While many businesses have already joined the Bitcoin revolution by accepting bitcoin payments, many are still hesitant to make the jump. They are afraid that with Bitcoin’s volatility, they may end up essentially giving their products or services for free. What this means is that they think they are going to get shortchanged if the price in bitcoin drops and would, therefore, lose all their profits. But this is absolutely not the case! In this article, you’ll find out exactly why you shouldn’t miss out on accepting bitcoin payments.
1: Instant Bitcoin Conversion To Your Local Currency
Bitcoin’s volatility is a business owner’s biggest concern. But with payment gateways like BitPay and Coinbase, you can easily bypass Bitcoin’s volatility. These services will instantly convert your bitcoin payments into your local currency which you’ll receive in your bank account the following business day. This means that if your customer paid you $100 worth of bitcoins, then you’re going to get exactly $100 in your bank account.
2: No Chargebacks. Ever!
One of the most common things business owners hate with credit card payments is the very real threat of receiving a chargeback. Some customers are just fickle-minded and dishonest. They would file chargebacks for the smallest reasons like they’re not happy with the color they got, or they regretted the purchase, or something similar. But with bitcoin payments, you don’t need to worry about chargebacks because all bitcoin transactions, once verified by the Bitcoin network, are final and irreversible. This means those bitcoins you’ve received are yours (unless of course, you chose to have them instantly converted to dollars).
3: No Costly Processing Fees
Credit cards are widely accepted worldwide, and merchants like receiving payments from anyone with a valid card. While credit cards are convenient, there are fees that merchants need to pay. Credit card fees can range anywhere from 3% to 4% per transaction plus another few cents for each transaction made. If you receive card payments from 99% of your customers, you’re basically paying a small fortune in credit card fees!
With bitcoin payments, the transaction fees you have to pay are nowhere near what you pay the credit card companies. In fact, the fees are practically negligible as they essentially come down to just a few thousand Satoshis (1 Satoshi = 0.00000001 bitcoin) or a few cents!
Here Are 5 Advantages Bitcoin Has Over Fiat Currency
Bitcoin is the first successful cryptocurrency in history, and it became successful because of the many positive merits not found in traditional or fiat currency (this is your country’s national currency). In this article, you’ll find out about five advantages Bitcoin has over fiat currency.
1: Bitcoin Is Decentralized
Unlike fiat currency, Bitcoin is not controlled by any bank or government. No single entity controls or regulates the Bitcoin network, not even its founder Satoshi Nakamoto. Without a controlling entity, bitcoins are technically inflation-proof since no one can devalue its price by manipulating its supply. Only 21 million bitcoins will ever be mined or created, unlike fiat currency which is printed when the government sees fit to print more money.
2: Extremely Easy To Use
Opening bank accounts is not a simple thing to do. You’d have to go to your bank, wait in line, fill out forms, submit your IDs, etc. It’s a time-consuming process. But with Bitcoin, all you need to do to get started is just create a free wallet, and that’s it! You’ll then be able to receive your first bitcoins in just a few minutes.
3: Fast Transactions
Most banks don’t work 24/7. Instead, banks are open for business during certain hours of the day on weekdays (some banks are open on weekends, but they’re far and few in between). But with Bitcoin, you can transact with anyone, any time of the day, wherever you and the other person may be located. Your bitcoins will arrive in just a few minutes.
Recommended: How To Identify And Avoid Common Bitcoin Scams
4: Highly Portable And Durable
Since bitcoins are electronic, they can’t get burned down by fire, and they’re not going to get wet in water. You can bring them anywhere with you, and they won’t even take too much space. Whether you have an online wallet, or an offline wallet, your bitcoins are easily within reach anytime you wish.
5: No More Exorbitant Bank Fees
Bank fees are the bane of anyone who has ever done any business with a bank. You want to have a bank account to store your money in, you need to pay fees. You need to use or withdraw your money, you need to pay fees. You want to send funds to someone else, you pay bank fees. The list goes on and on. But with Bitcoin, you’re bypassing all these fees. Digital wallets are free, and transaction fees are very, very minimal.