Why should Small Business owners accept Bitcoin ?

Accepting Bitcoins is also one of the cheap exchange media we can say. according to the survey the businesses who are adapting to the Latest Technologies and trends are best successors in the Business market.

Current tech bulls are running behind the Mining because it generates the maximum customer base because Blockchain technology does not have any Centralized authority. The National governments around the world are debating the best way to regulate the cryptocurrency.

There might be a question running in your mind saying

What really matters in it for you when you accept Bitcoin?

Yes, it matters because by the fourth quarter of 2017, there were 10,500 Businesses all around the Globe are accepting the Bitcoins as their valid method of payments. Even smaller, more niche companies are also started accepting the bitcoins. Most of the forward-thinking merchants of sizes around the world are glomming onto the
accepting Bitcoin payment trend.

Here is the list of Benefits why people are allowing Bitcoins into their Business.

Lower Transaction Fees

Smaller Businesses are paying more credit card fees than the Gigantic firms who do lots and lots of transactions with the credit card. Per transaction fees for accepting Bitcoin is significantly lower than those charged for credit and debit card purchase. Most of the smaller merchants pay 2 to 4 percent per credit card with adding some additional fees those are hidden. Were in Bitcoin there won’t be any kind transaction fees, but they charge monthly for their services and that’s not hefty amount though, to convert Bitcoin into local currency flat one (1%) percent is the charge per transaction.

Fraud Prevention

People can easily pay or Purchase with bitcoin because the peer to peer exchange details and identities are obscured. In day to day life, cyber crimes are leading more than normal crime and there won’t be any kind of crime will be performed because the bitcoins are designed using the cryptography.

STOP for Chargeback

When it comes to the credit card we usually get charge for per transaction cost unnecessary costs like monthly balance cuts, overdraft cuts, and SMS charges etc. these kinds if small charges will be a Big balance sheet problem at the end of the day these charges won’t tally in the ledger. Bitcoin purchases are final and there are no chargebacks
like credit cards dealings and this saves the merchants money.

We cannot say there are only Benefits every innovation have their Dark side

Disadvantages

  • Some Business owners are reluctant to accept the bitcoins because they don’t want to add any complexity to their already relied payment processing system.
  • As Bitcoin is infamous in some remote areas and people don’t know about it because of its wild price swings.
  • Because of its ups and downs in the market, it is not a topnotch performer.
  • We must be a tech-savvy person to host the Bitcoin show.

Conclusion

However, the Downsides of Bitcoins are minimal, and the benefits are potentially very powerful. It is not clear what future holds in the matters of bitcoin-accepting. the online bitcoin payments. If you are running the business online and you are last in the competition accepting the bitcoin is the cost-effective way to demonstrate your leadership in the current market. Finally, accepting it as one of your payment methods is also an important step to finish the flag line.

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About the Author: Team BCMOO

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