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Published On: Mon, Apr 16th, 2018

6 Things Bitcoin Can Do For Your Business

A few years ago most people never heard about the cryptocurrency. The rise of Bitcoin in last few years has seen an exponential growth. It gained immense popularity in recent times and has been largely accepted by many people and organizations to be the new currency of modern world. Bitcoin or other cryptocurrency coins have gained the popularity due to the underlying technology called Blockchain. Its popularity can be gauged by the fact that recently when there was huge windows operating system vulnerability called wanna cry, the exploiters demanded bitcoins from many users. Many organizations have already started using the same with very positive results on the overall business. So here in this article we will discuss about the six things Bitcoin can do for your business.

Bitcoin
Image/CASASCIUS

1. Why use Bitcoin in your business?

With the increasing demand and understanding of cryptocurrency by business, its immense use in transactions is not far away. You can hire your own blockchain developers to create a standard cryptocurrency for your company. However, with Bitcoin already in place and its immense recognition and demand you can simply start using Bitcoin as the standard cryptocurrency. Large companies like Walmart have already started using cryptocurrency in their global supply chain and it’s a matter of time many other areas of business will be redefined using the cryptocurrency.

2. Bitcoin as mode of payment

To start using Bitcoin as an accepted mode of payment you need to setup a bitcoin wallet and promote it via advertisements to your consumers. It is about providing your consumer with a new payment option! Further if you establish a brand around Bitcoin, in future your business will be considered as a trusted business while choosing Bitcoin as payment option.

3. Internationalization of payments  

The more available mode of payments increases the ease in payment. Unlike currencies of few nations which might not be accepted mode for payments at given merchandise, Bitcoin is universal and can be used for payments worldwide. Thus it can ease the payment process and in turn increase the likelihood of sale due to more accepted payment option. The price of one single bitcoin has reached more than 7800 dollars. Bitcoin is accepted in almost all country where you can take your business. In countries like Nigeria there are many exchanges where bitcoin can be purchases. To buy bitcoin in Nigeria you have many exchanges like ICE3X, NairaEx, etc. where you can buy bitcoin or fractions of bitcoin easily. Bitcoin is not a national, but a global currency!

4. Lower transaction fees

Bitcoin can help your business in reducing the transaction fee amount. Compared to the traditional credit or debit cards, the transaction fee for payment using bitcoin is lower and thus it becomes a very good alternative for the businesses to avoid unnecessary charges. The cost saved after avoiding transaction fee can be used to empower some other division across your business or towards customer rewards.

5. Quicker payments

We are already in a digital era and most of the transactions happen over the internet or using credit or debit cards. The problem in speed however arises when comes a need of money reversal. Usually it is slow and blockchain can make it fast. This will make the environment more business-friendly.

6. Robust security

If you are fed up and tired with security concerns, irregularities and compliance related concerns, Bitcoin is the solution. If anyone attempts to modify or alter the blockchain, the irregularities would be immediately flagged. Thus there is nothing about security which should concern your business. This is a great factor to be considered, especially for the small and medium-sized businesses that cannot afford to worry about the faithfulness of the transactions and the centralized or decentralized agency.

Conclusion

Thus, there are many benefits that bitcoin offers to a business. The only thing that a business needs to keep in mind before going into cryptocurrency is to analyze the need and understand how Bitcoin can fit in the picture. Bitcoin should not break your business and thus you should consult a Bitcoin expert or have a dedicated team towards studying its pro’s and con’s before actually implementing it.

Author: Deborah Belford

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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  1. Uni coursework writing help says:

    Utilizing Bitcoin as a methods for installment makes it speedier for you to get to your assets. You don’t need to experience banks and there are no concentrated clearing forms before you get your assets. For example, bank exchange takes inside 1-4 days while Bitcoins take inside minutes to a couple of hours.

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