Many people are trying to get hold of the notion of what exactly is a Bitcoin. 2013 was a breakout year for Bitcoin. With any new technology, there is associated some merits and demerits, risks and rewards, Bitcoin is no special. Today I am going to scrutinize the idea of why your business should contemplate the idea of acquiring Bitcoin and even more importantly explain from a business stand point “what is in for me”.
1. You don’t need to be a Bitcoin expert to start accepting Bitcoins
Many people are still trying to get hold of the concept of Bitcoin. I personally had to spend many hours of reading and drilling before I could ease fully use it. But don’t let this frighten you!!!! Luckily there are many companies like bitpay.com and coinbase.com that help new users understand the whole concept step by step and also offer outstanding customer service in getting your company set up.
2. Accepting Bitcoins won’t make or break your business
Less than 1% of the total population uses Bitcoin. So until and unless your business connects directly to Bitcoins, there is little possibility of your seeing any trade connected to Bitcoin. Bitcoin users may be meager today but Bitcoin users are growing and expanding. A number of users in future could be of considerable importance. But for today please understand that this isn’t going to save your dying business nor vice versa is it not going to send your up and growing business in a downward spiral.
3. Bring it on business trip
For business people who are continuously hopping from one country to another, Bitcoin service provider helps you from the hassles of currency exchange you just have to convert Bitcoin into local currency as you travel around. It is a very appropriate method to bring and acquire money wherever you go there are many Bitcoin wallets that are safe and come with apps.
4. Take advantage of Bitcoins fast payment to pay and to buy from overseas merchants
For a business with distant trade, Bitcoin transactions are advantageous. Wire transactions, when substituted with Bitcoin transaction, can be highly addictive because of the improved current international funds transfer system. Bitcoin transactions have lower fees, are speedy and work after bank hours, weekends and public holidays.
5. Start thinking about Block Chains
Holding Bitcoin is a flexible way to learn about block chain or the public ledger where all the undertakings are put down and are publicly visible online. Many big companies have shown fascination in block chain technology because it has indications for cutting down costs. Block chain technology is the dawning stage and many start-ups are trying to manifest themselves.
6. Make accounting more transparent
Back to the gist of block chain once the data is recorded it cannot be meddled with and once it is sent it cannot be checked or deleted. Lucidity is good on two fronts. Firstly at the customer level and secondly on vendors. The time, amount and other details of the transactions are accounted permanently and stored on the internet.
7. Adding Bitcoins can help
Apart from the functions of what Bitcoins can do for your business. Adding Bitcoins as a payment option gives you an opportunity to connect with your past clients. A quick email sent to your client to share your business’s current vision and also to let them know where you see your business going in the near future is just like adding an icing to the cake.
8. Adding Bitcoin provides an opportunity to become an industry leader
In a very modest way, let me tell u that ten years from now most business will start accepting Bitcoin. I say most here because there will still be some who will still be using the primitive way and will barge to change. Ten years from now. There will be two clear reasons why businesses decided to accept Bitcoin.
1. Because of the combative usefulness and
2. Because everyone else was doing it
9. Bitcoin can help fuel media coverage and raise brand awareness.
Even if your industry doesn’t seem fit for a new technology you will be amazed by the exposure it gets. SpendBitcoins.com, coinmap.org, and weusecoins.com are some of the newest local directories you can list your business on if you start accepting Bitcoins. The local news channel is also looking for a local angle to report on.
10. Accepting Bitcoin can help lower transaction fees
Presumably, one of the effortless advantages Bitcoin to qualify is the amount of money a company can save by switching over to Bitcoin. Besides being speedy and easy to use Bitcoins transaction fees have been one of the causes for companies to switch over to Bitcoin. Bitcoin is able to make transaction rapidly and easily without any costly transaction fees. With 0% transaction fees companies can move a step further and pass the saving to customers by giving them discounts on making payments with Bitcoins.