Even though it’s still the new kid in the block of the financial segment, it’s already become the new norm for many people. And, thanks to such popularity, more than 30% of businesses in the USA have already started accepting it as a form of payment.
So, should you, too, start using it for your organization? Or, would it be better for you to wait for a while before jumping on the Bitcoin bandwagon?
Let’s keep reading this article till the end to learn more regarding this aspect.
Table of Contents
Why Should You Accept Bitcoin?
Compared to the conventional point-of-sale system, Cryptocurrencies can offer a wide array of benefits for the users. Here’s what you need to know about it.
Benefit – 1: The Transaction Fee Is Low.
As you probably already know, there’s no need to opt for a central intermediary to transfer Crypto from one account to another. Thus, you can easily avoid paying the additional amount of money, which you had to reimburse while using a credit card.
If you use a trading application like bitcoin billionaire, the transaction fee will decrease a little more. So, make sure to find the best possible option and get on with it.
Benefit – 2: It Can Increase Your Sales.
With Crypto acceptance, you will be able to increase your sales massively. After all, with the integration, you’ll be able to cater to more and more people at once. Hence, it’ll be easier for you to accept more payments at once without having to pay out anything.
For example, a seller reported selling about USD 300,000 worth of merchandise in more than 40 different countries by accepting Crypto. It’s that simple and easy.
Benefit – 3: Consumer Convenience.
Accepting Cryptocurrency, or, more specifically Bitcoin, will provide your customer with yet another chance to buy your service. Also, many people don’t keep cash in their pockets.
Therefore, it’s always better to keep another payment option in your hands. This way, you’ll be able to cater to more people and make everything much more convenient for them.
Are There Any Risks, Though?
Well, yes. Bitcoin, like how unpredictable it is, adoption can be quite risky, especially for an SME. However, if you compare the upsides and the downsides closely, the former is going to win by an overwhelming amount of points.
Still, in our opinion, it’s better to learn about both sides of the coin. Thus, let’s not make any further ado, and get started with it.
Problem – 1: Technical Barrier.
Accepting Cryptocurrency is quite a hassle if we’re being honest. For example, with it, you’ll need to set up a digital wallet, create your account, and so on. And, the whole process will be much different than opening your bank account.
Hence, if you don’t have enough technical knowledge, you might find the whole procedure to be a little more difficult than usual. Additionally, you will need to learn a little more about the world of Cryptocurrency, which is quite a steep curve too.
Problem – 2: Volatility Of The Market.
The pricing of the Cryptocurrency market keeps changing all the time. And, this, in turn, can affect your calculation of revenue generation to some extent.
Apart from this, the security of this business segment isn’t decent at all. In many cases, we’ve seen people losing all of their fortunes just because someone else has stolen from an exchange.
It’s pretty frustrating and a prominent reason that makes most people stay away from BTC as a whole. Only speculative investment and holding onto what you have can save you.
So, Should You Become Bitcoin Smart?
Well, the world of Bitcoin definitely has its own shortcomings. However, they’re all-natural, especially if you look at the current state of the stock market.
Thus, in our opinion, it’s certainly worth investing in the market.
After all, it’s going to be the future of our financial system as we know it. So, it’s better to learn about it as much as possible.
In any case, now, we’ll be closing up our article. Hopefully, we could offer as much info as you needed from this article. But, if we still missed out on something, don’t forget to let us know all about it. Hopefully, we can offer a better explanation for it.