Bitcoin, the world’s foremost cryptocurrency, is transforming economies, and even governments are beginning to adopt it. Today, Bitcoin has surpassed $50,000 in value for the first time ever. The fact that businesses are now actively using cryptocurrency is a major contributing factor to Bitcoin’s growing economic value, as over 2,300 US businesses are reaping the benefits of its low-cost, convenient, and decentralized transactions.
Adopting Bitcoin can help you grow your businesses and stay ahead of the game, especially in today’s increasingly digitalized world. And here’s how…
It makes Transactions QUICKER, CONVENIENT & More SECURE
Accepting Bitcoin gives your customers a more convenient way to pay for your products or services. This can entice more potential leads to convert, allowing your business to reach a wider audience. One of Bitcoin’s key selling points is blockchain technology, which facilitates decentralized transactions that are quicker and more secure. Regulatory institutions do not govern the transactions, so they can be processed in just a few seconds.
At the same time, the blockchain secures the transactions by keeping all parties anonymous and decentralizing records in computers across the globe.
It Promotes Expansion into New Markets
Bitcoin allows businesses to expand into untapped regions. The transactions are decentralized and take place in real-time, so you can process payments from customers all over the world — allowing you to tap into global markets. More importantly, adopting Bitcoin means you can cater to the growing market of Bitcoin and crypto users, who, according to a 2020 study, spend twice as much as credit card users on commerce.
It Makes Businesses Future-Proof
Bitcoin isn’t tied to a fiat currency, so it can be a great alternative or balancing asset for when the latter depreciates due to inflation. You can also opt to exchange funds that you aren’t using for Bitcoin to protect your money during economic recessions. Bitcoin did really well throughout the pandemic, a time when the value of fiat currencies and stocks reached all-time lows.
Furthermore, Wall Street banks are getting closer to adopting cryptocurrencies as a legitimate asset class. Therefore, integrating Bitcoin into your business will equip it to thrive in a future economy where digital currencies are the norm.
How to Get Started
Businesses can start by simply accepting Bitcoin as a form of payment. Get in touch with a crypto payment processor like BitPay and CoinPayments, so they can add an NFC terminal into your points of sale.
But if you’re looking to trade your assets for Bitcoin to protect them from inflation, then you need to look at utilizing trading platforms, like Wealthsimple Trade and Binance. The cryptocurrency’s existing infrastructure makes learning how to buy Bitcoin relatively simple. Purchases can be made in a number of ways, including by wire, bank transfer, or credit and debit cards. Just remember to pay attention to Bitcoin’s current value and research how it’ll move in the coming days. Trading platforms will usually give you these predictions for free, but you can also follow Bitcoin news from Marketwatch, CoinDesk, and other reputable online resources.
All these benefits and more will only serve to give your business a competitive edge moving forward. You can serve more customers over a wider geographic area, for example, and holding Bitcoin in a digital wallet will ensure that your business has the resources to operate no matter the circumstance. The returns that you will get from these benefits will fund future opportunities for growth and secure the long-term viability of your business.