BMB Academy

*7 Reasons* Why Bitcoin will grow exponentially!!!

Though cryptocurrency is, not quite a mainstream payment method yet, more businesses are accepting it. Should you? Here are seven reasons it could be a boom!

Bitcoin BTC coins in the shopping cart on the financial diagram.

1. Eliminate chargeback fraud

A Bitcoin transaction is immutable. Once a client has paid for a product or service, the money is in your account. Unlike credit card payments, charges cannot be reversed.

2. Immediate availability

There is no third-party-dependent waiting period the way there is with bank-owned payments. Once payment is successful, the transaction amount is in your wallet and accessible immediately.  You can convert Bitcoin into your local currency fiat at the end of each transaction, at the end of each working day, or according to a custom set schedule.

Credit card reader and mobile phone with NFC technology for cashless payment transaction

3. Lower transaction costs

Credit card payments usually end up costing you a 2 to 4 percent fee. With Bitcoin, this amount is a low flat fee, not a percentage of the transaction.

4. Attract new customers

As Bitcoin rises in popularity, more users seek out participating businesses. This can mean exposure to a clientele you didn’t have before.

5. Garner publicity

Bitcoin makes the news in a way fiat currency can’t. Local, national, and even international news outlets are reporting on businesses taking Bitcoin payments, giving you an opportunity for free publicity.

6. Buy into an inevitable business practice

Given the steady rise of cryptocurrency, there is no indication that it will cease being in circulation. And where Bitcoin goes, other altcoins are sure to follow. In the future, accepting cryptocurrency as payment might be standard procedure.

7. Gain experience with blockchain technology

Blockchain is the future. Bitcoin is an easy, accessible way to introduce yourself and your business to its workings. This could lead to further technical exploration at a later stage once you’ve gained confidence working with the technology and have identified a need for blockchain tech in your business.