Three Reasons to Consider Bitcoin for Your Business

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According to a 2020 survey, more than 2,300 businesses accept Bitcoin and other cryptocurrencies. Besides, several cities worldwide are also experiencing a proliferation of Bitcoin ATMs, suggesting the growing number of Bitcoin users. Companies use crypto for various transactions, including payments from customers and their suppliers and distributors. Many business leaders have endorsed Bitcoin on numerous occasions, further promoting its popularity among merchants. Well, here’s why you should consider Bitcoin for your business. 

Increase Your Customer Base 

While many people still visit physical stores, business is undoubtedly moving to the online space. A significant percentage of consumers today are constantly looking for crypto-friendly companies with which to transact. That group comprises young and tech-savvy individuals worldwide who have adopted crypto as a payment method and store of value. 

Accepting Bitcoin as payment in your business would enable you to quickly attract that growing number of online consumers. A significant new emerging market offers your company an easy expansion opportunity without any financial burden. Adopting Bitcoin would also give your regular customers more options during check-out, impacting a positive impression on the business. 

Apart from consumers, integrating Bitcoin in your business also allows you to process payments to suppliers and distributors that accept crypto seamlessly. Bitcoin is a decentralized digital currency that will enable you to transact with customers, suppliers, and distributors across the globe, significantly expanding your customer base and boosting profitability. 

Reduce Costs and Inefficiencies 

The traditional systems usually require businesses to go through banks, credit card operators, or money processors to complete cross-border transactions. One of the problems of using intermediaries is that they are subject to several regulatory restrictions. As such, there are limits to the amounts your business can transact daily, weekly, or monthly. Besides, the transactions also bear huge fees, hindering your profit margins. 

Adopting Bitcoin in your business will enable you to avoid such limitations because it is not subject to any government or regulatory influence. Bitcoin gives you the autonomy to transact and manage your funds without any intervention. Besides, Bitcoin transactions occur on the blockchain, without third parties, ensuring relatively lower fees than banks or money processors. 

Bitcoin would also enable you to avoid currency exchange fees, further reducing operational costs. Unlike money processors that usually take several hours or days to complete international payments, Bitcoin transactions last a few minutes. That will ensure greater convenience, especially when dealing with global suppliers. 

Many reputable crypto exchanges such as usually charge about 1% in transaction fees to process payments on behalf of businesses. However, you can also create a personal wallet to process payments independently. Thanks to Bitcoin’s digital public ledger, you will also be able to track all your business’ Bitcoin transactions in real-time, preventing fraud, payment disputes, and other common risks. 

Innovative Edge 

Customers are constantly seeking more decentralized alternatives to transact with businesses online. This new segment of consumers is educated, with vast tech skills and higher spending habits. The crypto revolution has also attracted a growing number of investors seeking to support crypto-friendly startups. Thus, adopting Bitcoin in your business would also give it the desired innovative edge, leveraging tech-savvy customers and crypto investors to boost brand visibility and profitability. Bitcoin is a technology-based currency that will also elevate your business to the e-commerce platform. 

Bitcoin undoubtedly offers myriad opportunities, enabling you to increase your customer base and cut costs and efficiencies exponentially. It also gives your business a unique competitive edge in the market. However, crypto may also bear some challenges that you should research before accepting it in your company. 

The Daily Californian’s editorial and newsroom staff were not involved in this advertisement’s production. For advertising and sponsorship opportunities or more information about paid content, contact [email protected]

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