6 Reasons Why Your Business Should Accept Bitcoin

Olga Shirimova
June 15, 2020
Why should your business accept BTC

The number of companies accepting BTC is growing every year. If you run a business, you are probably thinking of adding crypto to your payment options. To help you decide, we’ve made up a list of 6 reasons why your business should accept Bitcoin.

Bitcoin transaction fees dynamics (2016 – 2020). Image source: YCharts

Reason 1: Smaller Transaction Fees

These days, the main concern of any business owner is cost reduction. In this light, BTC transaction fees that are much closer to zero than regular ones, look very appealing.

Of course, they are not so small as they used to be before the coin became so popular. But still, no traditional payment method can beat crypto here.

At the time of writing, the average BTC transaction fee is slightly more than 1 USD. This fee can be higher or lower, depending on how busy the network is. You can check it here at any time. 

This benefit is especially important if your company operates globally and has to process cross-border transactions regularly.

The list of BTC transactions: you see the amount sent but not the sender. Image source: CoinDesk

Reason 2: Better Security

The security of transactions is another reason why merchants should love BTC. As you probably know, all crypto transactions are recorded in a decentralized public ledger. Every node stores a copy of this ledger, and no one controls it. Once a record gets verified and added to the blockchain, it cannot be changed or deleted. If you want to know more about how blockchain-based transactions work, read our guide.

Also, cryptography keeps your personal data from prying eyes, as the real-life identities of both senders and recipients stay hidden. Therefore, when you add BTC, ETH, or another digital coin to your list of payment options, it’s a tribute to your customers’ privacy.

One of the companies accepting payments in BTC is Virgin Galactic, and it’s a good example to follow. 

Reason 3: It Makes You Look Modern

What do you think when you see that an online retailer accepts BTC as payment? Most probably, it’s signal that this company is keeping up with progress and is ready to use new opportunities.

If this option appears on the website of your store, people will think the same way about you. Sure, such a futuristic image may be less important if you sell penny blossoms. But if you offer hi-tech products or services, you should be ok with BTC payments. It’s a matter of good manners. 😉

This is what your announcement may look like, if you decide to add BTC payments. Image source: Alza

Reason 4: It’s Good For Your Brand Promotion

Frankly, are there many things happening to your business? We mean things that could attract the attention of a potential customer, not some minor site updates. if you seek to increase your brand awareness and channel more people to it, adding BTC payments would be a good PR trick.

You can build a little promo campaign around this event. Send your clients a newsletter, place a colorful ad on your website, post a joyful announcement on your Facebook page, and spread the word using available media. If you play this card well, BTC acceptance may give new life to your business.

The BTC community has been growing, and by now the number of wallets is over 42 mln. Image source: Bitcoin.com

Reason 5: It Caters to Crypto Community

In case you didn’t know, the global crypto community is rather big. To give you an idea, there are over 42,000,000 BTC wallets in the world in 2020. Sure, some of their owners might get interested in your products, especially if you promote your BTC acceptance among this group.

The point is, the crypto community is rather enthusiastic about digital money. These people believe in cryptocurrency and promote its use. Therefore, they tend to support crypto-friendly merchants, as it fits their ideas and makes cryptocurrency more popular.

Reaching out to this category is a good way to diversify your portfolio of clients and increase your sales.

You can use CoinMap to see how many merchants accept crypto in your area.

Reason 6: It’s a Competitive Advantage

Finally, when you start accepting BTC you get an additional advantage over your business rivals — or keep up with them.

Don’t forget that you are not the only merchant with this idea — a lot of business owners all over the world are going to embrace crypto payments. It’s important not to miss this train. If your competitors add this payment option before you do, it will make you look outdated and slow.

So, being an early adopter is an important advantage. Besides, if the popularity of crypto grows over time, you will probably have to follow the trend, whether you want it or not.

Why Your Business Should Accept Bitcoin: Final Thoughts

We have explored the main reasons why your business should accept Bitcoin and other popular cryptos as payment. Of course, there are some cons to this decision, too. One of the major stumbling blocks is BTC’s volatility. But there are ways to fight it: for instance, you can convert your BTCs into fiat as soon as you receive them.

Finally, you should be aware that adding BTC payments is unlikely to boost your business instantly. Today, it’s a useful feature that sets you apart from the others. But tomorrow it will mean being as good as the others.

So, grab your chance to be among the leaders.

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