Bitcoin is the up and coming currency. More and more people are using it every day, and not just as investments. A lot of industries are using Bitcoin to expand their markets and get more profit. Shoppers are using Bitcoin to buy both digital and physical products on the internet, and that number is growing. Ecommerce business owners who jump on the train early have a great opportunity to expand their business and marketing.
Here are 5 Reasons you should accept Bitcoin on your e-commerce store:
1. It opens new markets
The number of Bitcoin users is growing every day. More and more people are discovering Bitcoin and its benefits, and Bitcoin enthusiasts love stores that accept Bitcoin. Just by accepting Bitcoin, you can get tons of free publicity, especially if you run an interesting store and can get your Bitcoin announcement trending. This will do wonders in making your digital brand more recognizable. Nothing screams interesting more than accepting Bitcoin. It also means you will get a huge increase in new users. Bitcoin enthusiasts are always ready to spend their money to support stores that accept Bitcoin.
There are a bunch of websites such as acceptedhere.io which provide a list of shops that accept Bitcoin and other cryptocurrencies. Getting listed on this website means a lot of new traffic will be coming your way, especially if you’re in a niche e-commerce industry. Bitcoin enthusiasts love shopping in Bitcoin.
2. It is much more secure
Bitcoin is one of the most secure currencies in the world. It operates on the Blockchain, a highly decentralized software. Basically, this decentralization means Bitcoin is almost impossible to hack or steal. Fraudulent transactions can’t be made, because if the transaction isn’t confirmed by other nodes in the blockchain, the transaction just won’t be made. Effectively no one can hack the blockchain.
Of course, you as a user should always adopt certain measures to ensure your own security. Don’t give out private wallet information, including passwords and the like. If someone nefarious gains access to your wallet, you can lose your Bitcoin. However, if you maintain your own vigilance, it is virtually impossible for Bitcoin to be stolen. There are even ways to make your Bitcoin even more secure, almost more secure than a bank vault! Using a hardware wallet is a good way to ensure no one can have access to your Bitcoin other than you.
All this makes it a good choice for ecommerce merchants. You can avoid the security woes that come with many other payment solutions.
3. It can go directly to your wallet
In addition to the above, Bitcoin is also useful because it can go directly to your wallet. A lot of ecommerce payment solutions, like PayPal, hold onto your sales when the transaction occurs. Sometimes this can mean a delay in getting your payments, which can be a big problem if you’re on a thin margin. There are also security issues that often crop up, and the payment solutions sometimes ban people for no reason.
There are many Bitcoin services that send your Bitcoin directly to your wallet when a sale is performed. No one holds onto the Bitcoin, no one else even touches the Bitcoin. It is just like if your customer paid and handed you the cash, but it’s over the internet for ecommerce. This means payments are processed quickly, as quickly as the blockchain allows.
4. It is easy to set up
Bitcoin payment processors are almost always really easy to set up. It doesn’t take any extra tech knowledge to install these plugins, most are just plug and play. If you use an ecommerce platform, many bitcoin plugins are available right on the plugin/addon store, such as accepting Bitcoin on WordPress. This makes it quick and easy to install.
That means you don’t have to worry about any website downtime, or have any major issues. Although Bitcoin itself is really technical, installing Bitcoin payment processors is easy. So easy, why not just do it? Bitcoin payment processors often have cheap fees, and good preview options, allowing you to try it out for a little bit before deciding whether to stick with it. You probably will.
5. It makes you look tech-savvy
Technology plays a huge role in today’s business market. Businesses are constantly trying to get ahead of the times. Bitcoin is going to play a big role in the future of currency, there’s no doubt about that. Getting in on the ground floor can serve as a good boost to your image. It shows you are tech-savvy and are constantly looking ahead to the next big thing. Customers like it when businesses get creative and support new movements.
It never hurts to introduce new technology onto your site, as long as it will work successfully. And thanks to the easy set up above, the risk is rather low. By implementing new technologies, you will look “cool and hip” to your customers. Bitcoin is an up and coming technology, and people enjoy seeing it implemented.
What are you waiting for? Do it!
Bitcoin is going to play a new future in currency and economics. There are several reasons to implement it in your store, this article just touches on five of them. But with the new markets, you’ll tap, the marketing opportunities and the ease of implementation means people should be setting up Bitcoin payment processors right now! There are many benefits, with very few drawbacks. What are you waiting for?
Frederick Coleman is the VP of Growth for Blockonomics, which produces bitcoin payment processors for eCommerce. He has worked on and off in Bitcoin for over 3 years. In his free time, he loves traveling by train and plane, studying politics and history, and volunteering in political campaigns.