The growth of cryptocurrencies has been immense over the years and the godfather of cryptocurrencies themselves is Bitcoin (BTC). BTC was the one to start the crypto world back in 2009.
It still stands at number one in the crypto market, but its market value has dropped significantly due to the recent crypto crash. However, once the market recovers, it will be stronger than ever.
Statistics mention that around 15,000 businesses worldwide support Bitcoin, meaning you can use it to your advantage for growing your business.
Let’s dive deeper into this article to see how you can use Bitcoin to grow your online business.
A few quick steps to start an online business
Before diving in and identifying how Bitcoin can help us set up an online business, let’s find out the five steps we need to follow to start an online store:
- Get a domain and web hosting
- Create your own website through WordPress or Wix
- Install plugins
- Start setting up your online store such as adding your products to your site
- Customize your online store based on how you want it to be
After you’ve set your store up, it’s now time to start growing your online business by using the power of Bitcoin.
12 Ways you can use Bitcoin for growing your online business
- Quick transactions
If there’s one massive advantage BTC has over the rest, it’s the fact that you can make quick transactions safely and easily, which helps businesses run much more effectively. On the other hand, if you pay with a credit or debit card, it can take more than one day for the transaction to be processed, but this isn’t the case with cryptocurrencies.
Additionally, once you perform a transaction with cryptocurrencies, they’ll be kept private compared to a traditional payment method that records your transactions. Let’s also not forget that paying with cryptocurrencies doesn’t require you to provide an ID or any other identification. Therefore, your ID and financial data are safe.
- Competitive advantage
We mentioned that only a few thousand businesses accept Bitcoin, which shows its uniqueness. Furthermore, the part where you can conduct a transaction instantly also makes Bitcoin unique. Currently, around 271,000 Bitcoin transactions are processed each day!
Unlike traditional payment methods, BTC can be purchased on many platforms, such as Coinbase, Binance, Moonpay, Gemini, etc. Considering that it has a massive advantage in market value over the other cryptocurrencies is what makes it entirely available on almost all platforms.
However, remember that you can purchase BTC with Moonpay as it offers low transaction fees and allows you to transfer the funds to your wallet. Therefore, Moonpay is always an excellent alternative when you want to buy and sell any cryptocurrency.
- It’s cost-effective
Yes, you heard it. Bitcoin is a cost-effective method of running a business. Since the transaction process is quick and offers low costs, it is cost-effective for you and your business. Also, the advantage of Bitcoin is that it’s deflationary. This means that if inflation hits the economy as it did, Bitcoin won’t be affected by it.
When inflation hits the market, it has some lasting impacts on it. Still, in this case, Bitcoin allows businesses to operate effectively without worrying about the long-term effects and supply of coins. Comparatively, BTC is accepted by more companies than other cryptocurrencies. The only thing to watch out for is if it’s legal in your area.
Besides that, it’s always important to pay special attention to the type of platform you will use if you want to be entirely secure about the platform you will use and ensure that your crypto assets are safe from any online breaches.
Also, let’s not forget that cryptocurrencies are much harder to hack than fiat currencies. This is because of the blockchain technology that makes it not impossible but highly challenging for online attackers to get into your personal assets.
Moreover, the more important part is to be sure you are using a secure platform because online breaches will usually occur due to an insecure platform rather than the attack itself. This won’t only have a negative impact on your costs but will waste your time and valuable assets.
- Error reduction
Technology has brought a new way of how we conduct business. Businesses are using many different tools to save time and grant them error-free technologies. On the contrary, cryptocurrencies promote reliability, security, and error-free transactions, which are important for long-term profits and making customers happy.
As more business owners realize the importance of cryptocurrency benefits, it’s becoming more common for them to buy items using Bitcoin rather than with a fiat currency.
- Free of taxes
Everyone tries to avoid paying taxes and the huge advantage of BTC transactions is that they are decentralized, meaning no governmental body is overlooking them. Third parties aren’t aware of the payments made, so there’s no chance of paying taxes.
Additionally, this accounts even for your customers who purchase a product or service using Bitcoin. They won’t need to worry about taxes along with you!
- An advantage in international payments
Unlike traditional payments, Bitcoin can make international payments instantly because it doesn’t need third-party approval. However, many businesses won’t engage in international payments because of the high cross-border transaction fees.
However, BTC saves you from these fees. No more waiting for days to receive a payment and worrying about the costs you will pay for. Instead, the payments are made instantly, safely and fast!
- Bitcoin offers a much better ecosystem
Whenever a transaction is performed with BTC, you must have a digital signature before it’s sent to the blockchain. Therefore, this process makes applications much safer for storing and exchanging cryptocurrencies.
Furthermore, a better ecosystem means you aren’t using any physical cash for money transfers. This is better for the environment because no physical space is taken up and you use a virtual currency. In addition, you can only lose virtual money if it’s hacked, unlike physical cash, which can be stolen online and in real life.
It’s never exciting to tell someone you lost the cash, right?
- Smart contracts
The entire idea of using smart contracts initially began in the early 1990s. Smart contracts were invented to process transactions without any third-party interventions. However, smart contracts are only realized with blockchain technology and still haven’t been recognized with fiat currencies on a developed level.
The future of smart contracts in the crypto world is strong, but fiat currencies are still unknown, so there is your answer. This gives you an advantage in growing your business since it’s the future of transactions.
- Bitcoin mining
Another considerable advantage for your business is Bitcoin mining. It’s impossible to print physical money unless you have authorized use from the Government or if you are doing it for governmental purposes. However, this isn’t the case with Bitcoin because it’s a decentralized currency.
Bitcoin is mined through physical machines that use lots of energy but bring you great profits. So how good does it get to mine a cryptocurrency and not have any third-party intervention?
To stay updated, we recommend you check up with all the countries that allow Bitcoin mining. Unfortunately, many countries have banned cryptocurrency mining due to the current energy crisis. Still, most are coming up with new machines that reduce energy consumption and are more eco-friendly.
- Bitcoin payments are Peer-to-Peer (P2P)
The Bitcoin payment system is entirely focused on peer-to-peer (P2P). As a result, users can receive payments directly from anywhere globally. In short, if you are doing business with someone from another continent, it doesn’t matter because the transaction will be instantly recorded.
- Transactions can’t be reverted
Some may see this as bad news, but we don’t think so. Senders who make payments won’t be able to revert them after they are made. However, a business’s reputation is easily damaged once reverse payments are made.
With Bitcoin, everyone who makes a payment will know their decision needs to be final before moving on. This not only makes the sender think about the decision more but also makes them rethink it twice so that it won’t have any long-term effect on your business reputation.
- Low risk
Comparatively, Bitcoin is a much less risky cryptocurrency to invest in since it was the first one to be created and has a much higher value. Currently, Bitcoin stands at around $17,000 in price value but will offer you less volatility. This is great for your business and if you invest in Bitcoin, you can gain some serious profits in the long term.
Once the market is back up and running, Bitcoin will reach new heights and most experts predict that Bitcoin will exceed the $100,000 mark in 2024-2025.
Is Bitcoin worth it?
Known as “The Godfather” of crypto, Bitcoin will always be the reason the crypto world is standing. Currently, no other cryptocurrency is even close to its market value and we doubt it’ll ever be that way, because it holds such a strong position in the market.
However, time will tell everything, but Bitcoin is a good option for growing your online business. It’s the future and has many benefits behind it, so don’t think twice about it.
About the author:
Tony Ademi is a freelance SEO content and copywriter. He has been in the writing industry for three years and has managed to write hundreds of SEO-optimized articles. Moreover, he has written articles that have ranked #1 on Google. Tony’s primary concern when writing an article is to do extensive re