The cryptocurrency can be more than a payment or investment tool. Find out how.
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After Bitcoin hit a new all-time high of $ 19,684 on November 30, entrepreneurs have wondered whether not adopting cryptocurrency as a payment method could potentially lead to a missed opportunity and even affect business growth in the medium and long term. The reason for the price increase does not seem to be based on hype, but as Milan Kozlevčar, CEO of Geton Ecosystem, emphasized: “In the midst of the current Covid-19 crisis, people are looking for investment funds that are more profitable than savings on bank deposits. "
A growing number of companies are accepting payments in bitcoins and cryptos. Most of the time, a mixture of crypto and fiat payments is used with Bitcoin transfers, which are processed with the support of an appropriate processor. Microsoft, Wikipedia, AT&T, and many other large companies have started accepting Bitcoin, along with nearly a third of small and medium-sized businesses in the US. Some banks have also started accepting Bitcoin as a deposit method, and Bitcoin ETFs (Exchange Traded Funds) are widely used as an investment these days.
However, in addition to the obvious use of Bitcoin as a payment method to facilitate business growth, there are other ways to grow your business.
Related: Bitcoin continues to rise and therefore
Lower payment fees
One benefit of using Bitcoin is that the fees for the payment are progressive. While some card payment fees may become extortionate and work against you in your pursuit of growth, Bitcoin offers a varied range of fees that you can use to control how much you spend. In addition, there is no charge for accepting Bitcoin.
There is also the option of using Bitcoin to make payments for other services. This eliminates the need to use your business credit card, for example, for ancillary cost payments or for other services. There are no bank fees for Bitcoin as there is no bank involved. This means lower overall costs across the board. Since many companies accept Bitcoin as a payment method, there is no reason to exchange money, which also incurs fees.
Protection against fraud
Fraud is a major concern for businesses of all types and sizes operating online, especially in financial transactions. Bitcoin offers a very real opportunity for added security, from hacked accounts to chargeback fraud. Not only is fraud a problem because the company is losing money, but also customer confidence that their sensitive information is not secure.
How does Bitcoin fight this problem? First, there are no allowable chargebacks with Bitcoin. Every transaction is final. No reversed fees. Second, Bitcoin transactions are heavily encrypted. The identity of those involved in the transaction is extremely difficult to extract, and not only that, it is virtually impossible to create fake transactions.
Reach international customers
Just as accepting new forms of e-wallet and card payments expands your potential customer base, accepting and paying with Bitcoin opens up a new world of possible leads. Many companies that trade internationally prefer Bitcoin – for the reasons mentioned above and others – and are looking for a competitor that will accept this form of payment if you don't. It makes sense to add Bitcoin to your payment options for international and domestic customers as it can bring cost savings and the added security for everyone. While an international transfer can take days to reach you, a BTC payment will take anywhere from five minutes to an hour (usually depending on the miner's fee, the higher the faster).
Media and brand awareness
More than any other currency, Bitcoin and cryptocurrencies are advertising. The mainstream and other media are talking about Bitcoin as it remains new and somewhat mysterious and misunderstood by many people. By trading Bitcoin, you need to set an additional marketing point and increase your brand awareness by positioning your company as a forward-looking company in your area of industry or commerce. This is potential free advertising simply due to the acceptance and use of Bitcoin.
Related: Bitcoin balances on exchanges are falling to levels not seen since 2018
The above are just a few of the ways that accepting Bitcoin can improve your business. Check out our articles regularly for more tips on how Bitcoin can help you grow your business.