Importance of Accepting Bitcoin and Other Digital Currencies in your Store
Digital currencies are becoming a worldwide sensation with Bitcoin getting a special attention for being the pioneer digital currency. Bitcoin is having massive popularity particularly because of its massive surge in 2017 which saw the digital currency hit its all-time high of $20,000. Even though this digital coin is yet to be accepted fully as a means of payment in the world the new technology and form of payment are gaining massive attention from businesses.
After the invention of Bitcoin in 2010 on a few people knew what it was, how it could be used in transactions and how it could be stored. This was until 2010 when a young man bought a pizza with 10,000 Bitcoins. This pizza event is very popular and is celebrated each year since it’s seen as the pioneer of mainstream acceptance of Bitcoin as a means of payment.
Unlike fiat money which is stored on centralized platforms like banks Bitcoins and other digital currencies are fully decentralized meaning that all the control is in the hands of the owner.
Importance of accepting Bitcoin in your store
- Transparency – Bitcoin transactions are done through open ledgers which ensure transparent transactions with no hidden charges. This means that any person can verify transactions.
- Decentralization – Bitcoin is not controlled or governed by any centralized institution meaning that you have the complete control of your digital currency. This is very good because you will not experience instances of frozen accounts or have to explain why you are withdrawing certain amounts of money.
- Low fees – Bitcoin transaction have lower fees than normal currencies.
- Freedom – With Bitcoin, you can send funds to any corner of the world since they do not need border approvals.
- Privacy – The decentralization of these currencies means that no personal information is tied to these transactions.
Other than Bitcoin there are many other digital currencies. In fact, there are more than 1,000 altcoins which give a room for diversification. It’s good to note that most of the large companies like Microsoft, Overstock, Bloomberg and even Expedia are already accepting Bitcoin as a mean of payment. However, you may choose not to accept Bitcoin alone at your premises in order to give your clients options. Altcoins do not function the same. You will notice that they have different block times, transaction fees or even a different operating system.
As much as Bitcoin and other digital currencies are still young, businesses can take advantage of the infancy and start an early adoption and then accumulate the coins for future use. You can use our platform to integrate digital currencies into your platform to ensure that you are moving right with technology.
Many companies have not been accepting Bitcoin as a means of payment because of its volatility nature. However at the moment with ExagonPay technology companies can accepti Bitcoin and get paid directly to their bank accounts wither in Euro of Dollar making the whole process better and faster.With the exagonpay platfrom the unpredictability nature of the market will not affected you since conversions are made immediately after the payments. Many companies have hugely benefited from the platform with others turning their companing from losses to profitability because of digital currencies like Bitcoin.