Bitcoin has come a long way since its invention back in 2008. In 2017 alone, it has soared from $1,006.50 at the beginning of the year to $4,420.50 at the start of October. Aside from investors, SMEs also stand to gain a lot from the success of bitcoin technology. Being free from the control of any central bank or government, there are several advantages to both entrepreneurs and customers. Here are the top three benefits entrepreneurs can get from implementing bitcoin technology in their business.
A Faster and Easier Way to Make Money Transfers
The process of paying suppliers overseas can be slow and also rather expensive. When paying using bitcoins, however, transactions can take 30 minutes or less. All you need to do is calculate for the bitcoin equivalent of the amount that you need to send in the local currency of the entity that you are sending payment to. After the transaction has been made and the bitcoin has arrived in the recipient’s wallet, they can then withdraw the amount in their own fiat currency. Transactions involving bitcoins are much more convenient, which is probably why even online casinos are embracing this technology. You can check online news and see that more and more reputable online gaming sites are accepting bitcoins for the same reason.
Convenient Payment Option for Customers
For both online and actual customers visiting a physical store, paying with bitcoin is relatively quite easy. Online payments are relatively as easy as transferring the amount in bitcoins from one bitcoin wallet to another, and the payment when in a particular store is the same. All the customer needs is their smartphone and they are all set to make payment. Although not many physical stores are offering this payment option yet, the BIC store in Japan has recently started to offer this and this video shows just how fast and easy a bitcoin store payment is:
A Revolutionary Marketing Strategy
Despite the growing success of bitcoin, not all businesses have added this payment option for their customers. If you decide to make bitcoin payment available for your online or physical store, this will be a great way for you to promote your business as an innovative brand. If you perform an online search for businesses accepting bitcoin payments, you will see several articles covering this topic and chances are, yours might get included if you start sooner rather than later. You can also announce the bold and innovative move on social media and you will definitely gain attention. Don’t forget to use hashtags for added exposure.
Bitcoin technology has experienced an unprecedented success over almost ten years, and it is showing no sign of slowing down. As an entrepreneur, it is always a good thing to take advantage of every opportunity for your business to move forward and grow. Undoubtedly, embracing the bitcoin technology is one of those opportunities to be known as an innovative brand and also to increase your business’ efficiency in terms of payments, from your end and from your customers’.