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Bitcoin In Business: Looking At The Future Of Financials

Bitcoin In Business: Looking At The Future Of Financials

Centralized entities like governments and banks across the world are finding it increasingly difficult to ignore Bitcoin and other cryptocurrencies, especially regarding the implications of international business transactions. In 2019 alone, there have been new laws and guidelines issued by many of the world’s economic powerhouses, like China, India, the USA, and Japan. For the individual and for business, Bitcoin is a rapidly growing space where even cross-border transactions are becoming cheaper, simpler, and safer by the day.

Bitcoin has become the very representation of the emergence of decentralized technologies that provide an opportunity for both the individual and the free market to operate without the need to use outdated legacy systems of traditional banks. It is the fastest developing area of the global economic system in 2019. Individuals are flocking in their numbers to buy Bitcoin on a rising number of cryptocurrency exchanges.

The Benefits of Utilizing Bitcoin in Business Transactions

Bitcoin offers real-time transactions with almost no delay when transacting. Traditional currency exchange rates and bank fees fall away as prices are usually negotiated directly in Bitcoin. This is attractive for both the business and the customer. Adding Bitcoin payment methods to the current offerings is increasingly leading to higher sales conversion rates and can even attract brand new crypto-centric clients.

As Bitcoin increasingly becomes endorsed as an accepted form of payment across all sectors, more governments and financial institutions will likely adapt and incorporate Bitcoin protocols. Eventually, it will be universally possible for tax payments to be made in Bitcoin; for example, the state of Ohio has allowed certain business taxes to be paid in Bitcoin since November 2018.

How difficult is it for a Business to Transact in Bitcoin?

The recent progress in the development of business-supportive offerings in Crypto had made it increasingly easy to do business in Bitcoin. The B2B bitcoin offerings have evolved to allow for Crypto-Crypto and Crypto-Fiat withdrawals. Many now offer secure account types for both Merchants and Enterprises and provide the automatic creation of downloadable transaction histories, invoices, and receipts – all in exchange for reasonable fees. Giants like Microsoft, Overstock, Virgin, and Wikipedia have already noticed the trend and have taken steps to accept Bitcoin from customers. Therefore, businesses should take into account customer behaviors and apply relevant solutions to suit customer needs and preferences.

Even though there is a certain amount of skepticism surrounding the future of Bitcoin and other leading cryptocurrencies, market growth statistics prove that cryptocurrencies are fast becoming the currency of choice as a result of ease of use, accessibility, and the overall growth on cryptocurrency investments. While many savvy investors opt for cryptocurrencies and other controversial investment options such as cannabis shares, the risk is almost irrelevant when noticing the extreme success investors have with these controversial choices.

Who accepts Bitcoin?

Businesses and individual cryptocurrency enthusiasts are not at all limited when it comes to who accepts bitcoin. From Bitcoin ATMs and Bitcoin bank transfers; to gift cards, online wallets, and Bitcoin debit/credit cards, the innovations facilitating the adoption of Bitcoin in business are coming at us thick and fast. The rise of about 300 different payment options has made it easier of late for companies to take part in the space. Customers are increasingly taking advantage of the low fees, and security cryptocurrencies offer. In addition to this, when considering that customer behaviors prove that customers prefer business who provide several payment solutions, it would be extremely wise to add Bitcoin payment methods to your business. Adapting to the rise of the digital era and getting on board with new methods of accepting payments would essentially be a beneficial way forward for any company in any industry.

Staying Ahead of the Game

Bitcoin could very well solve some of the most pressing problems currently facing B2B payments and deserves the attention of any forward-looking business. As the mass-adoption of Bitcoin shows no signs of slowing down, keeping a close eye on the space will ensure resilience in a fast-changing world. When considering the impressive growth of Bitcoin and other top cryptocurrencies options, it would be wise to take advantage of potentially high returns on investments by including Bitcoin transactions into your business. Bitcoin and cryptocurrencies are widely considered the currencies of the future, despite widespread initial skepticism, more and more businesses and customers are taking to the digital currency, proving that these controversial currencies may very well be the future of transactions.

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by Lottie Pritchard // Lottie Pritchard is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.