We’re over 10 years into Bitcoin’s (BTC) lifespan now and it’s safe to say that it has cemented its place in financial history. As with anything new, Bitcoin had a rocky start, but now, it seems as though we’ve hit a sweet spot. Our favorite digital currency has developed many real-use opportunities over the years—making payments more manageable, looking out for the unbanked and underbanked, and many more. Now, people all over the world know how to buy Bitcoin and take full advantage of its benefits.
As crypto adoption grows, businesses both big and small have started accepting Bitcoin as a payment option for their goods and services. If you’re a business owner and are aware of how profitable Bitcoin can be, you’ve probably entertained the idea of accepting it as payment in the past.
If you’re still on the fence about it, here are three great reasons for accepting BTC as payment:
1. Expand your reach
One of Bitcoin’s most significant benefits is that it acts as a financial passport, allowing anyone in the world to participate in online transactions. In some places, traditional banking transactions can be challenging and expensive. Bitcoin solves that problem by taking care of the involved currencies, exchange rates, and transaction fees.
By accepting Bitcoin as payment, you can open your doors to everyone in the world—something that can potentially spike your sales.
As your reach expands, more international payments may follow. With traditional means of payment, that process can get a little slow and tedious. Bank payments can take a few days, some online wallet services aren’t available everywhere, and let’s just forget about sending checks internationally.
Bitcoin, since it’s peer-to-peer, doesn’t need a third-party facilitator. That means no more extra convenience fees or service charges. Payments are made within minutes, all at the lowest possible price.
3.The issue of chargebacks
Small business owners are always susceptible to credit card chargebacks. Luckily, that isn’t the case with Bitcoin.
Although BTC is a purely digital currency, it actually acts more like cash than credit cards. Bitcoin transactions are final and irreversible, making chargebacks impossible as well as duplicating and falsifying BTC.
Together, this aspect of Bitcoin helps safeguard merchants like yourself and protects you from any scammers lurking in the dark.
No matter how big or small your business is, Bitcoin can certainly help by securing your transactions, increasing revenue, and reducing costs.
If you want to get started, it’s incredibly easy. If your business is a brick-and-mortar establishment, all you need to do is put up a small sign beside your cash register. If your business is primarily online, you can add it to your payment options or put a small banner on the home page. From there, all you’ll need to do is provide your wallet address where your customers can send their BTC payments.
You can even use it as an investment opportunity. You can make a profit by holding your BTC earnings and waiting for the price to rise. You don’t even have to limit yourself to BTC.
When it comes to crypto, there have been many naysayers in the past. However, we’re at the point in its development where people are starting to see real benefits. At this point, who knows where it’s going to go? Well, at least there’s one thing for sure: cryptocurrency has a lot of untapped potential—and we can’t wait to see where it’ll take us.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.