When cryptocurrency was first introduced, there were a number of early adopters from within the dark web. As a result, many businesses may view platforms such as bitcoin as slightly unethical and have reservations about using any cryptocurrency.
Like all cryptocurrencies, bitcoin is currently unregulated. However, it is a secure payment method, and has some distinct advantages over more traditional forms of payment:
- Lower fees – Transaction fees are lower with bitcoin than with credit cards, and when cryptocurrency is not exchanged, it also eliminates the need for bank charges.
- Fraud reduction – A payment made with bitcoin cannot be reversed after the fact. This is different from credit card payments, which can be reversed using chargebacks, a feature often exploited by fraudsters.
- Instant payments – Credit card payments can take days or even weeks to come through. Meanwhile, cryptocurrency offers instant transfers.
- No barriers – Cryptocurrency makes international trade more accessible by removing barriers and restrictions to trade, ultimately making it easier to accept payments in different currencies.
- Attract new customers – As bitcoin is still a fairly new method of payment, offering it as an option for your customers could help you bring in new business.
- Get ahead of your competition – By being an early adopter of cryptocurrency, you can gain a competitive advantage over your competition.
As cryptocurrency becomes more widely embraced, businesses should be keeping a close eye on how this technology develops and consider how it could be used to their advantage. If you’re new to blockchain, cryptocurrency and bitcoin, take a look at the guide from Sage below on how bitcoin works.
This article was originally posted on our sister publication, The Global Treasurer.
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