Why Should Your E-Commerce Accept Bitcoin?

  • Feb. 6, 2016

Are you an online business ? Accept Bitcoin as you new payment method !

Did you know that many popular e-Commerce sites have begun accepting Bitcoin as a method of payment? Recently, Microsoft added Bitcoin as a method of payment for a number of its digital platforms. Microsoft Customers can use Bitcoin to transfer money in their accounts for purchases including: apps, video games, movies on Windows, Windows Phone, and Xbox* platforms.

What is Bitcoin?

Bitcoin is decentralized and encrypted electronic currency (crypto-currency) that allows users to exchange money without having to go through financial institutions. Bitcoin was created by Satoshi Nakamoto. In order to understand the phenomenon better, we invite you to view this video.

Why should I accept Bitcoin for my Business?

The advantages are numerous. These 5 main reasons will help you decide to use Bitcoin like we did :

1. Bitcoin it's growing in popularity

Business Insider predicts that Bitcoin will continue its expansion in 2016.

The news outlet noticed an increase in the number of platforms accepting payments with Bitcoin. This notoriety has helped Bitcoin grow its business and clientele. Bitcoin has already surpassed Western Union ($216M) with a yearly transaction amount of $289M.

There are currently 471 distributors of Bitcoin worldwide, 168 in the USA and 83 in Canada.

2. No geographic restrictions.

Bitcoin's nature makes it incredibly simple to send money to anyone around the globe. For international e-commerce websites, Bitcoin has become the most cost-effective way to exchange commodities.

3. Fraud Restriction

Bitcoin offers users a secure payment option as there is no confidential information associated to transactions - there is no risk of fraud. Experts estimate that in 2014, nearly 0,25 % of e-commerce transactions in were fraudulent**.

However, with Bitcoin, payments are irreversible. You're paid right away (once the payment has been confirmed by the Bitcoin network).

4. Extremely low transaction cost

Goldman Sachs estimates that if the Global economy used Bitcoin, companies would save 210 Billion dollars a year in bank fees worldwide. Reducing your banking fees can increase your revenue - its something to consider!

5. Cultivating a young & dynamic image in your future

As a business, using the Bitcoin network gives your brand a contemporary, modern image. By actively participating in this new trend, your business will target new markets and customers including Millennials.

Is it risky?

The risks of using Bitcoin are no different than using other currencies or banking products. However, if you decide to keep Bitcoins without converting them, the price is variable. In fact, its value fluctuates by 50% depending on the supply and demand within the same month.

Note: Bitcoin has stabilized since it was first introduced.

We recommend using services such as BitPay that convert, and deposit your sales directly into your bank account (in the currency you wish) the moment your customer has made his/her purchase. This way, you won't have to worry about fluctuating market rates.

Did you know that CyberPublicity also accepts Bitcoins?