Written by Dean Lee, SEO team writer at CCP Marketing for Bitcoin Buyer.
After witnessing the success of bitcoin, some businesses internationally are still cautiously evaluating whether it is productive to include bitcoin in their business or not.
It must be mentioned that certain countries eg. South Africa have not regulated the use of Bitcoin and that an Intergovernmental Fintech Working Group had been set up to provide a framework for such regulation while countries including Germany, Australia, United States, Japan and South Korea, to name a few, allow the use of Bitcoin.
The roll out and acceptance of Bitcoin in business has been slower, although large companies which include Microsoft, Starbucks and Pavillion Hotels and Resorts and Paypal Bitcoin have given Bitcoin the green light for transactions.
What remains to be seen is when businesses around the world will consider and use Bitcoin for very large inter-business transactions. This delay around the use of bitcoin for business, is strongly driven by the fact that most countries have not regulated how Bitcoin can be used. They are grappling with many issues, not the least of them being the fact that Bitcoin is not regulated by a Central Bank and is not printed. It is computer-generated and despite its use for buying goods and services, there are still no uniform international laws that regulates the use of bitcoin.
What is clear, is that crypto continues to go through innovative development and is becoming more accepted as a trading currency in business transactions eg. El Salvador has now officially become the first country to declare Bitcoin legal tender.
To get more clarity about the benefits of bitcoin take a couple of minutes to read through these points. You should also visit bitcoin-buyer.io and experience how easy it is to transact in bitcoin for payments and receipts.
No chance of payment delay
One of the great benefits that can be realised by owners who want to adopt bitcoin transactions for transactions, is that they won’t experience any delay in payment. A slight delay in a scheduled payment can create several issues especially for the business with tight cash flows.
Bitcoin-based transactions do not experience any financial delay as they are performed in a sophisticated, easy to transact, real-time manner which makes transacting and concluding financial processes much quicker allowing things to run more smoothly because delays in payments can be reduced to zero.
Irreversible transactions
Several business owners have reported that they have experienced losses while dealing with clients who use fiat currency. Flat currency-based transactions can easily be reversed, and if a client changes his mind after availing himself of a service, the payment can often be reversed back to his account. This usually leads to a loss for the business supplying the service, as it is not able to collect its payment.
This issue could indeed be prevented once business owners are allowed to use Bitcoin in business mainly because bitcoin is a digital currency that has an entirely irreversible nature. The transaction of bitcoin, once processed, is impossible to reverse. This provides the recipient with peace of mind because, once your client makes a payment, the recipient of the payment is the only one who can make the decision whether to reverse a transaction or not.
Hassle-free procedures
Business owners often have huge deals that regularly that rely entirely on the receipt of payment in fiat currency. These payments often take time because the central authority controls the fiat currency, and everything related to the deal is governed by systematic procedures that have to be fulfilled.
This very often frustrates business owners as it requires going through different formalities and procedures, which are time-consuming and requires substantial amount of input and attention from key members in the business to facilitate the financial settlement. This is one of the main reasons business owners continuously look for better alternatives to alleviate any kind of delay in its business continuity.
There are not many options out there other than bitcoin as bitcoin payments follow a very easy process. It only involves the owner who needs to confirm the transaction, and there is no need for any kind of documentation or complex procedures.
So, now that you are informed about the opportunities that bitcoin presents for the business, follow the guidelines within your country as to the legality of bitcoin transactions for business and once bitcoin is declared legal tender in your country, we are sure that you will begin to reap the benefits of bitcoin for your business.
