5 Benefits of Using Bitcoin as a Payment System for Business

If you have been paying attention, you are certainly aware of the bitcoin hype. 

What you might not know is that, whilst crypto has been a consistently trending buzzword for over a decade, it is now becoming an increasingly popular currency among companies.

Recent data shows that, in the US alone, about 2300 businesses are currently trading in bitcoin. This includes giant companies such as Paypal, Microsoft and Wikipedia.

This rise in popularity is causing many decision makers to wonder whether they should start employing bitcoin as a payment system. The truth is, when used mindfully, digital assets can play a strategic role in company growth. Below, we have gathered five reasons why we think you should.

 

1. Expanding your client-base

Providing multiple payment options is an effective strategy for companies wanting to reach many different types of buyers. Crypto users often represent a younger and more tech-savvy segment of the population. Allowing bitcoin as a payment method will help you attract this new demographic. In fact, it is estimated that 40% of customers choosing bitcoin as a payment method are new clients.

 

2. Overcoming geographical limitations

When growing your business, a common obstacle you may find is overcoming those problems brought on by international regulations on Fiat currency. Alternative digital assets such as bitcoin have the benefit of being decentralized, allowing for seamless trading with clients across the globe. Moreover, trading in bitcoin helps bypass the costs associated with exchange rates.

 

3. Security

Bitcoin is a versatile currency based on the blockchain algorithm that is encrypted and can be securely be stored in virtual wallets. Along with ensuring your bitcoins don’t get compromised, these wallets help you save time during your transactions and keep a record of all your company’s operations. 

 

4. Increasing customer satisfaction 

Consumers of the 21st century are widely known for valuing convenience. Paying in bitcoin is a fast and seamless operation that can safely be carried out on all devices. Furthermore, bitcoin encryption is meant to protect the buyer’s identity, meaning your clients won’t have to worry about leaking sensitive data during transactions.

 

5. Boost your company’s exposure

We already mentioned some of the leading companies trading in crypto. As time goes by this trend is projected to grow. What’s more, the US is bracing itself for the arrival of central-bank digital currencies.

Trading in bitcoin can open your company to unprecedented possibilities and help you do business with key stakeholders and foster professional relationships with important prospects. 

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