Outside of the realm of finance, Bitcoin is a hot topic that receives a lot of attention and discussion. Regardless of the sector in which you are employed, it is likely that you are familiar with the term "crypto," even if you do not fully understand what it refers to.
The question that arises now is, "What, Exactly, Is Cryptocurrency?"
Cryptocurrency refers to a form of digital currency that is secured by sophisticated cryptography. Cryptocurrencies, in contrast to fiat currency, which is governed by a central bank, rely on a decentralized system to record and verify transactions. This means that there is no central authority, such as a bank or government, involved in any of the exchanges that take place.
The concept behind cryptocurrency is simple: instead of using a centralised authority like a bank or government to manage transactions, your cryptocurrency transaction is stored on the blockchain network itself. This means they’re beyond the reach of hackers and hackers can’t change your cryptocurrency balance without getting approval from everyone else who owns it too!
Where Cryptocurrencies Stand in Today's Online Market.
Cryptocurrencies such as Bitcoin and Ethereum have opened up a new world of possibilities for online retailers. In fact, a handful of major brands, marketplaces, and payment processors have already begun accepting cryptocurrency as payment:
The list includes Microsoft Azure (Microsoft's cloud computing platform), Expedia (a travel booking website), Overstock (an e-commerce company), Dish Network (a satellite TV provider), and even eBay.
More recently, luxury goods companies such as Tiffany & Co., Gucci, and Rolex have joined this list. And these are just a few examples. A growing number of companies are now exploring how they can benefit from the use of cryptocurrencies by their customers.
Is It Time for Your Online Store to Accept Cryptocurrency?
Cryptocurrencies have become an increasingly popular option for online payments over the past year. In fact, more than 100 million people have downloaded one of the various cryptocurrency wallets available for their mobile devices.
Here are few things to look forward to as an E-commerce merchant
Low to no transaction fees
It has already been shown that Bitcoin operates outside of the purview of national and international financial authorities.
The fees (if any) associated with processing Bitcoin payments are lower than those associated with processing credit card payments since transactions take place directly between the buyer and seller.
No chargebacks
Bitcoin transactions cannot be reversed, in contrast to transactions made using credit cards. Once the funds have been transferred, the person that originally provided the payment will not be able to collect them unless they have the approval of the merchant.
Your chargeback costs will no longer apply, and it will be more difficult for dishonest customers to commit fraud in online transactions.
Reach a wider audience with Bitcoin.
A growing number of consumers are starting to use BTC to purchase goods and services, so you accepting the digital currency could be just the thing to set you apart and get them to choose you. Specifically, Bitcoin users appear to be predominantly male and aged 25 to 44. However, as Bitcoin's popularity grows, we can anticipate a broader spread of its usage among these groups.
Improved security
The risk of fraud and cyber-attacks is drastically decreased when using blockchain technology because there is no centralized control that can remove funds from an account without the owner's authorization. If you accept cryptocurrency payments, you may improve your brand's image by lowering the possibility of these security breaches.
Summary
It's easy to dismiss cryptocurrency as a passing trend if you haven't really researched it yet. But if your business is e-commerce based and you haven't yet considered accepting bitcoin or other cryptocurrencies as a form of payment, now is the time to do so.
Just because there are only a finite number of cryptocurrencies does not mean that their value and worth is limited to hardcore enthusiasts.
Start simple and plan for the future with more lucrative options like peer-to-peer trading, subscription services, and using cryptocurrencies as an online loyalty points today!
Are you passionate about being a Bitcoin merchant and aren't afraid to be forward-thinking? Then there's no time like the present to get started.
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Are you passionate about being a Bitcoin merchant and aren't afraid to be forward-thinking? Then there's no time like the present to get started.