Bitcoin continues to gain increasing popularity globally. People that mined or invested in Bitcoin in its early days are not millionaires. This virtual currency dominated news headlines in 2020 after hitting its all-time high record. And more people and businesses continue to consider this digital currency as a payment method and investment.
Crypto exchanges like Bitcoin Prime notice an increase in people trading this virtual currency every year. Such platforms use an https://bitcoin-prime.cloud/ to simplify the purchase, sale, and research of cryptocurrencies. Thus, you can adjust the crypto exchange settings after signing up to allow the platform to trade on your behalf within specific parameters.
But despite these developments, some businesses are yet to start taking Bitcoin payments. That’s because their owners don’t have faith in this digital currency. Some think a Bitcoin bubble is imminent, while others fear the rapid fluctuation of Bitcoin prices. Regardless of your reasons for not taking Bitcoin, here’s why your business should consider this virtual currency.
Increasing Inflation and Prices of Commodities
There’s no doubt that inflation rates are increasing globally. Also, consumer goods prices are rising at ridiculous speeds. Critics argue that the consumer price index is inaccurate and doesn’t reflect the actual inflation rates since it depends on cost changes for services and goods baskets. However, politicians change the basket mix randomly, meaning it’s an inconsistent comparator.
Nevertheless, the prices of used cars, homes, and gas have increased over recent months or years. And small businesses are on the inflation’s frontline with few protection choices. Bitcoin’s scarcity of 21 million tokens makes it a viable hedge against inflation. And companies can purchase the cryptocurrency in a fractional amount.
Increasing Bitcoin Adoption
It’s easy to take simplified pensions, checking accounts, collateral loans, and Roth IRAs for granted. However, over 1.7 billion individuals don’t access such financial options globally. Some don’t even have a basic savings account.
Local laws, corruption, and unreliable infrastructures make such people unbanked, meaning they can’t enjoy finance or banking choices. And this absence of financial infrastructure limits such people from accessing capital to start a business.
Bitcoin is accessible to everybody with a smartphone to access the internet. Therefore, this virtual currency enables people that can’t access financial services to access funding and save money. Businesses can also sell products to people that can’t use conventional payment methods like bank transfers. That’s because anybody can access and use Bitcoin regardless of their geographical location.
Bitcoin eliminates wire transfer costs, foreign currency exchange charges, and intermediary commissions. Thus, unbanked consumers are turning to Bitcoin to enjoy the benefits of using it to pay for services and goods.
Consequently, taking Bitcoin payments can increase a business’ user base. Even a small business in a remote location can sell products or services to customers in a different country and receive the payment in this digital currency.
Fiat Money Manipulation
It’s no secret that governments manipulate fiat currencies at the expense of consumers. Governments worldwide have continued to print fiat currencies at record rates worldwide. Fiat money value decreases when governments print it abundantly.
Bitcoin decentralization means no government can manipulate it. Thus, its value depends on people’s willingness to pay for it. Another factor influencing Bitcoin’s value is how miners produce new tokens. Essentially, Bitcoin can be good value storage for a business because no government can manipulate its value.
Many people have already heard about Bitcoin. However, most people don’t know how this virtual currency works. But some businesses are already taking crypto payments. If your business is yet to start taking Bitcoin payments, it might lag as competitors are already doing it. Nevertheless, understand how Bitcoin operates before accepting it in your business.