In the wake of the popularity of cryptocurrency driven by the unprecedented rise in the price of Bitcoin, some entrepreneurs have wondered how to use it for their business. The cryptocurrency fever continues and companies are paying more and more attention to it. Large funds have started to use BTC for investments, cryptocurrency futures are traded on several exchanges, and entrepreneurs have started to accept it as a means of payment.
Bitcoin’s highlight was the start of its integration with the business. This is particularly true for the entertainment industry (video games and gambling). In most casino game reviews it is stated that one can play a demo version or use cryptocurrencies to maintain their anonymity. Meanwhile, big giants have started accepting crypto payments around the world:
- Microsoft has included BTC in payment options: customers have been offered to purchase a wide range of digital content, including games and Xbox subscriptions;
- Overstock was one of the first to accept BTC payments in partnership with Coinbase;
- Dell Corporation authorized payment in crypto and offered customers a 10% discount on all products for Bitcoin;
- A space company, Virgin Galactic, has authorized payment in BTC for space flights etc.
The opportunities for crypto payments are increasing as telecom operators, cryptocurrency exchanges, and payment gateways come to an agreement. Let’s take a look at the pros and cons of business integration with BTC.
Bitcoin for businesses: pros and cons in 2021
What is the particularity of Bitcoin that entrepreneurs mainly focus on?
1. No or very low transaction fees
As you know, bank transfers are famous for their high fees. As for the Bitcoin network, they are much lower and hardly depend on the amount transferred or the location of the sender or recipient.
2. Almost instant payments
Bank transfers take an average of 3-5 business days. In cryptocurrency, they spend much faster. Confirmation of the transaction occurs when the miners create a new block on the network, which is 1MB in size and takes approximately 10 minutes to create.
3. No borders
BTC is a supranational and decentralized currency that is not controlled by any organization or legislation. The first and most popular cryptocurrency can help many companies enter the international market, with significant savings on transaction costs because with Bitcoin nothing needs to be recalculated and converted to local currency. .
4. Safety and security
The Bitcoin network is extremely resistant to hacking because over 51% of the network’s power is needed to attack a currency. It is almost impossible to do this since at present this network is more powerful than all the supercomputers in the world put together.
5. New opportunities and technological advantages
Bitcoin has excellent divisibility and is sent with just a few clicks. Smart contracts, multi signatures, the presence of many very practical and modern services make BTC a very attractive and practical means of payment.
The negative sides of BTC integration, such as low recognition by governments of many countries, high volatility, and lack of popularity in 2021 make many people hesitate. In general, we can note a positive trend in the attitude of national governments towards cryptocurrency and therefore we can expect further growth in demand for BTC very soon.
Despite some difficulties, Bitcoin is gradually gaining ground not only among ordinary users but also in the entrepreneurial environment. It will not be surprising that in a few years it will be accepted by default by most companies around the world. If you are an entrepreneur and still do not accept BTC as a method of payment for goods and services, now is the time to give it some serious thought.
Interesting related article: “What is Bitcoin?” The history of Bitcoin and how it works “