Bitcoin has already gone ahead and conquered the investing world with skyrocketing popularity and evolving valuations. The technological diaspora has been permanently and positively altered by the legendary mechanisms behind this global phenomenon such as blockchain systems and peer to peer network transactions.
This means no futile transaction fees for the middle man and an utterly public ledger that largely discourages financial fraud. And thus, this kind of crypto-currency put out a glorious combination of technology and ethical philosophy that has led to real-world growth around the globe. But aside from these direct applications, there lies a tremendous potential to improve and optimize existing businesses of different varieties with the help of bitcoin news. So here is a comprehensive list of benefits a company could witness should it chooses to adopt bitcoin into its commerce-fold.
Table of Contents
Control What You Pay
Many online transaction methods have a limit on the payments you can conduct or fees you can charge. This limits the growth of your business, stops it from gaining a wider margin of profits and consequentially bars your journey into the big leagues. This particular problem is not a big issue with Bitcoin.
You do not have to pay to get your payments like the traditional fiat ATM. No fees are charged for you to receive altcoins, and the user solely decides the upper limit of transactions. Most bitcoin wallets may charge you a small fee for access to maintain their servers, but they remain independent of the size of the sales. That means be it two bitcoins or 2 million of them, the fee will remain the same.
Secure Conduction of Business
It has become a necessary norm now to adopt some method of electronic transactions. The usual mediums such as credit cards and e-wallets often can back-charge the amount due which then eats up your profit. This is increasingly becoming a prevalent cause of transaction fraud where the amount paid earlier is reversed and thus vanishes from your bank account.
This will force you to increase charges which will drive away customers. Due to the inherent technological basis of Bitcoin, all transactions are secure and irreversible, so this issue becomes obsolete once you start using bitcoins for all your payments.
Global Outreach and International Trade
The world is rapidly becoming smaller, and many big businesses are raking in the moolah by widening their customer base beyond their national origin into the international waters. Now with bitcoins, it’s possible for all companies, even the ones that are just starting. And the best bit is that the process is instantaneous.
Banks may make you wait three or four business days for your transaction to be completed, but with Bitcoin, your payment will be confirmed within seconds. There are no other strings attached either; the transaction limit is non-existent.
That means there is no cap to how many bitcoins you choose to charge from your customer. And there will be no additional fees charged by the facilitator either. It will be business as usual but the customers will from all over the world.
The core of the Bitcoin philosophy involves complete autonomy and total transparency. This can benefit the image of your business and attract customers looking for an honest establishment. You don’t need to track all your financial documents and submit to the authorities in the typical, pain-staking process of bureaucracy.
The blockchain will keep account of all your transactions automatically, and the public will be able to see all of it live. This is an excellent medium that non-profit organizations can adopt to promote their brand and showcase their donations as well as its implementation to potential donors.
This is just the tip of the iceberg. There are even more advantages that can be gained with the adoption of bitcoins as a viable medium of transaction. It will widen your customer base as there are a lot of bitcoin-owners out there looking for businesses to spend their newly acquired bitcoins.
It is an untapped pool of customers that can drive up your sales and profits. Besides, Bitcoin, in itself is a practical, user-friendly and secure crypto-currency that will only bring good things to your establishment.