If you’re operating your own business, it goes without saying that you want to be cutting edge. The most successful businesses are the ones doing new and exciting things, whether through the products you offer, the marketing strategies you use or, increasingly, the technology you employ.
Nowadays, the technology needs of a business even include what kinds of payment you accept! Considering this, let’s look at a few major reasons your business ought to be accepting Bitcoin payments.
Reason 1: You’ll Never Miss A Sale
Coin Of Sale’s analysis of different reasons for a company to start accepting Bitcoin made the interesting observation that Bitcoin users don’t just happen to have the cryptocurrency. Rather, they actually prefer using it over other methods. Bitcoin holders tend to be excited about cryptocurrency; they believe in the product and want to see its use become more widespread, and thus they try to use it themselves every chance they get. And as the analysis pointed out, this means they’ll gravitate toward businesses that accept their preferred currency! Accepting Bitcoin at your own business, whether it be primarily online or through retail locations, means you won’t miss sales from people like this who are looking for stores that accommodate their preferences.
Reason 2: You Won’t Fall Behind
It’s easy to get the feeling that Bitcoin is still kind of a fringe alternative currency that isn’t actually being adopted very much. However, FXCM’s overview of all things Bitcoin includes a section on where it can be spent, and it’s pretty clear looking that more and more companies are getting on board. Online, major names like Amazon, Target and PayPal are leading the way, and it’s also mentioned that there’s an ever-increasing number of brick-and-mortar stores accepting Bitcoin payments. Bitcoin probably isn’t going to become the explosively disruptive currency advocates predicted any time soon, but that doesn’t mean it isn’t getting more popular. At this point, not accepting it puts you at risk of being left behind by those stores that do.
Reason 3: You’re Prepared For What’s Next
Bitcoin may be the dominant name in digital currency, but it’s not the only one. For instance, consider Coin Telegraph’s report about Neucoin, a competitor whose founder claims that it will have more users within one year of inception than Bitcoin has now. That particular claim may be more about bravado than actual projections, but it represents the attitude behind a few different Bitcoin competitors. But whether we’re talking about cryptocurrencies or merely means of accepting digital payments, accepting Bitcoin now means setting yourself up to quickly and easily adapt to whatever’s next.
Basically it all comes back around to the idea of being out ahead of the curve. On a day-to-day basis, accepting Bitcoin may not seem to be a priority. But over the long term, it’ll help you to cash in on sales you might otherwise have missed, and it gives your business a forward-looking image with regard to technology. That’s pretty invaluable these days.