August 9, 2021

Is the Future of Business Bitcoin? (Part II)

Evan Stolpmann

BITCOIN IS THE PRESENT.

Bitcoin and Cryptocurrency's represent a new era of financial transactions within our digital economy. Mobile and internet technologies have consumed the globe creating the digital infrastructure needed for the next era of the worlds global digital economy. With this great digital transformation comes a need to innovate the way our businesses operate.

The Blossoming of the Global Digital Economy

Cryptocurrencies represent a new unfolding layer of this rapidly transforming economy. This digital transformation has allowed businesses to touch all corners of the world for virtually $0 cost. As a business in the rapidly changing environment the necessity to adapt has never been more vital. As of 2020 over 4.8 billion people around the world have some form of mobile device connected to the global mobile network. This massive global market has never been more accessible to business and organizations than right now.

2021 Global Mobile Network

This global un-tapped market is still highly inaccessible do to the current financial infrastructure that has been lagging behind the break-neck speed of technological innovation. This lack of financial transaction innovation is cryptocurrencies greatest potential for creative disruption and represents the greatest opportunity for business to access the global market since the inception of commercial air travel.

Why does your business needs to incorporate crypto currency payments?

This massive market potential is not the only reason as to why your business should incorporate cryptocurrencies as a part of your transaction capabilities.

Here is a list of practical ways in which cryptocurrency can benefit your business:

  1. Fraud & Chargebacks:

Cryptocurrencies main innovation was that of a decentralized peer-to-peer consensus network that allows users to trade monetary value without the need for intermediaries such as banks and payment processing companies.

Payment processing companies use complicated payment processing steps to ensure monetary value is transferred from payer to the receiver of the payment. This opens up the door for hiccups within that complicated process through the multiple clearing houses it takes to finally complete the payment. This allows for chargebacks from credit cards and technical issuers between the many parties involved in the transaction.

Bitcoin and other cryptocurrencies avoid many of these potential problems that traditional payment channels occasionally fall victim to. Bitcoin fraud is very rare and chargebacks do not exist within the world of Bitcoin and Cryptocurrency this gives the advantage to you as a business or merchant as there is not liability as these transactions cannot be reversed without a refund specifically delivered to the customer.

(Source: https://quickbooks.intuit.com/ca/resources/business/payment-processing/small-business-cryptocurrency-revenue-sales/)

  1. Lower Transaction Fees:

Another great advantage for enabling Bitcoin and other related cryptocurrencies is the lack of transaction fees. Bitcoin has an average of 1% transaction fees which is lower than the majority of major payment processors such as Master Card and Visa which charge 1.55% – 2.6% & 1.43% – 2.4% respectively.

(Source: https://squareup.com/ca/en/townsquare/credit-card-processing-fees-and-rates)

  1. Branding:

Many individuals involved in the growing ethos that is Bitcoin and Crypto communities will search out and transact with businesses who incorporate and embrace cryptocurrencies as a part of the future of business. This has ability to separate your business from the rest signaling your businesses commitment to a transparent and innovative financial system.

Bitcoin and cryptocurrencies are here to stay and the costs to incorporate them into your business are negligible when comparing to the potential return they can bring any business in the 21st century.

Subscribe for the latest on Business and Technology!

Our latest studio
news & insights.

Digital Wisdom's team of curious and passionate individuals delivers their latest thoughts on the world of digital business and the new technologies that affect the everyday lives of business owners and professionals.