Cryptocurrencies are receiving a lot of attention at the moment, as many people are exploring investment options due to the success that Bitcoin has had so far. Bitcoin is the most popular and first every cryptocurrency. As a business owner, you may have been debating whether you should accept Bitcoin as payment for some time now. Before you make your decision, you need to be aware of the pros and cons of going down this route. So, let’s take a look…
PROS OF ACCEPTING BITCOIN AS A PAYMENT METHOD
There are a number of benefits associated with accepting Bitcoin. This includes the following:
You are giving your consumers what they want – A lot of customers want to use Bitcoin as a payment method. Not only are you providing them with another method of payment, but also you are giving them the option to pay anonymously – this is something Bitcoin provides. Therefore, they get an extra layer of protection in the process too.
Increased sales – You can expand and open your doors to global buyers due to the decentralized nature of Bitcoin.
Merchant protection – Another benefit that stems from the decentralized setup of Bitcoin is that merchants are protected from fraudulent chargebacks. Third parties cannot reverse charges, meaning the transaction is final – just like cash.
Lower transaction fees – Transaction fees are dramatically lowered due to the lack of a central intermediary. You are probably already aware of how costly credit card transaction fees can be, and these quickly add up.
CONS OF ACCEPTING BITCOIN AS A PAYMENT METHOD
Although the word ‘con’ has been used, perhaps ‘risk’ would be a more appropriate choice. If you do decide to accept Bitcoin as a payment method, you do need to be aware of the risks that are in place in terms of market volatility. This means that the value of Bitcoin can be very unpredictable. Because of this, you need to regularly and quickly have some form of translating your cryptocurrency back to your currency of record. This also highlights why you need to do as much research online beforehand – you can find guides on BitcoinIRA reviews, Bitcoin historical price data, and much more. Take the time to read up on as much information about Bitcoin as possible so that you are prepared if you do decide to accept it as a payment method.
Hopefully, you are now aware of the pros and cons that are associated with accepting Bitcoin as a method of payment at your business. It is important to consider these factors carefully before you decide whether Bitcoin is a viable payment method for your company or not. Do your research and make sure you are prepared before you dive in.