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Posted by Mollie Porein - 23 May, 2019

Should Your Business Accept Bitcoin Payments?

E-commerce is the latest trend in businesses that are looking to grow and expand. Supplying services and goods and taking payments over the internet is commonplace now. The Dotcom bubble that blossomed from 1995 and popped in the early 2000s showed the world the potential of conducting businesses over the Internet. Today, almost every business operates by keeping the internet at the center. With the use of the internet, businesses are always on the look for the latest technologies to optimize their operations and increase their profits.


As the way of selling goods and services are becoming internet-centered, so are the payment methods. Customers are now given various options of paying online such as credit cards, debit cards, and digital wallets such as PayPal and Venmo.

Bitcoin as a viable means of payment

Bitcoin Payments

One unexplored yet very promising avenue of payment is Bitcoin. Bitcoin has evolved a lot over the past few years. The community is growing rapidly day after day and its usage has also increased tremendously. Although not as widely used as it should be, Bitcoin has pioneered the cryptocurrency industry and while doing that, has also shown businesses and individuals the ingenuity that is required to run such an comprehensive system.

Bitcoin is a very viable means of payment for a business, whether it be online or offline. Bitcoin has several benefits over traditional monetary currencies and business owners should really consider using them to grow their businesses. Adopting a novel technology shouldn’t dither you either since there are plenty of resources to learn from over the internet. Below are four reasons to consider Bitcoins as payment.

No fraudulent activity

The Bitcoin blockchain is designed in such a way that people who look to perform fraudulent transactions require more computing power than the rest of the blockchain combined. With millions of blocks in the chain today, there isn’t a single person or organization capable of accomplishing this feat.

We often hear about or even might have become a victim of online scams and frauds while performing online monetary transactions. However, unlike online bank transfers, which might be hijacked or hacked depending on the security systems in place, both vendors and sellers can rest assured that no fraudulent transaction can be done (assuming that buyers and sellers are taking the sufficient precautions to diminish risks)

Viable investment

bitcoins online store

Keeping business assets in the form of Bitcoins is a great investment for any business. Bitcoin appraisal does fluctuate, yes, but it shows a general upwards trend in valuation and holding onto Bitcoins can result in an increase in the value of the business.

Bitcoins are a sensible investment in the context of the world today, there are an increasing amount held in the marketplace. With the value always rising and the craze continual, it is a great idea for businesses to use Bitcoins as payment.

For peer-to-peer marketplaces, the price of bitcoin doesn’t even matter. Since people are just constantly trading, money is just changing forms in the trades.

Convenience

Amongst the more promising aspects of Bitcoin is that there is no need for a central regulatory authority. The entire block has equal authority, and all transactions must be verified by the blockchain itself.

This negates the need for costly bank transfers, currency conversions, and other such hassles, and greatly eases the burden of doing business both within and outside the borders of the country. For small and large businesses alike, this cuts down the costs and gets rid of any unnecessary hassles.

Potential Marketing Tool

Marketing is one of the most important aspects of doing business. If people do not know who you are, then people will not buy what you are selling. Accepting Bitcoins as payments become a viable Unique Selling Point (USP) of the business to push in marketing campaigns.

Having a solid marketing campaign is a must for any business to flourish. Accepting Bitcoins as payments pave the way for such a marketing campaign and can distinguish you from your competitors quite effectively. Besides that, adding a new payment method for your business alone should certainly help you increase your user base and increase your sales. 

How do I accept Bitcoins?

Bitcoins are traded in two main ways: the first is through a traditional Bitcoin exchange, which allows you to buy Bitcoins and sell them through an online platform. This approach may require you to pay a transaction fee or something similar to the facilitator. The other approach that is slowly gaining more and more popularity is the peer-to-peer marketplace. This approach connects Bitcoin buyers and sellers and allows them to trade at their convenience. However, before deciding which approach to use, it is recommended that you research thoroughly about their pros and cons and choose wisely.

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Topics: Finance, Cash Flow, Payments