What exactly is this mysterious “cryptocurrency” everyone has been talking about for how many years? BITCOIN. Bitcoin finally made a debuting mark in 2015 wherein there are more than 100,000 businesses, including industry giants like Microsoft, Overstock.com and Dell, accepted it.
Here are some facts that you might want to know about what bitcoin is and some of its advantages.
What is bitcoin?
It is a cryptocurrency which is an entirely digital form of money, invented in 2009. It might not sound interesting and doesn’t make sense at all. Bitcoin relies on a technology system called blockchain where it keeps your bitcoin wallet safe and secure from fraud.
Here are other reasons for you to consider bitcoin:
There are actually no fees
That’s no typo. You can send or accept bitcoins as mode of payment with no fees attached. You actually don’t have to sacrifice your own revenue to the financial institutions that own your business loans or credit cards since it doesn’t require a bank to verify each transaction. However, you have the option to pay an extremely small transaction fee, which can speed up your processing.
There are no borders
Bitcoin is a great solution for dealing with foreign transaction fees, exchange rates or currencies; exporting your goods and services or purchasing supplies or materials from abroad. Bitcoin being a global currency, is not tied to a single government or company, thus it ignores border restrictions. You are good to go for as long as your customers or suppliers accept bitcoin.
It is an investment opportunity
Bitcoin also fluctuates in value like any other currencies. However, it is generally less stable than the payments in cash, gold or other commodities you’re used to. By accepting bitcoins, you can look at it as an investment: then waiting to cash them in, you’re taking a chance on their value increasing. Investing in Bitcoin makes it seem much less absurd or boring.
Overall, there’s a lot that bitcoin can help your small business with, but also a lot of question marks involved in accepting the currency. So, what are you waiting for? Try to sit down, reflect and determine why it can help your business and why you should actually consider it.