While the popularity of Bitcoin and other cryptocurrencies is increasing rapidly in recent years, especially among investors and day traders, we can notice that many businesses are still avoiding to start accepting this option as a standard model of payment. One of the main reasons may be seen in high volatility, where people are not sure whether they will lose profit after accepting this type of transaction.
The best way to avoid issues is to learn more about this market, and determine the right moment to sell BTC. You can visit coinmarketcal.com to learn more about that. On the other side, starting to accept this model of payment can bring many advantages to your business. Here are the main reasons to implement this strategy.
1. Higher Popularity
There is an ongoing hype related to BTC and other digital assets. Many people see it as the future of money and payments. However, there are still many limitations for people who own BTC. In that matter, it can be a great marketing strategy to implement this option into your business. That way, you might manage to attract a lot of new clients who are interested only in those companies that accept e-wallet transactions.
Moreover, you will get a chance to reach a much higher reach since many people are promoting BTC-friendly businesses. Also, your clients will maybe recommend you to other people who are interested in spending their BTC. The potential is that it is still not spread as it should be, which leads to free and effective promotion to your brand.
Furthermore, it will show people that you are interested in innovations, which is especially important to younger generations who often feel more familiar with brands that share similar values. It is a matter of time when people will stop using paper money, and cryptocurrencies are offering many benefits when compared to banks.
2. Convenience
People who don’t know much about blockchain technology might find this model of payment confusing. However, you won’t need a lot of time to understand how it works. It is quite simple as well. Also, each transaction is made instantly, and you can avoid common issues with banks. You will only need an e-wallet, and the process of getting one is not complicated.
3. It is Cost Effective
Another reason to consider this option is that it will help you to save some money by cutting certain expenses. There is a wide range of additional fees that you will have to pay after receiving funds from your clients. Even though they are quite small, you should calculate the annual expenses, and you will see the difference when you compare them with Bitcoin transactions.
Another fact that goes in favor of Bitcoin is that the banks will charge you each time when the transaction is complete. On the other side, you will have to pay some fees while converting the Bitcoin, they are significantly lower, and the percentage is not fixed since it will get lower as the transaction gets more valuable.
4. Security
There are all sorts of risks that could happen in the traditional way of trading. On the other side, blockchain technology represents an advanced system that is using special codes, and there is no way for anyone to intercept the transaction or steal your funds. The most important is to choose a reliable e-wallet and online crypto exchange.
5. You Can Make Even Higher Profit
The great advantage is that you might have a chance to earn even more from your sales. Since the market of cryptocurrencies is highly volatile, you could accept the transaction at the moment when the values are down, and then sell your digital assets when the price goes up again. It is common for BTC and many other cryptocurrencies to have a daily price movement in a range of over 10% of average value.
On the other side, if you think that it is too risky for you to play around in this market, or you simply don’t have time for that, the best solution is to convert BTC into fiat currencies right after the transaction. That way, you will avoid any influence of volatility.
6. International Sales
Whether you are offering services or products, you might consider operating on an international level after implementing BTC payment to your business. It is a great way to attract a lot of people from all around the world. Also, you will avoid standard procedures with banks and other financial institutions, along with waiting time, fees that can be high, and more.
For example, you might have to wait for a couple of days until the transaction from abroad is complete, while you will receive your funds instantly with an e-wallet. That will help you to improve other aspects of your business as well, along with better satisfaction of your clients.
7. There Are No Risks
The important thing to know is that it can never be a mistake if you decide to add this feature to your company. People will either continue buying with fiat money or switch to a new model. It doesn’t require any investment since you only need to open an e-wallet. You can only meet the benefits of this option.
Last Words
We expect that even more businesses will start accepting this model of payment. Therefore, you should use the current situation in your favor, and be one of the first in your area with that feature. As you can see, you can only get advantages, earn higher profit, improve the status of your business on the market, and even cut some expenses.
The only potential downside can be related to volatility, but you can resolve that by keeping track of the trends on this market. If it seems that the prices will fall, convert your digital assets into fiat currencies. On the other side, it provides you with an excellent potential to significantly increase the profit from sales by determining the right moment to sell your BTC.