Paying for goods and services using digital wallet rewards that use Bitcoins is the future of trading (even today, you can accept Bitcoins today with online invoicing tools like Invoice Ninja). At least, this is what many businesses are realizing. However, many analysts believe that the future of Bitcoins as a currency of choice in undertaking different types of transactions remains undecided.
Before a business accepts any form of currency from its customers, it has to look at the benefits and risks. An evaluation of Bitcoins indicates that this type of digital currency presents several benefits to any business that receives it from customers for a variety of goods and services.
Lower transaction costs
The transaction costs are at an average of 1% while the same costs with other alternatives such as PayPal and Western Union are between 2% and 4%. Ting temporary deposits before funding the amount later do not attract charges with Bitcoins.
Bitcoin is more stable as it is not subject to any country or government regulation. It can withstand the uncertainties of politics. Moreover, it is impossible for Bitcoins to cause inflation, as is the case with the more traditional currencies.
Bitcoins are safe for use by customers. Identity theft is impossible with Bitcoins, as customers who use them do not leave their confidential financial or other types of sensitive information online.
A business that could do with a bit of publicity should embrace Bitcoins. Online companies that accept transactions made using Bitcoins have enjoyed increased publicity as having the traditional brick and mortar shops or stores.
Easy to use
Using Bitcoins does not require specialized knowledge. Several online companies are willing to offer lessons to first-time users of Bitcoins who do not understand how this type of digital currency works.
Limits exposure to price volatility
In a single day, the price or a single Bitcoin could change by as much as 20% or more. On the other hand, several online companies offer businesses the chance to convert their Bitcoins into real currency immediately they receive these from customers.
Reconnection with past/existing clients
Sending an email blast to all customers on the mailing list regarding the acceptance of payments made using Bitcoins is a very good way of reestablishing contact with them. Many customers are willing to transact with businesses that embrace changes and advanced technology.
Enhances standing as an industry leader
Accepting payments made using Bitcoins could propel a business into the forefront as an industry leader. Businesses that do not embrace Bitcoins risk earning the reputation of lagging behind and losing more of their customers.
Increases brand awareness
Some industries do not like new technology, but this does not mean that your business should follow suit and be like the rest. Accepting new technology in an industry that rarely embraces such could give you a competitive edge, thus aiding brand awareness.
Aids business growth
The Bitcoin community is quite aggressive where business growth is concerned. The community helps spread the word about businesses that accept Bitcoin payments. Bitcoin users have no problem supporting other users.
Therefore, a business that is yet to embrace Bitcoins, as a currency, should do so from today. This is because of all the reasons listed above and more. The benefits that a business stands to gain from embracing Bitcoins overshadow the risks.