As the number of brick-and-mortar businesses accepting Bitcoin continues to grow, so too are the opportunities for those businesses to leverage digital currency as a way to remain competitive in the marketplace. Bitcoin is an open-source, peer-to-peer payment system that was created in 2009 by a mysterious person or group of people using the alias Satoshi Nakamoto. It’s used as a medium of exchange for things like Bitcoin ATMs, Bitcoin Cash, and other decentralized digital currencies. In many ways, this innovative payment network is exactly what e-commerce websites are looking for to increase their bottom lines.
With more than 50,000 businesses already taking advantage of this channel, it’s no wonder why small and large business owners alike are recognizing the value of adopting Bitcoin payments. Here are five reasons why you should consider switching your business website over to accept Bitcoin payments:
Helps Build Customer Relationships
Another advantage of accepting Bitcoin payments is that it helps build customer relationships. By offering a more seamless online payment platform, e-commerce websites can start to cultivate better customer relationships that extend far beyond the checkout process. This is particularly important for smaller businesses where brand-new customers can feel nervous about making an initial deposit. By offering a bespoke payment processing solution, Bitcoin helps build customer relationships with a few clicks on a platform such as Biti Codes.
More Convenient Than Cash Payments
The main advantage of accepting payments in Bitcoin is that it’s cheaper than cash, which you’ll need to pay for most goods and services. This will especially help businesses in remote areas that might otherwise struggle to attract and retain employees due to high expenses. With cash, you’ll have to factor in additional fees and surcharges that might affect the overall price of your goods or services. If you choose to accept Bitcoin payments, you don’t need to concern yourself with the added fees and surcharges.
Bitcoin Is the Future of E-Commerce
Many e-commerce website owners are putting the cart before the horse by adopting Bitcoin payments and then trying to get left behind in the race to the moon. To be sure, Blockchain is a great technology to move large files over the Internet, making it great for e-commerce. Many online retailers are now choosing to integrate Bitcoin into their everyday business practices, so it makes sense for them to follow suit.
Choose the Right Payments Processor
When you choose a payments processor, you’re outsourcing your payment process to a company with a proven track record. In the case of Bitcoin, you’re dealing with a decentralized, distributed network led by nodes that are generally anonymous and unmonitored.
While it’s difficult to know exactly who these nodes are responsible for processing payments, most financial institutions have established business relationships with certain payment providers, including payment authenticity and transaction anonymity.
Bitcoin is an innovative payment network and a new kind of money. It has the potential to disrupt traditional business models, but it’s important for businesses to understand its benefits and risks before jumping in. Bitcoin payments are easy to set up, making them a great choice for small businesses who want to get started with Bitcoin payments without having to invest a lot of time or money.
Some online stores accept Bitcoin payments because it’s cheaper than cash, which you’ll need to pay for most goods and services. If you choose not to accept Bitcoin payments, then you’re missing out on some key advantages that come with accepting digital currency as a form of payment. Bitcoin is also becoming more popular among customers, who are increasingly turning towards BitTorrent when they shop online instead of YouTube or Google search results.