Bitcoin is still around 7 years after its detractors predicted its rapid demise. Not only has Bitcoin survived, but it has also thrived, becoming the Internets first digital currency. In November of 2017, be have seen Bitcoin reach the unimaginable threshold of $10,000 USD per BTC (Bitcoin) before retracting to hold steady around $7500 USD per BTC. Yes, Bitcoin is an extremely volatile financial instrument, but it has remained rather bulletproof against hacks, regulations and a conventional sector that was hell bent on derailing it. With Bitcoin adoption rates at an all time high and Bitcoin taking its place as the Internet’s very own currency, has the time come to include Bitcoin as a payment method on your site? The simple answer is yes, and you should have implemented a Bitcoin payment gateway years ago. Bitcoinplay.net facts on the crypto-currency tell us Bitcoin and blockchain technology are here to stay. Here is why Bitcoin is the future of Internet transactions and why you should accept it, if you haven’t already.
Bitcoin is growing faster and with wider market adoption than anyone predicted. Today, Bitcoin has even given rise to an entire sector of exchanges, wallets and businesses that revolve around it. Currently, over 5.8 million digital wallets exist and that figure is growing exponentially due to the media coverage of the growing sector. Furthermore, Bitcoin is already accepted by many of the world’s businesses, including and very likely some of your competitors. It is now possible to buy flights, food and pay for a university education with Bitcoin. In Japan, over 300,000 merchants will accept Bitcoin by the end of the year. If the market trend continues, Bitcoin may one day be as widely used as PayPal or Visa, and not excepting one of them would be a huge disadvantage for any business. Bitcoin similarly will be a preference for a huge segment of online consumers and accepting Bitcoin will help streamline payments and booster conversion.
Opportunity to Build a Bitcoin Reserve
Another great reason to accept Bitcoin is the fact that it gives you and your business a chance to build a Bitcoin reserve or portfolio. As you accept payment, keeping your revenue in Bitcoin can be hugely advantageous. On May 22, 2010, an early adopter of Bitcoin was paid 10,000 BTC for 2 pizzas. In May of 2017, 7 years later, those BTC had a market value of over $6 million USD. Even though it is unlikely that anyone will get that kind of windfall in today’s market, saving a few satoshi (1/1000th of a Bitcoin) for a time when Bitcoin is even more valuable is not a bad idea, specially considering its market history.
Legislation & Tax Advantages
A final reason to begin transacting in Bitcoin on your sites and businesses is the legislative and tax advantages. In many parts of Europe, 1 Bitcoin are exempt from VAT. Belgium and Finland both treat it as a commodity and Switzerland has also made Bitcoin sales tax free. This is a huge potential savings for all European firms doing cross border sales within the Euro zone, and a good reason to adopt Bitcoin into your checkout funnel.
Accepting Bitcoin online is simply accepting the Internet’s very own currency. Considering that your competitors are already adopters or in the process of adopting Bitcoin, you surely don’t want to be left behind. Furthermore, with the tax advantages and opportunity to build your own Bitcoin reserve, accepting Bitcoin becomes more a question of when and not if. Bitcoin is the future of Internet currency and accepting it sooner than later is a great business decision.
Author Bio: This is a guest post by Karthik Reddy, Community Manager at Webmastersjury