Before we dive deep, let's get to know what exactly a bitcoin is. Many of us are unaware what it is, how it works and are scared to experiment it with their business (I was one of them). Bitcoin is a Cryptocurrency (Digital currency where encryption is used) which you won’t be able to touch and feel like coins or notes (for obvious reasons) and it just gets transferred from one Bitcoin wallet to other, the most important part why this is one of a kind is because there are no Banks involved in the transaction.
Also, Bitcoin is a decentralized cryptocurrency which makes it even more special, it is not owned or controlled by any government, organization or a person.
Now, you will think if bank is not involved how is the transaction verified. Bitcoin works on Blockchain technology.Bitcoin servers from across the globe will be verifying your transaction and only then the receiver will receive the Bitcoins. If you remember the early 2000s people were sceptic about PayPal payments, same is the situation with Bitcoin now. Infact now you can buy bitcoins on PayPal.
First of all you don’t need to be a Bitcoin expert to start accepting Bitcoins.
In Bitcoin transactions, there is no third party (banks) involved in making a payment. The payment goes from one Bitcoin wallet to other.
As mentioned earlier there are no Banks involved in the transaction that is why the transaction costs are so low that they seem to be negligible. (as low as 0.0000002 BTC).
No need to disclose your personal identity like Name, address etc. for making a payment just your Bitcoin wallet address in enough. It is secure because the transaction is successful only if it is verified by the servers and you can check the status of your transaction anytime at https://blockchain.info
It doesn’t matter if the transaction is done internationally or just within your neighbourhood. For Bitcoin it is just a transaction between two wallets and both are treated in the same manner with the same negligible transaction fees.
Bitcoin transactions are so fast that you will receive the money in your wallet almost at the speed of an email.
There are people who truly believe in Bitcoin and are said the be the Bitcoin enthusiasts. Now, if you start accepting bitcoins for your business with all the above mentioned Pros you will also be able to market your business amongst the community and mint some more money.
If you have a crowdfunding site or some local charity site in that case Bitcoin has proved very beneficial in creating awareness around the globe and accepting payments from across the world with ease. Know the Wikileaks story, how they used bitcoins to keep the donations going. Not to forget that this will also be an obvious option for the e-Commerce industry as well.
Inflation is price of the products and services going high reducing the value of your currency. Now, if you see the history of bitcoin, there has been a steady increase in the price of Bitcoin in the past few years.
There were cases when the price of Bitcoin have gone up by almost 20% in a day. Some people buy bitcoin just like a commodity, then once the price is increased they sell it and make profits, just the way we do trading in share market.
Business owners are always thinking of a way to provide customized solutions for their customers and make them feel special with the service they offer. However, accepting bitcoins is not going be the sole reason for them to do business with you but just like other payment options you will be providing them one more option to choose from.
Also, the bitcoin community (which is growing as you read), they will be more than willing to do business with you and also help you with the promotions and the mouth to mouth publicity.
These are a few reasons why accepting bitcoins will be a plus for your business. We are already accepting it, aren't you?
Seems bitcoin investment game is booming as I can see various investment opportunities. I will surely consider something very soon. Thanks for sharing.