As of 2022, thousands, if not millions, of businesses accept bitcoin and other cryptocurrencies as payment for their goods and services. This is because bitcoin and other cryptocurrencies are easy to use, transactions are quick, and business can be done without banks or other risky third-party intermediaries. So why should your company be different?
It’s no secret that deciding whether or not to accept bitcoin in your store can be hard due to price volatility, accounting problems, local laws, lack of education, and other problems.
Still, there are a lot of benefits to accepting bitcoin payments if you decide to do so. This guide gives ten reasons why your business should accept bitcoin as payment. Let’s start with them.
Getting things done faster and cheaper
Credit card fees are usually between 2% and 3% per transaction, and the merchant usually pays for them. Bitcoin fees are not based on the size of a transaction, but on how quickly you want it to be processed. Senders compete by giving miners more money to process their transactions as quickly as possible.
At the time of this writing, the average Bitcoin on-chain transaction fee ranges from a few cents to a few dollars during busy times. Depending on how much you pay in fees, the transaction could also take between 10 and 30 minutes to confirm.
If the Bitcoin network fees are too high for you or you want to send and receive smaller amounts, you can also set up a Lightning Network wallet, which lets you send and receive Bitcoin transactions instantly and for a fraction of a cent!
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A Lightning Network-based bitcoin payment system is already a part of El Salvador’s economy and is becoming more popular on the web and in other places around the world.
Installing a custodial Wallet of Satoshi on your Android or iOS phone is the easiest way to start accepting Bitcoin payments through the Lightning Network. For more advanced merchant operations, you should take the time to learn how to set up a BTCPay Server that doesn’t hold your money.
2. No risk from the fiat exchange rate
Bitcoin is volatile but many merchants who accept it bypass volatility by setting prices in their local currency and converting bitcoin into their currency of choice once the payment is complete. Bitcoin itself acts only as the medium through which the transaction takes place.
Here, a third-party-based bitcoin payment processor service with existing point-of-sale integration does all the work. Companies like BitPay, CoinGate, Coinbase Commerce, or Circle can even deposit the money in your bank account in your preferred currency once payment is complete. This helps reduce the bitcoin exchange rate risks, but these companies charge for their services by adding an extra percentage or two to the total transaction fees.
3. International sales
You can get more customers anywhere you can deliver your goods or services when you use Bitcoin. Only where you’re willing to ship is a limit. You don’t have to wait three days for the transaction to clear because you don’t have to deal with banks, which is the worst part of doing business internationally. Transfer limits, ridiculously long wait times, capital controls, asking questions you don’t want to answer, and outrageous fees are no longer a thing.
4. No chargebacks
In traditional finance, fraudulent chargebacks can be a real pain for merchants. Dealing with them takes a lot of time and effort, which you could use to grow your business and make your service better.
Once a bitcoin transaction is confirmed, it can’t be undone, so you don’t have to worry about this. It’s up to you to decide if the customer’s claim has any truth to it.
5. Easy to Use
Using Bitcoin is relatively simple and only gets easier with time. Even so, there is no need to understand its technology to accept bitcoin payments – nobody requires you to know how backing (or lack thereof) works for fiat currencies, too.
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You need basic network knowledge, but it’s easy to come by nowadays. The only area that might need more attention is how to secure your bitcoin wallets and their backups.
6. Positive publicity
Bitcoin adoption still has a long way to go. Being the first business to accept bitcoin can earn you headlines in local news portals, and it might be beneficial to submit your website to communities like:
- Wallet of Satoshi’s Bitcoin Map
7. A brand identity that looks to the future
Imagine that you have a “cutting-edge” brand or that you are known as a “thought leader” and “early adopter” of new and popular things. If so, accepting bitcoin as a form of payment sends a clear message to your audience.
Bitcoin is a technology that is open to everyone, clear, empowering, and inclusive. It was made so that its users can’t be cheated or treated unfairly. Supporting and promoting the use of bitcoin is a great way to show solidarity with activists, people who don’t have bank accounts, and other honest and hardworking people around the world who are tired of the drama, infighting, and never-ending corruption that causes central banks to mismanage money and markets badly.
One of the best examples of early Bitcoin adoption is the Canadian restaurant chain Tahini’s, whose owner has become an ardent Bitcoin supporter on Twitter and turned the restaurant’s balance sheet into bitcoin. This, in turn, has helped spread the word about its brand and given it new business opportunities, such as growing the restaurant chain.
8. Immutable savings
Bitcoin is meant to be the most secure and long-lasting computer network in the world. By basing your business on the bitcoin standard, you also adopt its unchangeable monetary policy and energy-based network guarantees.
Most Bitcoin supporters say that this makes Bitcoin a great way for people and businesses to save for the long term. Even though there are no guarantees about how BTC’s price will change in the future, a stable supply of currency and growing utility and demand for bitcoin have helped to raise its price so far, and this may continue in the future.
9. Deep security
Most ways to save money or pay online involve a third party. When you put money in a bank account, the bank has the final say on what to do with it, even though it is your money and you worked hard for it. If they think it’s necessary, they can close your bank accounts and take all of your money.
This can cause businesses to lose a lot of money and cause a lot of problems, like orders being late and other things.
Bitcoin is not controlled by a central authority. This means that only the buyer and seller are involved in a transaction, and you have full control over your money and the system that moves it.