method. While this might be a legit fear at some point it still should not scare you.
Learning more about the crypto before engaging is obviously important, though you definitely do not have to be an expert in it. It is enough to know how it works and what it does, and you can simply have it as an option just like credit or debit card payment.
This won’t harm your business
The truth is that less than 1% of the entire population all over the world is actually an active Bitcoin user. This means that unless your business is tied directly into bitcoins as a whole, the chances that you see eCommerce directly linked to bitcoin are very few. This once again means that the Bitcoin users are extremely rapidly growing demographics and while the population now might be small, it can be huge tomorrow. So, become part of the new ecosystem now and occupy your spot.
One of the most successful in the nonprofit industry
This is one of the most precious niches the company can occupy. If your business belongs to the non-profit sector don’t even think twice, but go straight after accepting cryptos as a payment method. The currency has already proven to be a great way to raise awareness of the non-profits. One more field is crowdfunding, which is especially interesting and appealing especially if you are trying to set up new opportunities.
Among the dozens of industries, the gambling industry is one of the most efficient and cryptos-friendly industries. It is extremely effective and beneficial for an online casino to accept the crypto payment method. Actually, the online casino industry sector that’s accepting cryptos as a payment method is getting more and more competitive, with hundreds of online casinos switching to the blockchain and cryptos completely. Besides the low-cost fee and the Bitcoin free spins promotions constantly available with the crypto casino, there are some more benefits, present with crypto gambling.
Some of the most important aspects, which are worth outlining, are the fairness of the gameplay, and the security of the transactions. Moreover, the online casinos accepting the cryptos, are eligible to offer services to players, who can not access similar services in their brown countries, due to the regulations and restrictions. Thus, if you are in this business and are operating online, don’t lose the possibility to attract more players and offer them a better gameplay experience.
No price volatility
One of the biggest advantages of cryptocurrencies is that they are decentralized. This means that there is no third party involved in controlling the cryptocurrencies, and there is no pressure that affects the prices of the cryptos in the market. This is one of the main differences between the traditional currency and Bitcoin. The traditional currency is centralized and controlled by the central banks, which is directly linked to any political and social occasion in the country. Thus the fiat currency is extremely volatile, which is very risky, and in case the currency fair changes drastically you should be losing a lot of money. The same risks are present with the BItcoin. In one single day the price can jump from the peak to the lowest, but also vise versa can happen. Thus, if you never try you can never know. One thing is for sure, the instant you receive a payment in bitcoin, the software converts your bitcoin into US dollars. So when you accept a payment of $100 USD in bitcoin, regardless of the price fluctuation you will receive $100 USD. As a business, you take on zero price volatility risk.
New currency new possibilities
With having Bitcoin as a payment option, you can quickly reconnect with past clients. A quick email blast is a great way to take a moment to share your business’s current being and vision as well as take the business to the future. So you can always keep your clients informed.
You might be the new industry leader
Take the priority now. In around 10 years or maybe even sooner, the expert and analysts predict that every single business shall be using and accepting Bitcoin together with the rest of the cryptocurrencies. By that time, the competition will be very high, and getting loyal customers shall be very hard. Start now, and keep your loyal clients by your side, so whenever the majority of the businesses will be switching to Bitcoin payments, you will be a long time present in the market and thus be the leader of the market. So don’t do it because everyone is doing it, just do it because you see a competitive advantage of accepting Bitcoin.
Raise your brand awareness
You might be representing an industry that is not a perfect fit for the media coverage or the new technology. You don’t have to worry and accepting Bitcoin can be a self commercial from one side and will necessarily attract the media attention just in any case. Local news outlets are also a great point of contact because bitcoins are trending as one of the hottest keywords of the period.
Lower transaction fees
A transaction fee is something that usually makes a difference in choosing one or another company. The company or service with a lower transaction fee usually takes advantage. With accepting the Bitcoin payment methods, the probability of benefits to quantity is the amount of money a company can save. Besides saving money, Bitcoin transactions are very easy and instant, which is essential in most of the fields. Unlike traditional methods of paying like credit cards or even PayPal, bitcoin is able to make transactions quick and easy without the need for costly transaction fees. For companies that have an e-commerce presence, this should be a no brainer. This might not make a big difference for the brick and mortar business, but when comparing to the credit card payments, which is 2-3%, or PayPal which is 6%, you can have a 0% transaction fee.
Grow your community with Bitcoin
Together with having a number of advantages as well as disadvantages, one thing that certainly united Bitcoin users is their enthusiasm for the community and the great support they show towards each other. There are a large number of bitcoin enthusiasts who are willing to go out of their way in supporting bitcoin-friendly businesses. There are thousands of bitcoin enthusiasts who are willing to encourage each other and support in order to increase and enhance the community, though for now, their options have not been too broad. By accepting the Bitcoin payment method, you can automatically become the reason to gather thousands of people around your business and to get a big networking circle, which often guarantees success at least locally, but support globally.
Empower your customers
The companies often have the approach “Okay, and what does it bring us?”, though they often forget that the main priority for every company is the customer. Thus the companies forget to ask the question, what shall it bring to customers. If you are the one who forgot to ask this question on time, take a step back and think. Today more than ever businesses in every industry are trying to stand apart by providing our customers with a customized experience unique to your business. One way to build on this design of customization is by allowing your customers to choose the way they pay for your goods or services. While having Bitcoin as a payment method might not change your customer’s mind to choose you over another company, but the freedom of choice you offer the customer shall be ingrained in their mind.
And one more thing. In addition, the Bitcoin payment method gives your customers an exciting and customized experience, which is what determines your choice during the competition.