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Is Bitcoin The Best Choice For Your Business?

In order to push Bitcoin awareness and adoption to new heights, we have to keep convincing as many businesses as we can to start accepting Bitcoin payments. Regardless of whether their business model is focusing on the online or offline space, business owners can greatly benefit from digital currency payments. But what is the driving factor for business to accept Bitcoin?

Proper Education on Bitcoin

One of the key elements in getting more business to accept Bitcoin payments starts with proper education about this disruptive digital currency. And not just in regards to the technological advantages, as these types of conversations usually lead to people understanding even less than before they started talking to you.

Don’t get me wrong, Bitcoin offers a technology revolution in its own right, but it is simply too far ahead of its time. People have only recently gotten used to the idea of using bank-issued cards, credit cards and debit cards in order to pay for their purchases/ And online shopping is an area that is still growing year over year, despite huge amounts of sales registering during the holiday periods.

On the other hand, the latest economical crisis – which is still going on, despite what economists might be trying to tell you – has opened the door for an entirely new financial structure to gain a foothold. Bitcoin came along at the most opportune time, and despite it’s six years of existence, most people still can’t explain what it is exactly.

When you get asked to explain Bitcoin, there is no one definitive answer or explanation that checks all the boxes. You have to keep in mind who you are talking to, and what kind of background they have. And more importantly, which aspect of Bitcoin are they interested in the technology or the monetary aspect?

As long as we can’t properly educate people on Bitcoin – an issue a lot of us have been trying to tackle for years now – we will never see mainstream adoption. However, efforts are being made in order to provide novice users with relevant information on the aspect of Bitcoin they are most interested in. The technology side isn’t relevant for most people just yet, but it will be in a few years from now.

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Noticeable Profit Gains In The Form of Payments

For a business owner, the story is relatively simple. They want to expand their customer base and spend as little money as possible while doing so. Bitcoin checks all boxes in that regard, as it is a global payment method with nearly no set-up costs and incredibly low transaction fees associated with the transfer of money between users.

But there is an asterisk to be made here. If your business relies on a lot of small amount-based transactions per day, Bitcoin is a perfect solution for you. Instead of working with cash payments or credit cards, Bitcoin payments can be done nearly instantaneously at very low to zero extra costs.

However, if you are a car salesman, for example, Bitcoin may not be the right fit for you just yet. Granted, you can reduce the transaction fees to a bare minimum as well. But converting Bitcoin into thousands of dollars of cash on an irregular basis may not be worth the [tiny] amount of hassle that is a part of accepting Bitcoin payments.

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Source : http://www.forbes.com/sites/billconerly/2015/02/24/should-businesses-accept-bitcoin/?utm_content=buffer7237e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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