7th February, 2022
Bitcoin adoption is increasingly gaining momentum among businesses. Find out the signs you can use Bitcoin in your enterprise.
Businesses have increasingly adopted Bitcoin as a currency for daily transactions.
Some corporations have acquired extensive Bitcoin holdings as a smart move to diversify their portfolios and hedge against inflation.
However, Bitcoin has several other applications in business beyond just payments and investments.
So, how can you know that your business is ready for Bitcoin? The following are some indications that your business is ripe for Bitcoin adoption.
Increasing Online Sales
Several online businesses have adopted Bitcoin as payment, allowing their customers to pay for various goods and services in Bitcoin.
While many electronic payment systems exist, most have not met the growing demand for seamless, prompt, and reliable payment processing.
For instance, credit card payments usually experience delays and bear substantial transaction costs.
If your business is experiencing increased customer traffic online, it would be ideal to adopt Bitcoin.
Doing so will enable you to process payments quickly and efficiently. That is because Bitcoin payments do not involve third parties.
The blockchain usually processes payments in just a few minutes, enabling you to serve many customers in a short time.
You can process Bitcoin payments through your wallet or a trusted crypto exchange platform such as the bitql.
It costs nothing to receive Bitcoin payments in your wallet but, crypto exchanges will charge a small fee for processing transactions.
Global Supply Chain
Managing an integrated supply chain is not straightforward due to the multiple players.
Processing payments to suppliers and distributors in different parts of the world can be costly and effort-intensive.
Sometimes, government restrictions may prevent you from transacting with suppliers in certain blocked countries.
Bitcoin can help you solve all those problems because it is a decentralized currency.
Taking Bitcoin payments in your business will enable you to process payments to your suppliers and distributors worldwide without any external intervention.
Bitcoin is not subjected to government regulations, allowing you to transact with other businesses and individuals worldwide at your convenience.
Using Bitcoin will ensure that your suppliers and distributors get their payments on time, preventing unnecessary business disruptions.
Payment Disputes
Payment disputes are common in business and may come from customers, suppliers, distributors, and workers. Sometimes, customers may send payments and fail to reflect on the system.
On the other hand, you can send payments to suppliers, and they say they haven’t received them. Such issues usually impact distrust and could harm your business significantly.
Accepting Bitcoin could be the best way to solve constant payment disputes with customers, suppliers, and workers.
Bitcoin’s blockchain verifies and validates all transactions on an irreversible public ledger, accessible to all users.
The irreversibility of the database makes it impossible for any party to manipulate transactions.
Unlike credit cards payments that banks and money processors can reverse, Bitcoin transactions are irreversible.
The blockchain’s ledger creates a transparent footprint of all Bitcoin transactions, enabling merchants to avoid fraud and other common risks.
Bitcoin allows you to keep a better track of all your transactions, making it easier to resolve payment disputes with suppliers, customers, and employees.
Additional Revenue Stream
There are several ways to generate extra income for your business.
However, Bitcoin could also provide a lucrative revenue stream in the short-term and long term.
Besides Bitcoin trading, your business can also buy and hold Bitcoin for long-term profits.
You could also invest in other crypto projects such as mining to generate additional income.
Overall, Bitcoin could be the best thing to ever happen to your business.
However, Bitcoin has benefits and risks that you should understand before adopting it.