If you’re a business owner, it may be time to consider whether you should accept Bitcoin along with conventional payment methods like cash or credit cards. By the fourth quarter of 2017, there were more than 11,000 businesses accepting Bitcoin as a valid method of payment..
What’s really interesting here isn’t the sheer number of businesses accepting Bitcoin as payments. These are some of the most important motivations driving businesses to accept more cryptocurrency: The hallmark of Bitcoin and any other blockchain-driven currency is the security of their transactions..
This is especially true if other companies like yours haven’t yet started accepting Bitcoin as currency. Of course, there are some disadvantages to accepting Bitcoin for payments within your business: If your business operates online and uses an existing platform, there may be a module you can activate to allow your visitors to pay using Bitcoin..
You could also enlist the help of a third-party service provider (like Coinbase or BitPay) to process your payments and exchange Bitcoin for more traditional forms of currency. If your business operates online, or if you’re especially vulnerable to lagging behind the competition, accepting Bitcoin could be a cost-effective way to demonstrate your leadership in the industry..