Time and time again, there is a high chance that you will hear that Bitcoin is magic money that does not have a purpose or even an intrinsic value. You will have probably been told that you are not able to buy a cup of coffee with it and that it has absolutely no use as a currency. Some of those who believe in what it has to offer have even said that it is not a currency at all, and therefore should not be classed as being one. They say that it is digital gold that has the same value but a much loftier approach. This may be the case, and all of the above may be true to some extent, but Bitcoin at the end of the day is money regardless of who admits it. It is also incredibly useful with the world that we live in at the moment.
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If you own a business and you want to sell a product, or if you run a business and you feel the need to operate within a normal profit margin then you may get customers who live abroad who want to buy your product off you. You would expect the customer to pay you upfront for getting these goods and they may completely agree to this right away. So what’s the problem? The problem here is that you are still well over 10 days from getting your money and you may even have to wait until all of the proper paperwork is done as well. On top of this, you may run into mistakes along the way and this can really cost you in terms of Forex. This is the last thing that you need and in some instances you may even have to get a letter of credit as well. At the end of the day, this situation just goes to show that a ton of things can go wrong at nearly every stage of the process. The letter of credit that you get to make the whole process happen may even end up being fake and the money that you are due to get from the sale may bounce around various banks because nobody knows what is going on.
To avoid this situation, your customer may offer to use their credit card to make the payment. The problem here is that you may not be authorised to make that charge to the company and this is even the case if you are able to take credit cards. When you do this, you will probably end up paying 5%b of the invoice in fees and then six months down the line, one of your customers may call their company and state that they never purchased from you. That means that you will get a huge chargeback and you may also lose out on a ton of profit.
So another way to get around both of these situations would be for you to say that you accept Bitcoin. There is no way of going back here and a couple of minutes later you will have the money in your account. The customer has no way of taking that money back and it is paid directly into your wallet. When you look at things from this point of view, it isn’t hard to see why so many businesses are utilising cryptocurrency and it also goes to show that more needs to be done so that it can be utilised in the future as well.
The problem here, and yes, there is another problem, is that those who do not believe in Bitcoin may say that they are not going to accept it because of the charges involved. At Bitcoin’s worst moment, it still showed a lot of strength, and the money that you would have lost out on at this time is still no comparison to the amount that you would lose if you ran into a problem with the bank. Transactions now only take a couple of minutes and each one will only cost you a couple of cents, so it isn’t hard to see how all of this really does makes sense.
Bitcoin is an absolutely fantastic tool for both international transactions and even B2B transactions as well. if you are a business owner then you should be looking forward to what Bitcoin has to offer, rather than trying to focus on the slower and more expensive route of going through a bank. The value of a Bitcoin really doesn’t matter either, because as long as you are able to get your payments instantly, nothing else really matters and this is a great way for you to move your business and all of your payments into the future.