The way in which business is carried out has seen a dramatic transformation since the ancient days of barter trade. As change is inevitable, many of them have occurred, and now we are in the age of cryptocurrency. The use of cryptocurrencies has faced a lot of challenges and controversy, but it is now accepted by many business owners.
As of 2014, more than 80,000 companies accepted cryptocurrency, in the form of Bitcoin, for payment. So, is virtual currency a good idea? Here are 6 reasons why we all should accept the use of cryptocurrency.
1. Faster processing of transactions
It is very annoying to have a long wait for your funds to be available in your bank account even after you have been paid. This is never the case when it comes to cryptocurrency transactions. When making said transactions using this virtual platform, the money will be available in real time or after a few minutes. This is because the many banks that normally slow down the process will be bypassed.
2. It is a global currency
Having international currency is such a great gift. This is especially if the business you are involved in needs to acquire goods or services from another country that uses a different currency. With cryptocurrencies, you won’t need to worry about the exchange rates and other such time-wasting issues because a single cryptocurrency coin has the same value worldwide.
3. You will get new customers
There are so many people following every step made in the cryptocurrency world. Many people are eager to learn, embrace and understand how cryptocurrencies work. Others are even turning to established companies like Trybe to help in managing their crypto assets while learning about better investment solutions.
The moment customers start becoming familiar with cryptocurrencies to the point that they start using them, your business will boost if you allow transactions using digital currencies.
4. Lower transaction fees
If, by any chance, you are thinking about reducing your transaction costs, you need to think about using cryptocurrencies. The fee per transaction when using any cryptocurrency is normally cheaper compared to conventional debit or credit cards.
These cryptocurrencies are also decentralized and do not need a centralized bank for verifying transactions. What this means is that your business will get rid of those fees and in the process saving about 2% on every transaction.
5. Avoid chargebacks and fraud
Dealing with cryptocurrency is like dealing with cash. There are only two things involved, you either have funds in your wallet or you don’t. When using cryptocurrencies, all transactions are final because they get added to the blockchain through a process called mining. When paying using cryptocurrencies, the parties involved have to approve every transaction. This will mean that no disputes will arise after and no chargebacks will ever take place.
6. Customer satisfaction
Using cryptocurrencies could lead to increased customer and client satisfaction. If you provide your customers with more options to make payments using cryptocurrencies then this will give them more choices. The result is that this will give them more control over the manner in which they make their payments as well as interacting with your business at the same time.