The thought of digital payments alone breathes the air of new possibilities. Smart business owners constantly seek ways to be more innovative and gain every possible advantage over competitors. Just the way media marketing (and the likes of it) raided the business scene and changed the definition of competition amongst different business in the multiple industries; bitcoin could influence the future the same way.
Bitcoin is a technology that makes use of arithmetic to maintain a public ledger known as the blockchain. On the blockchain, all bitcoin transactions can be accessed by everyone on the network. It is the first decentralized cryptocurrency. It was created in 2009. It works based on the premise of cryptography as well as network security system.
It allows two people to transfer items or properties without relying on third parties (such as a company or the government). It can be compared to a hand-to-hand transaction, but this time, the parties can be far apart from each other. Yet, everyone in the world with an access to the network can verify that indeed the transaction happened. This is because all transactions are usually recorded in the blockchain (a public distributed ledger). They are also verified using network nodes.
Bitcoin payments have reportedly increased the number of customers of businesses; at no extra costs. These payments put such businesses at an advantage because they can accept payments from customers all over the world without the risk of being swindled. On the customer’s end as well, they would have no fears about being swindled. Customers do not have to give personal details while paying with bitcoin. No matter how safe a company thinks it is, if the personal information of the customer (such as name and address) is stolen from the company and used to a disadvantage, it makes the customer lose trust (if it is ever traced to the company). This is a total disaster for a company trying to gain their customers’ trust back.
In the end, the process presents the merchant with no need to hold the bitcoin since it is instantly converted into local currencies. The rate at which these conversions are made presents Bitcoin as a highly attractive alternative to credit cards.
Since the blockchain technology as literally skyrocketed in terms of advancements, your customers have probably heard of it as well. In a matter of years, bitcoin has been predicted to be the legal tender. By giving your customers this option of payment, they would tend to view you better as they know you care about making them have options for payment. In addition to that, having bitcoin as an option shows you want their transactions to be done without stress.
Customers love to be in control and they would not only embrace the option but also your business.
To Wrap It Up
There are a couple of drawbacks of using bitcoin payments (such as regulatory uncertainty; as the adoption of the currency is still in infancy), but the advantages far outweigh them; especially
when viewing the prospects of its future.