Bitcoin has been one of the most polarizing forms of currency in the 21st century. Instead of being backed by gold or produced by a major government, it is mined digitally by computers. There is a limited amount of bitcoin available and it gets harder to acquire as more and more of it gets mined.
Why Should a Small or Medium Sized Business Accept Bitcoin?
Bitcoin is seen as a currency by the people and of the people. It can be acquired by people sitting in their basement who may be unemployed or have no other way to pay for their goods. By allowing customers to pay with the currency, they can help people buy the things that they need even if they don’t have a lot of traditional money. It may also help a business be seen as a company that is in tune with the needs of its customers and with technological progress.
Companies Should Always Offer Multiple Ways to Pay
A company should always offer its customers multiple ways to pay for a transaction. Whether your company allows a customer to pay by credit card, debit card or Bitcoin, a business that offers multiple payment options offers a layer of customer service that may not be matched by other companies. When a customer knows that he or she can pay however he or she wants, it makes it easier for that person to feel good about doing business with a particular company.
Bitcoin Represents the Future of a Stable Economy
Overstock is always looking ahead to the future. You can see their President, Stormy Simon in the news planning their new futuristic building. Their CEO, Patrick Byrne believes that there will be a time when zombies walk the Earth. He is referencing the next big recession that will inevitably occur. He thinks that governments are creating too much money and that the magic money tree is going to run out one day. When that day occurs, Bitcoin is going to be the currency that people can rely on to make payments on outstanding debt balances and buy the things that they need on a daily basis. As opposed to a government that can print money whenever it feels like, Bitcoin is like the new gold standard because there is a limited supply of it in circulation.
It’s a Great Way to Attract New Clients and Grow Profits
A small business that is looking to stand out from the competition can do so by accepting Bitcoin and being seen as a rebel or an innovative business that is looking to think outside of the box. Accepting Bitcoin can also jumpstart a small business because the currency can be traded on the digital marketplace. As Bitcoin continues to skyrocket in value, the currency that a company has in reserve can be converted to dollars or other traditional currencies for a profit.
Bitcoin is the future of currency according to many financial experts. While it may not be universally accepted right now, it will become increasingly useful in the future. Companies that accept the currency as payment now could set themselves up for a bright future regardless of what the economy does. Therefore, any small business that is looking to do something different can accept Bitcoin and gain brand awareness quickly and easily.