Ways Businesses Can Take Advantage of Cryptocurrency

Ways Businesses Can Take Advantage of Cryptocurrency

We are witnessing the disruption of the global financial industry. Fiat currency’s weaknesses are often discussed now. At the same time, the benefits of Bitcoins are mentioned at every opportunity that arises.

Carl Runefelt is a global crypto leader who has invested in more than 360 crypto startups. He is a strong proponent of Bitcoin and believes that it will gradually replace traditional currency.

While speaking on his YouTube channel, The Moon, he says, “When Bitcoin or when the world is in some type of volatility some kind of uncertainty, I think that is generally something strong for Bitcoin because Bitcoin has zero third-party risk so no matter what happens, you never have any third-party risk against anything. So, Bitcoin is the safest place in the world to put your money or put your wealth.”

When it comes to businesses, Bitcoin offers something that its contemporary counterpart struggles with. Although Bitcoin is still in the process of gaining recognition and widespread acceptance, some businesses have jumped on the bandwagon and have readily adopted it as a form of payment.

Simultaneously, many businesses are skeptical too. Whatever your case may be, let’s have a look at some of the business benefits you can reap by adopting Bitcoin.

Reduce Transaction Costs

Costs are something that direly affects your revenue. It jacks up the expenses and cut down the profits. Making large transactions mean that you end up paying hefty transaction fees to banks and the government.

And we are sure this ought to bother you!

With Bitcoin, you can substantially reduce your transaction fees – almost near zero! The reason is fairly simple: When there are no intermediaries like banks, there are no costs in between that rip you off.

So if you are a small business, which is highly sensitive to small cost differences, you can use this saved money to adjust your product prices and compete more favorably in the market.

Expand Reach

People who are already dealing in Bitcoin will tell you how Bitcoin transactions are seamless and lightning fast. You wouldn’t have to wait for ages to complete the transaction – it hardly takes a few minutes for a Bitcoin transaction to finish.

Adopting Bitcoin also entails that you can open up to a whole new market, which is bound to positively impact your business sales and reputation.

Also, with Bitcoin at the forefront, you are now tapping a new powerful customer base; the younger generation that likes using and investing in Bitcoin. Bitcoin is hip with newer generations so Bitcoin acceptance will open floodgates of these new customers who can boost your revenue.

Get Rid of Chargeback Fraud

If you’re running your business and selling products, you’d know how big chargeback fraud tension is. Fraudsters buy your products and then fraudulently request their banks to charge back the amount they paid through their credit card while keeping the product to themselves.

One might wonder, what security these so-called intermediaries are providing to these vulnerable business owners. Even though, they claim they are the middleman for this very purpose of ensuring security and regulating lawlessness.

Carl Runefelt comments, “Bitcoin is the only non-political money in the world. Remember guys your bank money can get frozen, your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else. I think that is revolutionary, and I am so happy to be part of Bitcoin, especially in times like these of massive global uncertainty.”

Ensure Privacy

Living in the digital age, privacy has become of the top concerns of businesses and customers alike. Understandably, people now rank cybersecurity as one of the top concerns in the digitization era.

News and headlines are rife with major data breaches that leave targeted individuals exposed to identity theft and loss of finances. This is especially true for businesses nowadays.

With Bitcoin, you have privacy intact. How? Bitcoin maintains your anonymity in transactions – it’s your money, and you have the right to hide your identity. So once you’re dealing in cryptocurrency, you are essentially prioritizing the data privacy of your business as well as of your customers.

By Khizar Akhtar

Hi, I am Amelia Cruz. I have been working as a product manager at Rananjay Exports for more than five years. Rananjay Exports is a worldwide manufacturing and wholesaling company based in India that deals in Opal Jewelry and other 200 plus varieties of gemstones. Our jewelry is made with genuine and ethically sourced gemstones that are loved by jewelry resellers worldwide. Bearing the signature of Rananjay Exports, each jewel is created with good quality. Moreover, We are dedicated to giving exclusive member benefits to our customers with a memorable shopping experience.

Leave a Reply

Your email address will not be published. Required fields are marked *