Cryptocurrencies like Bitcoin are rapidly integrating into our society today. However, the same can’t be said about businesses. Their slow adoption and reluctance in adopting cryptocurrency stem from the lack of knowledge. To take your business to the next level, discover the benefits of adopting Bitcoin in this article.
With Bitcoin, your business will experience:
Increased Brand Recognition
The sheer number of competitors in the market might make it harder for you to stand out as an organization.
However, you can adopt Bitcoin in your operations and stand out. How so? When you make transactions easy for your clients and meet their needs, they’ll spread the word and give your business increased visibility. Other businesses will get interested in offering the same services as you. However, by the time they learn how to invest in Bitcoin, you’d have already made your mark in your industry, giving you a competitive edge against competitors.
Wide Customer Base
As various parties worldwide adopt Bitcoin, embracing it places you in a better position internationally.
Trading using cryptocurrency allows you to have local clients and global ones. Another business might offer the same services as yours, but they utilize the traditional exchange system. With your firm allowing Bitcoin transactions, clients will often opt for your business due to the versatility of bitcoin. You’ll get to meet their needs despite their geographical location.
Ease Of Transaction
Bitcoin allows for paperless transactions with your customers, reducing the formalities needed to make or receive a payment, previously witnessed in the fiat exchange system.
Payments are only made through an online platform, an easier alternative than going to the bank to process a payment. Apart from the two transacting parties, there are no middlemen or other parties involved during a transaction, such as your bank or a regulatory body.
Increased Customer Satisfaction
More often than not, customers are always satisfied with services rendered through Bitcoin. This is because minimal approvals are needed, there are no delays in the process, and cryptocurrency offers privacy.
Bitcoin has a way of hiding the identity of its clients, who are only identified through public keys that change after making a transaction. Your customers don’t share their financial information, making it a secure platform for them. This, in turn, increases their satisfaction levels.
Businesses have the potential to increase their revenues through Bitcoin. How?
With Bitcoin enabling you to break business barriers internationally, you have a broad market for your services, widening your customer base. Unlock new segments of the market you haven’t reached before. More clients, both local and international, means more sales.
Many costs are incurred while using the fiat exchange system. Your clients are charged a fee for any transaction made using their credit cards and during international money transfers. Most banks charge a fee for all their services. All these small costs pile up and end up costing you money.
However, these small charges are reduced with Bitcoin, if not eliminated. You can store your money in a bitcoin wallet that doesn’t charge maintenance fees. There are also no currency exchange fees associated with bitcoin transactions. This reduces costs to your clients and your business, making it a viable platform to adopt as a business.
No Reversable Transactions
With the regulated exchange platforms, clients can cancel an order made, even after you’ve processed the order. This takes your business through many losses, not forgetting the inconveniencies caused by such a cancellation.
Bitcoin eliminates these losses since once a customer has confirmed a transaction, they can’t reverse the order made. This safeguards your business processes and resources, placing you in a better position.
More Business Control
The regular exchange system gives business owners minimal control over their finances. A lot of bureaucratic red tape is involved in larger transactions and can be a hassle for business owners.
Adopting bitcoin gives you more control, if not absolute control, over your business’ finances. There’ll be no one questioning your transactions, denying you access to your finances, among other inefficiencies.
Safe Data Storage
As previously mentioned, Bitcoin gives your business a wallet, where you store your money online, under a hidden identity. This system also provides a backup to safeguard your finances and prevent the loss of data.
With a bitcoin wallet, you’ll not worry about losing your money through a heist, among other ways.
Bitcoin is a system that you should adopt for your business. This will give you an edge in the market as one of the first businesses to do so. Before incorporating the use of bitcoins into your company, you need to learn how it operates. By doing this, you’re able to utilize its features to the maximum, eliminating any risks arising from errors due to the lack of know-how.
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.