Cryptocurrencies are here with us; they have over time been accepted as a means of payment after facing a bumpy ride. When they first appeared, cryptocurrency got a cold reception, they were associated with all manner of things and due to being painted negatively, they suffered a big blow. People have realized their potential and are gradually accepting them as currencies that they can use to store value and means of payment. One of the areas where cryptocurrencies such as Bitcoin gained acceptance was in the betting sector.
There are several BTC betting sites where punters can wager on their favorite teams and games. In this case, they will have deposited into their accounts using their bitcoin wallet. As experts point out bitcoin betting is now mainstream, and punters are depositing and withdrawing funds from their accounts. Here, they can enjoy several benefits including low transaction fees, and anonymity among others. In the review of the bitcoin betting sites, several experts say have found the platform ideal for punters as they have several features that provide a great experience. These businesses have adopted bitcoin as a payment option and they are reaping benefits from it. In this article, we will explore three ways that can be used to grow a business.
Increasing reach
While there is a significant population that is yet to accept bitcoin for varied reasons, there is a sizeable group that has embraced it as a means of payment for various goods and services. This group has gradually moved away from fiat currency directly gaining from using blockchain-based technology. Ask anyone who has used cryptocurrency such as Bitcoin in making payments and they will tell you how seamless and convenient the transaction can get. To increase usage, businesses are giving incentives to buyers encouraging them to use the currency in making payments.
With this, they are reaching more customers, especially those who believe in cryptocurrency. If your business is struggling and the kind of products that you deal with can be traded online, cryptocurrencies can help you break the ice. Introduce bitcoin as a payment option, and give some incentives. For instance, if you have a betting platform, give a bonus to those who deposit or withdraw their funds as cryptocurrencies. With this, you will attract more users to your platform. Accepting bitcoin introduces your business to a whole new opportunity, there is a huge number of users who are comfortable with cryptocurrencies, reach out to them and you will notice a big difference in revenue.
Reduction of transaction costs
Cryptocurrencies as part of blockchain technology are mainly a decentralized system where intermediaries have been eliminated, like with crypto OTC trading platforms. Most of the payment options are centralized meaning that there are several players in between sometimes including the authorities. With bitcoin, you are dealing directly with the customer. This means that there are great chances of reducing the transaction cost.
Cost being one of the factors that customers consider when selecting where to buy, you will increase traffic to your business when you meet this condition. Again going back to the example of a betting platform, users are looking for ways to reduce costs in their wagering endeavors. They are looking for payment options that charge minimum fees but offer a great experience. Bitcoin and other cryptocurrencies offer the following:
- Attract low transaction fees
- Offer users security,
- Anonymity, and
- Convenience.
When you embrace the use of cryptocurrencies in your business, you will attract customers as they seek to enjoy low transaction costs.
Reduce incidences of fraud
Contrary to the public-held belief that bitcoin and the whole cryptocurrency space are riddled with fraud, the payment system is actually safe. It is based on blockchain technology, a sphere that promises security, privacy, and non-interference. Some businesses have fallen victim to fraud where some customers purchase products and later cancel the payment. This is costly to a business and can lead to heavy losses. Luckily, for those who buy Bitcoin and embrace it, this cannot happen.
Chargebacks are only found in fiat currency transactions. Bitcoin payments are recorded in a system that is permanent and cannot be reversed. This leaves customers with no choice in the event they are looking for a refund. They have to contact the business directly and there has to be a process of authorization before a refund is issued. This also goes for customer privacy; bitcoin provides some of the safest ways to transact. You are assured that information will not fall into wrong hands.
With cases of data breaches, identity loss, and other cyber-related crimes on the increase, customers are looking for systems where their money and personal information are safe. Bitcoin and cryptocurrencies in general can provide this. Embrace it and you will see the number of customers increase.
The business which has adopted bitcoin as one of the payment options is reaping huge benefits. The convenience, safety, and affordability that bitcoin presents as the payment system is drawing users. Take advantage and your business will never be the same again.
