Ways to Use Bitcoin in your Business – 2023 Guide
Cryptocurrencies are so popular, that even if you don’t know anything about Bitcoins and many other popular cryptos, they will anyway catch your attention and make you get interested in them. As you probably have already heard, there was a huge price jump in December last year, peaking with the highest rates possible in the early days of January 2023. So, many of those who were avoiding this topic, are now asking themselves if they could do something better in the past, or if there is a chance to improve their business right now when everyone is talking about Bitcoins.
According to d-addicts, the crypto popularity will soon replace the need for fiat money and bank transactions, and everyone will be able to transfer the money with very low fees, no matter where the sender and recipient are in the world. Understanding the world of cryptocurrencies is requiring consistency because you can’t become an expert by reading a few books, blogs, or articles. You must be dedicated to this topic, especially if you want to implement it in your business, no matter how you plan to do that. Before you take any step, you have to get familiar with this market, and never forget that it’s risky, but if you plan every step carefully, it can be profitable too.
So, here are some ways how to implement Bitcoins or any other currency in your business:
1. Pay and get paid
You’ve probably already seen that some people are offering to pay you with cryptocurrencies, or maybe you offered someone to pay them like that. The truth is, Bitcoins are becoming widely accepted, especially in the countries where they are regulated (or in those where the financial regulations are weak). Even on the freelance websites, you can see freelancers that require to be paid with cryptocurrencies, or clients who are offering that option too, as an addition to the traditional payment methods.
2. Low transaction costs
When you pay or get paid, transaction fees can significantly decrease the amount of money you receive. Since the international transactions are made through special banking protocols, or virtual payment services, and online money transfer, it’s normal for both sides to be charged with some fee. Sometimes they need to pay yearly fees for account maintenance, and that price can be huge compared to the income. But, crypto transactions are almost fee-free, no matter where you are in the world. By using the decentralized payment system, many companies consider Bitcoins as a great way to avoid bank charges when making fiat money transactions.
3. You don’t need to exchange between the currencies
Let’s explain this better with an example. When you are from the USA, and using American dollars, when you travel to Europe, you have to exchange your dollars for euros. Furthermore, if you travel to a non-EU country, you have to exchange your dollars or euros for their local currency. But, when having some Bitcoins, and of course, an option to legally cash them out, the only exchange you will have to do is the crypto-fiat exchange, according to the rates. Most of the amounts will be automatically converted into the local currency, depending on where are you based at the moment when you receive or send them.
4. Fast and effective transactions
Bitcoin has a huge potential to become a global currency, and there is nothing better for an international company to calculate the salaries in one, widely accepted way, without having to do the conversions, so they can meet every employee’s requirements. That means no matter where the owner is, they can send money to their collaborators and employees overseas. And the best thing is that no one can track the transactions through the blockchain. Another benefit is that there won’t be any delay, and the recipient will receive the money a few minutes after you send them. That solves a lot of issues that people today have with the banks and their rules and policies. On the other hand, fast transactions and regular payments will improve your reputation as a company, and if you have an option for that, you really need to consider adding cryptocurrencies to your payment methods.
5. You can change people’s mindset
When you tell the people you accept Bitcoin payments, you are changing the general mindset that sadly, is still set against cryptocurrencies. If you have an e-commerce website, you can add a “pay with BTC” button, or if you offer some service, you can give an option to your clients to choose between all the payment methods. Who knows, maybe you will encourage more businesses to become more open to Bitcoins in general. Don’t be afraid to advertise that you accept them, no matter if you own an online or physical store.
6. Your activity is improving the blockchain
No one says blockchain is a perfect network that isn’t prone to hacks, fraud, scams, and cyber-attacks. But, if there are more and more active users on daily basis, the whole network will have to improve (the developers behind it will do that), so everyone can have unlimited access to the digital money transfer when needed. It’s simple like that, and you can compare it to the everyday situations – if something is used more, the authorities will pay more attention and invest more money in repairs and improvements. It’s the same with the blockchain, and when it’s regularly maintained, it will become even better as time goes by.
It’s 2023, and it’s the right time to get ourselves free from all the stigma around cryptocurrencies. Many businesses are already accepting and adapting to it, and there is nothing bad in that. As time goes by, we are more and more sure that Bitcoin will still be an important thing in the financial sector even after a decade from now. So, give it a chance, and you will help it to become better, and widely accepted, and the people won’t be much skeptical about it in the future.