5 reasons why you should start accepting Bitcoin as a merchant
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Clearly understanding 5 benefits that the merchants benefit from the usage of bitcoin and other cryptocurrencies (bitcoin accepted here)
Bitcoin has completely revolutionized the financial and banking sector by creating a digital decentralized and distributed form of currency. It is a major blow to the banks that imposed rules and regulations on their customers without keeping their concerns in mind. The blockchain technology is the base technology for the cryptocurrencies and is finding applications in a lot many other fields apart from the financial sector.
Bitcoin along with some of the other cryptocurrencies is mainly being traded these days, in other words they are mostly assumed to be assets like stocks to be traded but it is to be kept in mind that the cryptocurrencies are a form of currency which was actually developed for the normal people to use it for their day-to-day transactions. Incorporating cryptocurrencies in day-to-day transactions is beneficial for both the merchants as well as the users, as it saves both of them a lot of time and various other factors. Let us discuss the benefits to the customers in some other article but for now, let us see some of the benefits that the merchant will experience in accepting cryptocurrencies at their outlets.
No Chargebacks (bitcoin accepted here)
If a particular merchant is accepting debit card or credit cards of various banks, it is very common that the banks provide a chargeback service. But it is to be noted that the cost of the chargeback service falls on the merchant.
With the application of the cryptocurrencies, there is no concept of chargebacks which is a great sigh of relief for the merchants. And alternatively the buyer and seller can have personal adjustments but there is no fee from any higher authority and the transaction completely peer to peer between the merchant and the customer.
No frauds can be expected (bitcoin accepted here)
Since the whole process is completely digital, the customers and the merchants need not worry about the identification of each other. Everything is handled by the system which communicates with each other and the transaction is done seamlessly workout the intervention of a third party.
The cryptocurrency system acts as a medium of the transaction instead of a middleman. As a cryptocurrency system is not designed to initiate frauds and having no intelligence of its own, the system just can’t let frauds to happen.
The merchants can gain a lot of international appeals (bitcoin accepted here)
As the cryptocurrencies are not restricted to any particular space and are completely spread throughout the world. The merchants can have an advantage of reaching the customers from any part of the world. And hence would be very helpful for them in order to expand their business around the world through the online transaction facility.
Lower fee (bitcoin accepted here)
As we all are familiar with the distributed cryptocurrency concept i.e there is no middle authority and the nodes in the network are peer to peer connection. Since there is no authority or a medium required the transactions directly occur from one end to the other. However, some of the cryptocurrency exchanges impose almost a negligible amount of transaction fee which when compared to the traditional transaction fee is almost nothing.
Faster money access (bitcoin accepted here)
In the traditional methods, the merchants need to wait for a few days to receive the money due to the various tedious bank processes. But in the cryptocurrency space, the amount is available to the merchant within hours depending upon the Cryptocurrency coin he or she uses.
The cryptocurrency space has enabled the world to become more and more connected to each other and the world has become smaller and hence the merchants have an added advantage of tapping into a whole new set of possibilities in the world of cryptocurrencies.
However, the fact must not be forgotten that the Blockchain Technology is still in its initial stages and what we are seeing is still the tip of the Iceberg and a huge portion of the blockchain technology remains unexplored till now. Hence the improvement in the Blockchain Technology and hence cryptocurrencies is inevitable. Thereby increasing the profitability of not merchants as well as the customers. Hope the technology bring nothing apart from good to mankind.