After years of being seen as an emerging trend, Bitcoin has firmly made it into the mainstream after more than 100,000 companies — including giant companies like Microsoft, Overstock, TigerDirect, and Dell, dabbled in it. However, for some small and mid-size enterprises, this popular cryptocurrency still sounds a bit daunting and too-risky to invest in. Even as the post-COVID-19 economy is setting in, trust in bitcoin remains promising; by growing 29% in the past three years.
The allure of accepting Bitcoin over other cryptocurrencies is quite simple: It's currently the most used and popular form of cryptocurrency with the largest market capitalization, trading on the exchange, and price stability over the decade.
Even in the midst of a pandemic crisis, Bitcoin price can immediately be on track from the cryptocurrencies "crisis" by touching the $12K zone once again, after dropping to $3,600 per BTC on March 12.
Today, there's around $25 billion worth of the crypto asset's global trade volume and has a $220 billion market valuation. Seeing the value above, it makes sense to keep an eye on the action. The sheer volume of activity means that Bitcoin will find some more impactful role in business and even society for years to come.
Thus, what it has to do to your business? The more stable Bitcoin, the more your business can invest in the crypto asset light-hearted way and without too many risks. And if you could provide your customers with this currency's digital format, it means you could also offer the blockchain technology that includes faster, cheaper, easier, and borderless exchanges of cash, from which your business may benefit.
That's to say, there are significant benefits to accepting bitcoin– of course, with some drawbacks, too. Some industries might see bitcoin as a light-hearted way to improve their performance and operation compared to some others. Does your business need to be seen to be at the cutting edge of this payment technology?
So, here are some industries that need to consider accepting bitcoin anytime soon seriously:
One of the most obvious companies that might require bitcoin for a new form of payment method is the e-commerce industry. Today, many online stores on e-commerce sites like Shopify have integrated Bitcoin payments by using plugins. Moreover, Bitpay also works directly with Shopify to encourage merchants to create stores that accept bitcoin as a new form of currency. Accepting bitcoin for your e-commerce stores means that you provide your customers with an exciting user experience to boost sales and make your store more lucrative quickly.
After all, bitcoin is the most well known as a digital currency, which is strongly related to the financial technology industry. Therefore, fintech companies can adopt bitcoin as a new form of cryptocurrency that can pull in more clients and users (for apps). Allowing customers and users to easily invest in such cryptocurrencies as Bitcoin can create a joyful, more handy financial experience. That's because bitcoin's secure cross-border transactions are completed much faster than any traditional bank-to-bank transactions.
There are some handy ways you can adapt bitcoin in your business operation. And it doesn't have to be all complicated. Here are some of the most simple and common way to use bitcoin to keep your accounting as simple as possible:
For some businesses, accepting bitcoin might sound daunting and overwhelming. In fact, it can help businesses survive and thrive, especially in these challenging times. With the pandemic outbreak and the challenge to cash as a medium of exchange, bitcoin can bring businesses a great positive outcome since it offers a cashless payment and greatly reduces costs associated with cross-border transactions.
Bitcoin's value will continue to evolve, and with the stats that remain promising, it's not impossible to see the benefits of using it for your business. Not to mention that there always will be more reasons why it's a good call to add it to your payment methods.
Andre Oentoro is the founder of
Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).
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