Why Your Business Should Accept Bitcoin

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By now, most people have heard of bitcoins but do not really understand how they work. Bitcoins are digital currency that only exist online and are regulated by a central body of computer users. Bitcoins have been growing in popularity because:

• They can be exchanged for goods and services
• They can be exchanged for cash and their value is increasing
• They are extremely secure forms of online payment

Bitcoins are part of the new cryptocurrency movement that has several different types of currency that exist only online. You cannot physically hold a bitcoin, and you cannot exchange them hand-to-hand. But if you have a bitcoin wallet and an account, then you can exchange your company’s goods and services for bitcoins, and it is something you really should consider.

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Why Do Bitcoins Have Value?

The Australian dollar has value because people believe in the financial stability of the Australian government. The same goes for the United States dollar and any other officially issued currency. The only thing backing any official currency is the general acceptance of the financial stability of the country that issues the currency.

Bitcoins work exactly the same way, and their perceived value has come to eclipse many national currencies. The secure system used to distribute bitcoins gives users the confidence necessary to attach monetary value to bitcoins. As that confidence increases, so does the value of the currency. This is why so many people take national currency and invest it in buying bitcoins. As the value of the bitcoins goes up, so does the monetary value of the investment.

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No Transaction Fees

Companies that rely on large and occasional transactions will probably not see much value in using bitcoins. But the thousands of small businesses that rely on multiple transactions each day will find tremendous value in bitcoins because there is no transaction fee. That two or three percent you pay right now for every credit transaction would go into your company’s bank account if you accepted bitcoins.

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No Surprise Refunds

Every small business is familiar with the surprise refund based on:

• The customer claiming to their credit card company that your product or service was defective or not satisfactory
• Scam artists who try to get their transactions reversed because they claim they never got your product
• Customers who claim they sent the product back and never got a refund

One of the great things about bitcoins is that all transactions are final. Once the transaction has been completed and the bitcoins have been taken from the customer’s digital wallet, the customer cannot request to have those funds returned. The only way a customer gets their bitcoins back is if you issue a refund.

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Makes International Transactions So Much Easier

There are three reasons businesses dread international transactions.

• By the time they get the payment the exchange may have changed and the business loses money
• Some countries have different currencies within their borders making transactions very difficult
• International customers could cancel transactions after receiving your product and you might not know it for days

With bitcoins, there is no international exchange rate to worry about. Bitcoins are an international digital currency that has the same value in Australia as it does in Japan. Since there is no currency exchange rate, you would not have to worry about losing money on any transactions.

Since bitcoins are an international digital currency, you never have to worry about using the right type of currency to complete a transaction. Bitcoins are the same in Nigeria, Australia, Canada and the United States.

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Transactions Are Instantaneous

The transaction program used to distribute bitcoins is called block chain, and it does not require your payment to go through any banks before approving it. Bitcoins are used in direct transactions where there are no banks or other financial institutions involved. Since the transactions are direct, you get your money immediately and you don’t have to wait for a payment to clear. You also do not have to worry about payments being denied or mysteriously withdrawn by the buyer.

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No Foreign Transaction Fees

Since bitcoin is not distributed by any banks and it is done on a person-to-person basis, that means that you can avoid any foreign customs fees that often accompany internationally shipped orders. Your transaction would also not require any taxes to be paid since the currency you are using is not sanctioned by any federal government.

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Avoid Problems Associated With Fraud

Most business owners will tell you that fraud is an increasingly significant issue that can cost any business a lot of money every year. One of the big drawbacks to standard currency is that it is easy to manipulate, which makes it easy for buyers to scam unsuspecting companies anywhere in the world.

Since bitcoins are only online and distributed through an extremely secure network, it is extremely difficult for fraud to exist. All transactions are monitored very closely, and bitcoins can only be sent to your secure digital wallet. At the end of the day, you can fee secure in knowing that your bitcoin transactions are exactly what they say they are and that money you have in your account is legitimate.

The use of cryptocurrency can help reduce the cost of doing business, and it can also give business owners peace of mind. Accepting bitcoins is simple, and businesses can even hold onto their bitcoin payments like they were investments and cash them in when bitcoin values rise. If your business is not accepting bitcoins, then it is time for you to take a look at the currency that a lot of people think could be the global currency of the future.


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