10 Reason Why We Accept Bitcoin (BTC), and You Should Too!
Have you been sitting on the fence about Bitcoin? By now you have are probably accepting crypto currencies as a reality, and maybe even thinking seriously about getting involved. So, if you need a final nudge in the right direction, here are 10 good reasons why it’s worth taking the time to get involved, not only with the legal tender, but the large and growing, passionate global Bitcoin community.
1. EASY TO GET STARTED
On its face Bitcoin can seem daunting; it is a very complex system. However, getting started only requires a simple understanding of the technology and a few steps to set up your wallet and secure your passwords.
If you want to go deeper there are many books and a vast global community passionate about crypto currencies, Bitcoin and other. Most cities have a vibrant Meetup circle growing around Bitcoin, who can help you understand the fundamentals, the amazing possibilities, and help you get started. If all else fails and you happen to live in Antarctica, you can always start with YouTube.
2. LOWER TRANSACTION FEES
Unlike the large credit card companies and other payment clearing houses (Paypal, Western Union, etc.) with their excessive 3-5% transaction costs or more – not to mention the hidden fees, account setups, termination fees, international fees at both ends, and foreign exchange risks. Ugh, that really adds up for a small business! Bitcoin exchange fees average ~1% of the total transaction.
3. BITCOIN IS MORE SECURE
With the torrent of credit card hacks via large retail targets and elsewhere, Bitcoin is unique in that whoever has them owns them. Bitcoin leaves no data behind that can be used to steal the user’s identity or print fake credit cards. The public and private key encryption Bitcoin is built around is designed for the internet and massive information distribution.
4. BITCOIN IS NOT TIED TO ANY POLITICAL SYSTEM OR GOVERNMENT
For most evangelists, their first cry from the pulpit is that Bitcoin is not a fiat currency. There is no central bank or national government affecting its value or controlling the supply. Unlike a central bank like the US Fed, it cannot be overinflated in supply causing it to lose its purchasing power. Rather, the fact that the protocol calls for a limited number of coins, only a deflationary situation can exist. Supply stays fixed and value increases against current fiat currencies, as we are seeing more and more of late.
5. GET PAID QUICKLY
Cash flow is the life blood of any business. When you accept payment through credit cards, sometimes the money can be held up for a week or more in case there is a charge back. With Bitcoin, the transaction can be confirmed in minutes and available through exchanges and wallet services within hours.
6. PUBLICITY – ACCEPTING BITCOIN CAN HELP RAISE BRAND AWARENESS
More and more Bitcoin directories are opening where you can list your business as accepting the crypto currency. You can start with spendbitcoins.com, weusecoins.com, and coinmap.org, and please share if you know more in the comments.
7. HELP GROW YOUR BUSINESS WITH THE HELP OF THE BITCOIN COMMUNITY
Extending the last point, Bitcoin enthusiasts LOVE to support the community. By accepting Bitcoin, you tap into that support and can discover and massive customer base waiting for your goods and services.
8. BITCOINS HAVE BEEN EXTREMELY SUCCESSFUL IN THE NON-PROFIT INDUSTRY.
Do you run a non-profit, or is your business tied to a local charity? Bitcoins have proven to be a great way to raise awareness for non-profits. It’s a great additional tool for funding donations across the globe.
9. IT EMPOWERS YOUR CUSTOMERS
Accepting Bitcoin gives your customers one more option at checkout, and this could be the edge to winning their business and loyalty. It really is all about your customer, after all.
10. IT’S JUST COOL!
Whether you are an early adopter or the last person on the train, the signs are clear that moving away from centralized, fiat currencies, to more secure and anonymous transactions is the future of exchange.
These are only a few of the many reasons to excited about Bitcoin. Visit Bitcoin.org to learn more. The Blockchain offers much more than just another way to pay for your coffee, and 42Gurus is excited to be a part!