As cryptocurrency has come a long way and made a name for itself in the financial and digital world, it still requires more time to get finally accepted into the business world at large. However, it is still new for many people, and customers and businesses similarly are unaware when it comes to understanding and using the blockchain.
The longer the cryptocurrency will sustain, the more business should pay attention, not just to keep a changing financial landscape, but also to assemble the benefits of operating on the blockchain.
Lower transaction fees
It has been seen that credit card companies sometimes charge up to 4 percent per transaction, along with fees every time a card is swiped. These fees are included easily, especially for small businesses.
Third-party fees skyrocket when dealing with any sort of international transaction -wire fees, exchange costs, and bank charges take an even larger chink of a transaction overall during processing.
Bitcoin bypasses credit card organizations and various intermediaries, lowering transaction fees across the board.
Customers are used to having access to numerous payment options, from credit cards to in-app purchases on mobile devices. However, bitcoin is the next step in transactions, and a step customers will pursue to explore their own.
Bitcoin allows customers to use their phones to pay for and exchange coins from anywhere as long as they have an internet connection available to them. Being able to operate fully from a mobile device offers greater ease of use for customers who are into communicating with banks and shopping from their phones.
Rather than credit and debit cards where transactions are tracked with a host of personal information, bitcoin doesn’t need the use of any identifying information, offering enhanced flexibility and discretion to customers.
Bitcoin payments are irreversible, which shows merchants can be particular they'll receive their money as soon as the transaction goes through. There’s no more chance of chargebacks or fraudulent payment discussions when a transaction is completed on the blockchain.
Increased customer base
It was not so long before the blockchain entered the public sphere and became commonplace in regular business transactions, from in stores to restaurants, in-person services, and beyond.
It’s a bit hard to pin down the exact number of blockchain users, however, one thing, in particular, is that number is upgrading. Initially, in 2019, almost 32 million users handled the blockchain, according to Blockchain.com. And by the start of 2020, that number had risen by 41 percent to a whopping 45 million users.
By offering bitcoin as an option, merchants may open themselves to a wider customer base. As customers start using bitcoin more frequently, they may be inclined toward businesses that offer blockchain payments as an option, just as customers choose merchants that accept credit card payments instead of cash.
Cryptocurrency may not be as everywhere as credit card payments at the moment, however, the list of benefits to both businesses and consumers on the rise, may not be true for long. Businesses would be wise to explore these benefits, move past their doubt and shift their business models to accept blockchain payments.
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