Technology has yet again afforded us an opportunity with the era of ‘the internet of money’. As the world’s first digital currency, Bitcoin is beginning to gain traction in mainstream market as the most used digital currency, with an increasing number of people and businesses who are finding solace in its value.
Multibillion dollar companies like; Microsoft, Dell, PayPal, Amazon, Takealot and Virgin Atlantic which are amongst the over 300 000 companies worldwide already taking bitcoin directly.
As economic pressures worldwide force companies to remain relevant in an ever-changing business environment, businesses are finding ways to buckle under such pressure. The blockchain technology which bitcoin is founded on, has opened a new way for businesses to conduct business, which sees companies widening their profit margin and bringing more fast, effective, value driven solutions to their consumers.
“Companies who are at forefront of this innovative revolution, are profiting much more than their counterparts who are yet to understand the benefits of using Bitcoin in today’s world. As many have still not yet looked at Bitcoin critically to weigh its options, they are not benefiting,” says Shireen Ramjoo, of Liquid Crypto-Money.
Some of the reasons why businesses should be learning more and looking at Bitcoin:
1. Bitcoin is a very secure and inexpensive way to handle payments.
2. Saving in Bitcoin, increases profit margins as Bitcoin is an appreciating currency.
3. Increasing your customer base and scope. Adding another payment option to consumers that are already using bitcoin for services.
4. Save a fortune on traditional banking fees. Currently you pay 0.01% fee whether you transfer R100 0r 1 million rands, if you use Bitcoin. A standard percentage of fee, will see business saving a lot on fee costs.
5. Protection against fraud. Businesses accepting credit cards or PayPal have issues of reversal of payments at times. Chargeback fraud is quite common when using such channels. Bitcoin however, eliminates this risk as payments are irreversible when you pay with Bitcoin. That means that the cost of fraud is no longer pushed on the merchants.
6. Fast international payments. Sending bitcoin across borders is now much easier, faster and cheaper. Payments clear in minutes, for the fraction of the costs. No banks to hold payments for days and charge exorbitant fees on top of that.
7. Multi-Signature option. Bitcoin offers businesses an option, which allows bitcoins to be spent only if a subset of a group of people authorize the transaction. This can be used by a board of directors to prevent any member to make expenditures without enough consent from other members, as well as to track which members allowed each payment.
8. Accounting transparency. This allows organisations the opportunity to provide transparent accounting documents about their activity. You can provide information to your members to verify their payment.
9. Many payment processor companies that allow for immediate conversion of currencies. One of the most popular services provided by these payment processors is the instant conversion of Bitcoin (BTC) to your local fiat currency (like rands/dollars for example). So as a business, you not limited to only receiving bitcoin and exchanging it yourself, but a platform that does the conversion instantly for you if you choose.
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