More than 100,000 businesses have already accepted Bitcoin. These include well-known companies like Microsoft and Dell. But, it is not just the large companies who could benefit from Bitcoin; many small businesses could as well, and here’s how.
Small businesses often get hit with high merchant transaction fees, which is why Bitcoin is an excellent choice. Typically, Bitcoin transaction cost between 1 % and zero. This is because Bitcoin does not require a bank to verify each transaction. The catch is that you’ll likely have to pay a small transaction fee, which will speed up your processing.
You do not have to wait for the money to arrive in your bank account, as the blockchain does it for you. This means that in theory, you can charge a customer and receive your money almost instantaneously.
If you deal with a lot of overseas customers, Bitcoin is great as it is a solution because it is a global currency, which means that it ignores border restrictions.
Bitcoin is a digital currency that works more like cash than credit. This restricts the number of payment disputes that can happen, as Bitcoin transactions are final and cannot be contested by the customer. If this is a problem that you face in your business, then Bitcoin could really help you.
Accepting Bitcoin could also be seen as an investment opportunity. Whilst its volatile price can be a downside to the company, it can also be seen as a benefit, as you could reap the benefits should the value increase.
Of course, with any sort of investments, there are a number of risks associated with it. It’s unregulated, although this might well change as tighter regulations are being called for. This leaves it open to fraud, and theft. It is unstable; like we mentioned, although you can benefit from the price increases, it can go the opposite way and you can suffer the losses as well. Finally, because it is still fairly unaccepted, it is difficult to plan for, making it hard to plan financial statements, figure out your taxes and determine your prices.
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