FinTechBlockchainThe business benefits of cryptocurrency

The business benefits of cryptocurrency

As cryptocurrencies such as bitcoin are used more and more in day-to-day business transactions, we look at some of the distinct advantages they can offer over more traditional forms of payment.

When cryptocurrency was first introduced, there were a number of early adopters from within the dark web. As a result, many businesses may view platforms such as bitcoin as slightly unethical and have reservations about using any cryptocurrency.

Like all cryptocurrencies, bitcoin is currently unregulated. However, it is a secure payment method, and has some distinct advantages over more traditional forms of payment:

  1. Lower fees – Transaction fees are lower with bitcoin than with credit cards, and when cryptocurrency is not exchanged, it also eliminates the need for bank charges.
  2. Fraud reduction – A payment made with bitcoin cannot be reversed after the fact. This is different from credit card payments, which can be reversed using chargebacks, a feature often exploited by fraudsters.
  3. Instant payments – Credit card payments can take days or even weeks to come through. Meanwhile, cryptocurrency offers instant transfers.
  4. No barriers – Cryptocurrency makes international trade more accessible by removing barriers and restrictions to trade, ultimately making it easier to accept payments in different currencies.
  5. Attract new customers – As bitcoin is still a fairly new method of payment, offering it as an option for your customers could help you bring in new business.
  6. Get ahead of your competition – By being an early adopter of cryptocurrency, you can gain a competitive advantage over your competition.

As cryptocurrency becomes more widely embraced, businesses should be keeping a close eye on how this technology develops and consider how it could be used to their advantage. If you’re new to blockchain, cryptocurrency and bitcoin, take a look at the guide from Sage below on how bitcoin works.

 

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