Should You Adopt Bitcoin in Your Company?

When Satoshi Nakamoto founded Bitcoin in 200-2009, perhaps he did not know that he was ushering in a whole new era in the financial industry. Blockchain technology came at a time when the current systems of payments had become, and still are, expensive and unreliable. For example, payments through bank wire transfers are expensive and take a lot of time. 

One might ask, what about credit cards? Sure the payments might be a little faster than banks, but they are still very expensive. Again, they can be very insecure and are still centralized, which implies that your details are still available to third parties. This is why you should consider shifting to cryptocurrencies, such as Bitcoin. 

What is Bitcoin and How Does It Work?

Bitcoin is the pioneer cryptocurrency/digital coin, and it resides in the Bitcoin blockchain only. Instead of using a centralized administration, such as a bank, the Bitcoin network relies on a network of nodes (call them users and owners of the coins) that are spread across the globe. Therefore, no one can claim ownership of the network. So, how exactly does one make a transaction on the network? 

To send payment on the Bitcoin network, all that you need is to have ample coins on your digital wallet. Then, you need the address of the targeted recipient. When you initiate a transaction and confirm send coins action, the transaction is picked by miners (nodes) on the network who help to check if you have enough coins to send and the recipient address. Then, they confirm the transaction, and the coins are deducted from your wallet and added to the recipient’s wallet. 

To motivate the miners who confirm transactions on the Bitcoin network, a transaction fee is charged. However, this is very small compared to what banks charge when sending money using their system. Here are some important numbers that you need to know about Bitcoin: 

• By the close of 2020, there were more than 15,000 businesses across the globe that accepted Bitcoin. 
• In California alone, about 440 businesses accept Bitcoin. 
• There are about 328,370 transactions of Bitcoin done every day. 
• Across the globe, there are more than 5,000 Bitcoin ATMs. 

What Are Some Good Examples of Bitcoin Application in a Business? 

Now that you have seen that the list of businesses that are using Bitcoin are growing, you might be interested to know, “Which areas can you employ this fast-growing digital coin” 

The commonest area where investors deploy Bitcoin is payments. You can add it as one line of payments to give clients a wider range of options. For example, if a client finds that paying for a product through wire transfer or credit card is too expensive, he can opt to use Bitcoin. Other uses of Bitcoin include: 

• As a new method of asset transfer for your company. 
• Fundraising. 
• Offering special discounts, such as tokens, to clients. 
• Protecting a company’s assets. 
• Offering crypto loans.
• Reaching customers in areas that might be impossible with standard money transfers.

Unique Benefits of Using Bitcoin in Your Company

As more companies and people accept digital currencies, expect to get additional ways in which you can use the coins. So, here are the main benefits to expect when using Bitcoin. 

• The transactions for your organizations can be completed easily and faster. 
• Better security.
• Your customers are able to enjoy lower transaction fees. 
• Improved transparency. 
• You get to work directly with clients as opposed to relying on third parties, such as banks and credit card companies, when making payments. 
• You are not answerable to anyone because Bitcoin is a peer-to-peer network. 
• Improved traceability. 
• When you hold some Bitcoins in the network, the value can increase and generate some impressive returns on investment. However, you need to appreciate that the value can also go down!

The truth about the financial industry and the entire business landscape is that we are adrift towards digital currencies. Even though governments and companies were initially hesitant, the benefits have been laid bare and are now more receptive. Therefore, you should also not be left behind. To use Bitcoin and enjoy all the benefits associated with it, it will be a good idea to work with professionals, and one of the best options is Hi. 

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