Bitcoin seems to be all over the place these days. It is already inducted into the educational curriculum, government is looking for ways to regulate it and even the Wall Street seem to be intrigued with this wave of virtual currency.
The crypto-currency has a potential, this one thing is clear. This is the reason even new band of entrepreneurs are not shying away from embracing this new technology into their business models. Finally the business owners are beginning to see how Bitcoin will become the currency of the future.
It all began in 2009
The Bitcoin currency was established in 2009 that was owned and minted electronically. What made Bitcoin unique was its ability to transfer money from one person to another without the need for a bank or any other intermediary. Ever since it came into being, Bitcoin has mostly been supported and promoted by entrepreneurs.
The acceptance of it by the businesses began with CheapAir.com that started excepted payments in bitcoins back in 2013. Its CEO, Jeff Klee said that the idea to add bitcoin to payments options came to them when a customer enquired about it. Today, the company has incorporated bitcoin payment system into its business model and mostly enjoying its irreversible nature of transactions. There is no way one can dispute the payment made by bitcoins!
Entrepreneurs Benefit, but how?
They not only get more final payments but also have to pay much lower transaction fee. While business owners may pay up to 4% transaction charges for credit cards, the Bitcoin transactions are free. This one simple benefit reduces the company’s bottom line significantly.
One more thing that adds feather to the digital cap that the entrepreneurs are wearing happily is that they are exposed to new set of customers that are happier using bitcoins for payments. Just a while back, BloomNation became the first flowering company to accept bitcoins as payments. The CEO of BloomNation, David Daneshgar claims that the bitcoin users are more responsive to the companies that are supportive of the currency.
Quick transactions for customers are checkout
The online customers can also benefit from a quick checkout when they pay using bitcoins. No more adding additional details like address, phone numbers etc. The customers can quickly pay for their purchase and checkout without wasting any more time that also reduces the cart abandonment rate for the online business.
Future or not, entrepreneurs are definitely willing to take their chances on this new wave. However, since bitcoin is still not a mass currency, there is a lot of effort that needs to go into it before the businesses can fully integrate it into their payment systems.
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