Is it Safe for Businesses to Accept Bitcoin?
The old stigma around crypto is fading away. Mainstream coins and tokens are increasing their influence in society.
The time is upon us for businesses to increase their customer market and start accepting it, so why is there so much hesitation?
Just over a year ago not many people had really heard about Bitcoin or cryptocurrency, now it’s something we’re seeing in the news, trending on social media, and being adopted by large brand names.
Cryptocurrencies like Bitcoin are creeping up in the financial world and will soon be used almost like existing online payment services like PayPal.
But why is there so much hesitation around crypto for people and businesses?
The usage of Bitcoin and other cryptocurrencies in their infancy was sometimes for illegal or questionable transactions. Drug dealers could use the anonymity of these almost unheard-of coins to transact under the radar. Perhaps with new cryptocurrencies, this could still be happening.
However, with the growth of Bitcoin, XRP, Litecoin and other well-known crypto market leaders they have increased the security of the system and transaction process to stop this from happening.
The security and centralised processes of bitcoin now make it more traceable thus deterring any illegal usage. The new traceability in the system has been well designed to keep the user safe while still being detailed enough to identify illegal actions and who is doing them.
The verification process has helped this security process as well. The new 2 step verification process, sometimes even 3 step tends to involve a form of ID verification so the safety of your crypto is increased. Also, the security for the receiver or business with ensuring it is a verified user and that they have the funds they say they do in their wallet for the purchase.
More B2B transactions are happening with Bitcoin. Well-known companies such as Microsoft, Wikipedia and Virgin Galactic have already been accepting Bitcoin for over a year. Microsoft allows you to pay for its top-up service, Wikipedia accepts Bitcoin payments, and with Virgin Galactic, if you have the dough you can pay for space travel with your Bitcoin!
Perhaps you want to know if your business can sell more tangible items like clothes or furniture? Companies such as AutoCoinCars have been operating for over a year with thousands of successful car sales to crypto customers without issue.
Bitcoin trading has rapidly increased recently which has helped to make the coin more mainstream and has improved the validity of the usage of cryptocurrencies for real-world spending. This will continue to increase in relation to the growth in the adoption of cryptocurrency payment accepting by companies.
Just like with PayPal all new forms of payments will increase in security the more it is used, Bitcoin is on the rise and is already safe to accept for businesses, there just seems to be a fear of the unknown of it. This is why we’re here to bust this misconception wide open.
If it’s not fear of the unknown then for some businesses you may not want to accept crypto payments yet due to the fluctuating market rate of value against your physical world currency.
This is why we are here, AutoCoinPayments mitigate the risk for you by taking on the exchange rate ourselves and ensuring you receive the full amount in your desired currency.
To sum up: thanks to the rapid rise in usage of Bitcoin it has become a safe coin to hold, spend, and accept now. AutoCoinPayments mitigates the risk of exchange rate for you, so…what’s stopping you?
If you would like any more information about accepting crypto in your business, or if you know now that you’d like to start accepting crypto payments, get in touch today!