Since the inception of FinTech, cryptocurrencies have revolutionized sectors around the world. It's time to see if accepting Bitcoins can leverage your business or not?
Cryptocurrencies have been the talk of the town since the crypto market gave birth to Bitcoin. Innovated with cryptography mechanisms, a cryptocurrency is a digital currency that provides security and allows reliable cryptocurrency exchanges to take place on the go!
Cryptocurrencies are virtual monetary schemes which when formulated using the best technology features are arduous to counterfeit and secure transactions to be private from the third eye. The reason why cryptocurrencies are so popular is because they are devoid of any interference from central authorities and government figures, a stand-alone digital currency exchange method that does not adhere to any third-party involvement.
Cryptocurrencies are brilliant, there's no doubt about that. But there is no denying that they do not pose their own drawbacks. We will discuss that as we progress further but let's first understand what is currently going on in the crypto market.
The hard hit for cryptocurrencies in 2017 was a turning point for Bitcoin, companies shut down and crypto business enthusiasts retreated back to their caves. Currently, crypto is holding its place although crypto values are reliable and fluctuating every day, Online Bitcoin Exchanges are still going strong and not looking to slow down anytime soon. However even if it's a huge risk, cryptocurrencies are worth it! There is no other form of currency as of today that offers as much brilliance as a cryptocurrency does and no matter how murky the future for Bitcoin is, it is only right for every business to give it a chance.
Not convinced yet? Let us break it down for you why accepting a Bitcoin could be good for your business.
· Fast and Cheap
The way Bitcoin transactions take place has completely changed the way money exchanges used to happen earlier, Bitcoin exchanges are faster and demand lesser transaction fees. Traditional banking schemes and modern digital modes of payment like credit and debit ask for extra fees making it more expensive for businesses to earn money.
The reason why Bitcoin exchanges are faster is because no third-party involvement is allowed; banks and governments do not play a role in the entire transaction process. As for why Bitcoin is cheaper is because traders and Bitcoin users are not subdued by any set banking time, unnecessary extra fees or withdrawal limits making a business owner to gain more profits.
· Consumer Identity Protection
Traditional banking involves an extensive money exchange procedure; there is lot of paperwork involved and well as information jot-downing. In case, the bank shuts down or a threat is posed, a user may face risk and lose his assets due to a leak or failure in personal details protection system.
With Bitcoin, only the individual has the power to manage the entire money exchange process and can keep a tab over the cryptocurrency exchange time. In a nutshell, Bitcoin users and business owners can function on their own as a bank.
· It's Transparent
The Blockchain is the driving force behind Bitcoin. Every Bitcoin transaction is stored on a public Blockchain and can be viewed by users on the same Blockchain, every single transaction can be traced back to the owner and is viewable. Bitcoin is undoubtedly the most transparent cryptocurrency unlike other currency systems; that is why other cryptocurrencies are adapting its schemes as well, Convert Monero To Bitcoin for more business success.
· Private and Secure
The Blockchain may make the transactions viewable to the public eye but ensure the anonymity of the user involved in the Bitcoin exchange. As Bitcoin does not demand any private information to be shelled out, it is extremely secure.
Identity theft is avoided and privacy is maintained throughout the entire Bitcoin exchange process taking place between both the parties involved in the transaction. Although, Bitcoin does not completely maintain the anonymity of the coins as well, it is still more private and secure than modern digital modes of payments such as Credit, Debit or Net Banking.
· No Currency Manipulations
Unlike fiat currency, Bitcoin is not owned by any government or authorities and neither are they controlled by any central body or country. Because Bitcoins are not involved with any third-party, the number of Bitcoins issued at a time is always the same. Here, every way to manipulate Bitcoins is closed away and nothing can manipulate the cryptocurrency.
Demonetization can easily prevail in fiat currency, a huge reason to be wary of the future and extremely cautious when it comes to running any business. Bitcoins are decentralized and hence cannot be demonetized, it is only dependant on the quality of its supply and fluctuating values.
What's in store for Bitcoin?
As of today, Bitcoin is the most popular digital currency to exist in the crypto market. From major companies like Bloomberg to Etsy, charitable organizations to businesses looking to expand their foothold, everyone is climbing aboard the Bitcoin bandwagon.
Fiat currency is no more as reliable as it used to be owing majorly to its breach of privacy issues so much so that recently, banking has been in the news and come up with some huge security threats as opposed to that of Bitcoin exchanges. This indicates that now decentralized currencies can scoop in and steal the limelight, basically change the way quick and safe transactions can be sanctioned. Bitcoin is widely accepted and more people need to be made aware of its advantages. It's time to mobilize traders, merchants and individuals to collectively believe in the power of Bitcoin.
Crypto market should handle the illegal usage of Bitcoins effectively and innovate new regulations to make Bitcoin an important asset for businesses.