Is the time right to jump onto the Bitcoin bandwagon or should you wait for the dust to settle? Bitcoin has been making a lot of noise in recent times reaching record highs and gaining attention of professional investors and aspiring young investors alike. So, if you are an owner of a small business you could consider using the Bitcoin for boosting it. There are many small business owners out there who are doing the same. The crypto asset may have failed to make much headway during the first few years, but the blockchain technology is now gaining quick acceptance.
Why Businesses Should Use Bitcoins:
Companies are now fast adopting Bitcoins as a payment system. For instance, Overstock is one of the leading names amongst businesses accepting Bitcoins. Smaller niche ones like Kitchen Cabinet Kings are also accepting Bitcoins now. There are many reasons for this change and Bitcoin’s increasing mainstream adoption. Here are some of the strongest reasons:
- Perhaps the expectation of greater security is driving small business owners to this digital payment platform. Every Bitcoin exchange gets recorded in a shared public ledger called the blockchain. This will show the amount involved in transactions but keeps the identity of the sender and receiver completely anonymous. Moreover, cryptographic hashes ensure that transaction records once added to the blockchain cannot be tampered with or edited. So, at a time when consumer trust is low and online threats at an all-time high, does the Bitcoin not come across as a much safer option?
- Another popular reason why modern entrepreneurs are turning towards the Bitcoin is because of low transaction fees. Bitcoin and other cryptocurrencies are found to be much more cost-efficient than other popular payment services. You can buy bitcoins through Paypal which is an international payment platform. In case, you are looking to buy bitcoins in Germany you can search for keywords bitcoin kaufen paypal coincierge and locate the exchange.
- The very fact that you accept Bitcoins can help to promote your brand image. When you own a high-tech company catering mainly to tech-savvy customers, accepting Bitcoins may be a good way to consolidate your brand reputation further. It shows that you are confident to take risks if there is a possibility the new technology could be rewarding.
- Press releases can be the best ways to promote your brand image. So, you could start writing press releases to declare that you have started to accept Bitcoins now. You may launch a whole advertising campaign to highlight this.
- To stay ahead of your competitors it is important to stay in tune with the times and adopt Bitcoins before they do. If that happens, Bitcoin loyalists may change their brand allegiance.
How Businesses Can Use Bitcoins:
- Crowdfunding has become a popular thing with the Bitcoin gaining prominence. Investors may be wary of investing into new products and they can instead choose to make small investments. ICOs have become very valuable for small startups.
- Entrepreneurs can also gain a lot from cryptocurrencies; for instance, they get new investment opportunities. Today anyone can invest in crypto projects and concepts. Individuals will get the chance to own shares in big companies.
- Where shopping is concerned, customers will always go to places that offer multiple payment options. Besides, customers will be keen to use digital currencies all the more as no processing fees are involved.
- Businesses can use cryptocurrencies for establishing their brand image and increasing their customer base further. Cryptocurrencies can offer free advertising for your business; for example, you can give away free Bitcoins to get new customers.