Bitcoin and Ethereum have been hitting the headlines lately, gaining significant value over the course of the last few months to reach new all time highs. Both have well and truely proven their worth as a store of value and use as a currency.
Both Bitcoin and Ethereum are cryptocurrencies, which are essentially digital forms of money. Both currencies are sent directly from person to person through a transparent process called a blockchain. The blockchain records all transactions as a form of a public ledger to ensure no bitcoin can be fraudulently created.
The currency’s format allows for cheaper, quicker and much easier exchanges of cash. Especially over borders. With Ethereum transfers of money taking as little as 15 seconds.
Here are some reasons that you should consider using, accepting or utilising bitcoin, ethereum and blockchain technologies in your business.
Both Bitcoin and Ethereum are secure & transparent methods of transferring value.
All payments are final with Bitcoin. Transactions can’t be contested after the fact through the network, and once money has been transferred it would require a manual action on your part to send it back. Every business owner who accepts Credit Cards or Paypal understands the frustration of reversed, charged back and disputed payments. Payments through the blockchain (ethereum, bitcoin) are irreversible and secure, meaning the cost of fraud is not pushed onto the shoulders of the merchants. And the onus to protect money is put onto the money holder.
Anyone globally can hold bitcoin and ethereum, and transactions made across borders cost no more and take no more time than transactions made to someone next to you. This means that you could have the money much sooner than an international back cheque.
Ethereum and Bitcoin are rapidly gaining adoption and consumers and businesses are looking at new ways to spend their bitcoins. Accepting them is a good way to get new customers and give your business some visibility.
All these reasons and more make up why Bitcoin and Ethereum can be great for your business. So, will you be accepting and making use of cryptocurrencies in your business? Have you got some Bitcoin, Ethereum or Litecoin you’re looking to spend? We accept all popular cryptocurrencies here at Your Business Digital.