Bitcoin – the most popular cryptocurrency. Many people back off when they hear about Bitcoin because they hear that “it is a volatile commodity which investors should avoid” before it collapses.
But there is so much in the cryptocurrency world that skeptical people know little or nothing about. I would like to introduce Bitcoin as a gamechanger in the business industry, and you will learn why every investor should have a keen eye on this invaluable product and solution.
As a business owner, you would be interested to know that Bitcoin brings a change in the way we do business. Regardless of your investment stage, you can implement Bitcoin into your business to enhance your business growth. But how?
This article describes seven clear ways that Bitcoin can transform businesses in 2020 and beyond. There are various way to promote your online business and a few ways to carry out transactions.
These seven things about Bitcoin can determine the destiny of your business and your investment plans.
1. Bitcoin as a Payment Method
The most obvious fact about Bitcoin is that it brings a new mode of payment for businesses. With Bitcoin, you can sell more and make more profits from your venture.
The decentralized currency breaches cross-border restrictions and regulation policies. The value of Bitcoin depends on the current demand, meaning you can sell goods and receive bitcoin at the current rate against your local currency.
Selling with Bitcoin itself brings you an investment opportunity. If you are a person who has been thinking of delving into Bitcoin, you can start by receiving it in the form of payment for your inventory.
In this way, you would not go through the purchase process that would raise the price of the commodity. You can then substitute the Bitcoin with cash to run the business and use the coins to further your cryptocurrency investment opportunities.
2. Expand Your Business Territory
Bitcoin and Cryptocurrency at large seem to be the solution many businesses have been waiting for expanding their business boundaries.
Because it is a decentralized currency, it does not go through political boundaries and bank limitations. Although some countries have banned ownership of the currency by banks and financial institutions, individuals can freely trade and buy commodities across the globe with the coin.
For many decades, eCommerce has had a problem breaking through the cross-border financial transactions to facilitate buying and selling goods fro and to various destinations.
However, people from such locations can buy with cryptocurrency because the currency is traceable but not controlled by central banks and government policies. In this way, you can get more customers globally by accepting Bitcoin for your business.
3. Bitcoin Facilitates Payments of Any Amount
As an eCommerce business, you have products of varying prices. Some commodities go for minimal prices while others cost a lot more than average.
Managing the pricing policy may become a magnitude of a task with the major payment methods we have in the industry.
However, with cryptocurrency, you can sell at whatever price you want for your products. Nobody will flag your account for receiving a higher amount of money in one payment.
This freedom allows you to flexibly extend your business. With the little prices, you would not feel the transaction cost cut more than half of the price of your products.
4. Bitcoin Gives You Freedom and Security
The largest agony of most business owners is receiving chargeback notices on payments for untrackable goods or services.
You very well know that if you cannot produce documents that verify that you have shipped the products you sell through your eCommerce mobile app, your account will suffer a debit in favor of the fraudulent buyer.
Bitcoin and all other cryptocurrencies operate on a Blockchain network. It is hard, and utterly impossible, to hack a network or fake a transaction.
All payments via the Blockchain network have to go via a verification process, and you cannot cancel a payment. This ensures that your funds are safe once you have sold items in your shop or e-store.
5. Bitcoin Payments Build Trust
Most payment methods involve authorizing a merchant to deduct or receive funds from a customer’s account. This can be either a bank account, debit or credit card, or an e-wallet.
Most of the recent fraud cases revolve around the authorization process. People can steal banking information when the customer is trying to shop online and use the information to acquire products fraudulently.
Other fraudulent merchants impose a recurring debit for a purchased product from their store.
With cryptocurrency transactions, more customers will be willing to pay online. Bitcoin payments initiate through a “push” method, where they authorize the amount they pay you.
You will wait for the confirmation on the network to receive the funds. Since, as a merchant, you do not have the customer’s information, you cannot read their wallet to disclose their financial information. This makes buyers more willing to pay via Bitcoin.
6. Bitcoin Makes it Faster to Close Sales
Previously, I mentioned about selling items with a high price that many payment processors or banks can end up flagging your account. But do you know that Bitcoin makes transactions faster than many banks across the globe?
When paying by bank or check, fund transfers can take a minimum of one week. But with cryptocurrency, you receive your payment in less than 10 minutes for delayed transactions, making business happen faster.
7. Open Door for Innovations
Although Bitcoin can cover the payment gap for most merchandise, there is a shortage in the options with payment processing. Although many customers and business owners can agree on the direct transfers of cryptocurrency for the payment of the goods.
It is not a feasible method for eCommerce businesses. eCommerce orders require automated payments to enhance easy tracking and record keeping.
The easiest way you can use this method is by employing third-party services like BitPay or CoinGate. However, as an investor, you can delve into cryptocurrency development and create a payment gateway to bring customers closer to the merchants and create a competition in the market – making bitcoin payments easier and faster.
You will either want to learn Blockchain development or employ an expert in the field to create your gateway. Get more information about the future of Blockchain Technology Architecture.
Summing it Up
Bitcoin is a hot topic, but for businesses, it should serve more than trending as a conversation. When speaking business, every arising opportunity should change the way we do business and improve our achievements.
As a business owner, you can start building solutions with the Blockchain to give your customers a desirable experience while scaling your business.