10 Reasons Why You Should Add Bitcoin Payment To Your Website
The brand-new digital “gold” of the twenty-first century is untouchable and does not glitter. Nevertheless, it is becoming more and more well-liked and even contends with regular gold in terms of price.
Today’s most well-known cryptocurrency, Bitcoin, is becoming more and more often accepted as payment in eCommerce. Naturally, cutting-edge web development firms jumped on this trend and started providing Bitcoin payment integration for sites.
What Is Bitcoin & How Does It Work?
Bitcoin is a virtual currency created by computer code through a procedure known as mining. Users can transfer money from one user’s Bitcoin wallet to another’s. In addition to being immediately used for making purchases of goods and services, Bitcoin may be converted into any other digital or conventional money.
You don’t necessarily need to like Bitcoin in order to accept it as a form of payment from your store’s consumers, and you don’t need to be concerned about what you’ll do with it after you have the money, either. Click here to learn about the web hostings that allow you to pay with Bitcoin and what makes them so special.
The idea is that Bitcoin payments on your website may operate similarly to other forms of payment; in fact, you can instantaneously and automatically convert Bitcoin into conventional currency using specialized exchange services. You may arrange for this money to be sent to your bank account as well. You may, however, decide to keep your Bitcoin.
Benefits of Accepting Bitcoin Payments on Your Website
Here are ten advantages of accepting Bitcoin payments on your website.
#1: Going Worldwide
You’ll get entrance to a whole new market of tech-savvy customers that have developed a community inside the cryptocurrency industry. Giving customers the choice of paying with a credit card or a digital wallet enables you to tap into larger markets and draw in customers from all over the world.
#2: Low Transfer Fees
Bitcoin is peer-to-peer in nature and is not controlled by banks or other institutions. That’s one of the factors contributing to Bitcoin’s extremely cheap transaction costs. They are only a few cents, which is highly advantageous.
#3: Eliminates Payment Delays
Credit card payments often go through bank processing, which might delay your receiving money by a few days. In contrast, Bitcoin transactions happen instantly. A group of miners will verify them, which is considerably quicker than any bank could. The network is always active, and once a transaction is accepted, bitcoins are transferred to your wallet.
#4: No Fraudulent Chargeback
When using traditional payment methods, identity theft is an actual risk. Banks end up canceling the fraudulent payment and paying the consumer back as a result. However, the banks no longer compensate the selling firm. Consequently, a lot of firms suffer losses.
Payments made using Bitcoin are irrefutable and irreversible. That means you receive the money as soon as the blockchain authorizes the payment.
#5: Works 365 Days A Year
Banks can periodically close. They can be on vacation, or they just simply don’t handle payments on the weekends or at night.
Bitcoin avoids such a scenario. In a Bitcoin transaction, the money moves quickly from your wallet to the buyer’s. The blockchain never sleeps; thus, it is always active throughout the year.
#6: Excellent Investment Opportunity
Any global currency is linked to a nation and is affected by all political unrest in that nation. However, there are no inflation worries with Bitcoin. That’s why the greatest businesses and governments in the world invest in this cryptocurrency.
Bitcoin was also designed to be limited, eliminating the possibility of any excess currencies emerging and triggering deflation. You may either hold onto your coins and wait for the price to soar, or you can invest in other cryptocurrencies.
#7: Be Your Own Bank (BYOB)
You have access to a completely new universe by accepting Bitcoin. You may operate your own bank. There is only one person to whom you must answer: yourself. Your door is open to liberation. Without anyone’s consent, you are free to invest, transact, spend, or swap any amount.
Of course, you’ll still need enough Bitcoin to cover the cost of your desired purchases.
#8: Ease of Use
Utilizing Bitcoin is rather easy, and it just grows simpler with time. To accept Bitcoin payments, you do not need to comprehend its technology, just as you do not need to understand how fiat currency backing functions.
Basic network knowledge is required, but it’s now simple to acquire. The only area that could require additional focus is how to protect your backup Bitcoin wallets.
#9: Forward-Thinking Brand Identity
Bitcoin is a technology that is open to everybody, transparent, empowering, inclusive, and hard to corrupt or discriminate against. Supporting Bitcoin and encouraging its usage is a terrific way to show your support for global activists, underbanked people, and other honorable and industrious people who are fed up with the squabbling, infighting, and unending corruption that results in the egregious mishandling of central bank money and markets.
When you let customers use a well-known cryptocurrency to pay for your goods or services, you also enable their right to anonymity. It shows that you have a great deal of regard for your client’s privacy. You could still be required to go through KYC and give your details, depending on the payment processor. However, payment processors often need less information than conventional banks would.
Accepting Bitcoin in your online store is unquestionably worthwhile if you want to maintain your company on the cutting edge. In particular, since cryptocurrency processors may shield your company from price variations, your company won’t risk losing money due to shifting coin values. With no risk, you may also draw in crypto-enthusiast clients and increase brand awareness.