While Bitcoin seemed to be the word on everybody’s lips last year and the world and his dog seemed to have their hands in the crypto world, a lot of business owners still seem to be struggling with the concept of what Bitcoin actually is.
At the other end of the spectrum, you have tech savvy business owners who have jumped on the wagon early on and have started using Bitcoin and accepting cryptocurrencies as a form of payment long ago. But if you’re not using Bitcoin as part of your daily operations, you are definitely missing out on its potential. Let’s take a look at a few reasons why you should start utilizing Bitcoin.
You Don’t Have to Be a Tech Expert to Start Implementing it
It would be a lie to state that Bitcoin and cryptocurrencies in general were an easy subject. Even people who have been in the business since their inception are still struggling to understand some of their aspects sometimes. However, there are plenty of services out there that will make the whole process of implementing Bitcoin as a payment aoption very easy in terms anybody can understand, so you shouldn’t be intimidated.
Accepting Bitcoins Won’t Completely Turn Your Business Upside Down
You should know that the amount of people in the world who are using Bitcoin as a form of payment for daily operations is still very small, so don’t expect that accepting Bitcoin will save your fledgling business. But you should be aware that the number of people who will be using Bitcoin in the future is likely to increase, so you could be at the forefront of something big. And you don’t have to worry about Bitcoin ruining your business either, unless it’s directly tied to it.
Great for Nonprofits
While Bitcoins are still very marginal when it comes to retail and services, nonprofits have seen a big boost coming from Bitcoin, cryptocurrencies and blockchain technology as well. Bitcoin is not only a great way to donate money quickly from across the globe, it’s also a great way to raise awareness for a particular cause and get the attention from people in the crypto world at large.
And nonprofits aren’t the only ones to benefit from Bitcoin or the technology that is behind it – the blockchain. Blockchain technology is affecting and disrupting a large number of industries, may it be the legal sector, insurance, or the food and beverage industry. As a matter of fact, the blockchain is already being used to improve the traceability of recalls in the food and beverage sector. This allows companies to not only trace recalls better, but to look up the origins of ingredients through various levels of the supply chain and improve food safety. You can read more here if you want to learn more on blockchain solutions for the food and beverage industry.
No Need to Fear Bitcoin Volatility
Price volatility is one of the reasons Bitcoin rose to prominence in the first place. While volatility can be seen as a good thing when prices are going up, it might not be as attractive when prices are plunging. This is what has deterred many merchants from using Bitcoin as part of their daily operations.
However, there are multiple payment services that allow you to transfer your Bitcoin into US dollars instantly the moment you get payments. This means you won’t have to worry about the Bitcoin you cashed in the morning losing much of its value by the end of the day.
Using Bitcoins Could Reconnect You to Your Existing or Past Clients
Besides all the advantages using and accepting Bitcoin offers, it’s also a great way to reconnect with clients who haven’t bought from you in a while or old clients who may have forgotten you even existed. Just letting your clients know that you’re adding Bitcoin as a payment option through email can be a great way spark interest back for your brand. It’s also a great opportunity to share your business’s new vision with your clients as well and announce changes.
Great Way to Gather Media Attention and Awareness for Your Brand
Even if your business isn’t connected to new technologies in any way and you feel it might not be the perfect fit for your business, you’d be surprised at how much attention you could be getting simply by announcing that you’re now accepting Bitcoins. Various directories will allow you to list on their sites if you decide to do so, and you could actually get a lot of exposure that way. And since Bitcoin is a huge buzzword at the moment, simply attaching your business to Bitcoin could help you attract attention from various news outlets as well.
Chargebacks are one of the worst things about accepting digital payments and has even ruined entire companies. Not to mention that credit card companies and payment processors often seem to be in favor of fraudsters over business owners. But one of the greatest things about Bitcoin payments is that they’re final; this means no chances for fraudulent chargebacks.
Take Advantage of Bitcoin Enthusiasts
If you aren’t aware already, Bitcoin is much more than just a new approach to payments and currency. For many, Bitcoin is seen as a way to counter the current monetary system, which many see as corrupted. While many are into the whole Bitcoin craze purely for profit, there is a small core of Bitcoin enthusiasts who support the project for purely ideological reasons. This small community of enthusiasts will go out of their way to make sure that Bitcoin stays in circulation and will make it their duty to spend as much as they can in Bitcoin. This means they might privilege your business over another if they find out that you’re now using Bitcoin.
Utilizing Bitcoin could be a great way to attract new clients, benefit from all of it advantages, and put your company at the forefront of a possible financial revolution.