The cryptocurrency is a well-adopted concept from the perspective of technology and business. The blockchain technology is one of the most innovative inventions of our time and the fact that it secures the cryptocurrency makes it a really secure module of a transaction. Cryptocurrencies are traded and invested into which has hiked the value of the major cryptocurrencies. This has made the cryptocurrency a legitimate currency. The main cryptocurrency that is in the limelight is Bitcoin. The Bitcoin is the most trusted cryptocurrency in the market because of the fact that it was the first ever cryptocurrency that was introduced.
There are many businesses who have accepted BTC as their method of payment. This cryptocurrency adoption has not been in just one city or country. This adoption is gaining speed in countries where cryptocurrencies are legal. According to a study conducted in the March 2017, 8.700 businesses around the world have publically accepted BTC as one of their payment method which was a rise of 5.5% from just 3 months prior. The major countries which contributed to this statistics were Japan, Korea, USA, Singapore, and Venezuela. But then the price drop in 2018 discouraged many businesses where the businesses accepting Bitcoin backed out. The true fact is that even though the market is not as prosperous, the Bitcoin is just as beneficial to the businesses accepting them. Here are some advantages that will justify the above-mentioned statement.
Lower transaction cost
BTC transactions are known to be cheap which makes the possession and transaction of cryptocurrencies easier. The transaction of Bitcoin is cost-efficient when compared to other traditional banking methods. The credit card payments or other online transaction includes 2 to 4% fees for the transaction whereas the Bitcoin has a very nominal fee for the transaction. The Bitcoin can, in turn, help you to make more profit than losing major amounts on transactions.
Good publicity
Bitcoin is a famous term which is known majorly by everyone. Associating your business with a popular platform can help you build a good reputation. This strategy will send out a message to your clients and associates that you are open to new things and new technology. This will also set out an example for other businesses and they will follow your business moves and strategies to get to the top. Hence accepting BTC can help you bring good publicity to your business.
Immediate availability
As much as the Bitcoin is secure, it is also easy to obtain. There are many online cryptocurrency exchange platforms such as Evonax that allows you to Buy Bitcoin Online in exchange for USD or other cryptocurrencies. Evonax is an instant exchange platform where the user doesn’t have to log in or registrar to avail their exchange services. The bought cryptocurrencies can be stored in a secured wallet protected with encryption algorithms. Hence BTC are easily available to the people and you can accept them without any hesitation.
Empowering customers
Accepting Bitcoin can definitely empower the customer by giving them one more choice for payment. As you customize your services for your customer’s business expansion, the Bitcoin payment will also give them a chance to expand. They will then publically accept Bitcoin that will make them more accessible to the people who are in need of Bitcoin.
Here are some of the advantages that can be beneficial to your business. There is one more thing that you need to keep in mind before you start Bitcoin is that BTC can neither make nor break your business. It can only solve a few issues that are causing discomfort to your business. Hence accepting BTC doesn’t relate to enhancing your profit.
