Chapter 6: Using Bitcoin For Your Online Business

While many businesses have already joined the Bitcoin revolution by accepting bitcoin payments, many are still hesitant to make the jump.

They are afraid that with Bitcoin’s volatility, they may end up essentially giving their products or services for free. What this means is that they think they are going to get shortchanged if the price in bitcoin drops and would, therefore, lose all their profits.

But this is absolutely not the case! In this article, you’ll find out exactly why you shouldn’t miss out on accepting bitcoin payments.

  1. Instant Bitcoin Conversion To Your Local Currency

Bitcoin’s volatility is a business owner’s biggest concern. But with payment gateways like BitPay and Coinbase, you can easily bypass Bitcoin’s volatility.

These services will instantly convert your bitcoin payments into your local currency which you’ll receive in your bank account the following business day. This means that if your customer paid you $100 worth of bitcoins, then you’re going to get exactly $100 in your bank account.

  1. No Chargebacks. Ever.

One of the most common things business owners hate with credit card payments is the very real threat of receiving a chargeback. Some customers are just fickle-minded and dishonest.

They would file chargebacks for the smallest reasons like they’re not happy with the color they got, or they regretted the purchase, or something similar. But with bitcoin payments, you don’t need to worry about chargebacks because all bitcoin transactions, once verified by the Bitcoin network, are final and irreversible.

This means those bitcoins you’ve received are yours (unless of course, you chose to have them instantly converted to dollars).

3 – No Costly Processing Fees

Credit cards are widely accepted worldwide, and merchants like receiving payments from anyone with a valid card. While credit cards are convenient, there are fees that merchants need to pay.

Credit card fees can range anywhere from 3% to 4% per transaction plus another few cents for each transaction made. If you receive card payments from 99% of your customers, you’re basically paying a small fortune in credit card fees!

With bitcoin payments, the transaction fees you have to pay are nowhere near what you pay the credit card companies. In fact, the fees are practically negligible as they essentially come down to just a few thousand Satoshis (1 Satoshi = 0.00000001 bitcoin) or a few cents!

The Future Economies Of Bitcoin

Bitcoin is fast becoming integrated into the everyday lives of people living in developing countries. With unstable and hyper-inflated national currencies, bitcoins are proving to be a much more viable solution to solving the financial woes of their citizens.

Here are 4 reasons why Bitcoin has a massive appeal for the masses in developing countries:

  1. You Don’t Need Banks

In developed countries, it’s relatively easy to sign up for bank accounts and credit cards. But in the developing world, it’s a vastly different story. It’s much harder to get credit and setting up a bank account is no walk in the park.

But Bitcoin changes all that. With Bitcoin, you can save your own bitcoins yourself – all you need is a secure wallet to keep your digital money safe.

  1. Fast, Cheap and Borderless Payments

With Bitcoin, you can send any amount of bitcoin to anyone in the world in a matter of minutes. When you send money through banks you not only pay those costly bank fees, you also need to wait for several hours or a few banking days.

But with Bitcoin, as we’ve mentioned previously, you don’t need banks to send or remit payments to other people. All you need is their bitcoin address and voila! Your payment should arrive in the next 10 or so minutes.

  1. Bitcoin Can’t Be Manipulated By Anyone

Governments and banks can dictate the production and movement of their national currencies which ultimately leads to inflation. Unlike fiat currency, however, Bitcoin is a decentralized virtual currency.

This means there is no controlling entity that tells the Bitcoin network what to do. Everything has been hard-coded into the network and the underlying technology behind Bitcoin, the blockchain, is tamper-proof and can’t be manipulated by anyone, not even its developer, Satoshi Nakamoto.

  1. Bitcoin Will Help Authorities Catch Criminals

Contrary to popular belief, Bitcoin is not anonymous. Rather, it is a pseudonymous currency because while your alphanumeric public keys provide a certain level of anonymity, computer experts can trace who owns which wallets and the number of bitcoins each wallet contains.

Now the masses who make small transactions don’t have anything to worry about. It’s the criminals who move large amounts of bitcoins that catch authorities’ attention, and it’s who they focus their research on, not the millions of people who make minute transactions.

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