5 Ways To Use Bitcoin To Support Your Company
What is Bitcoin?
Bitcoin is a type of cryptocurrency; this is a digital currency which uses blockchain technology. Cryptocurrencies like bitcoin are not managed or influenced by the government or other central authorities, one of the reasons for their widespread appeal. The process of cryptography means that it’s difficult to counterfeit this currency. Cryptocurrency systems allow secure payments online using digital tokens, represented by ledger entries. There are many different types of cryptocurrencies; however, Bitcoin continues to be the most popular. There are several ways that you can use Bitcoin to support and grow your company, so let’s take a look.
1. Lower transaction fees
When you make payments using a credit card or debit card, you will incur fees. It’s commonplace for fees to be charged (because many different parties are involved in the purchase). You’ll find that these fees are even higher when you are buying something from abroad. Cryptocurrencies like Bitcoin have removed the third parties from the transaction process. When you buy bitcoins for your company, you’ll experience zero transaction fees when you use them, hence saving you money.
2. Protect your data
Bitcoin payments are discreet; these payments are not directly associated with your personal identity. Bitcoin users are instead associated with an anonymous address, and this address changes with each transaction. Discreet payments provide excellent data protection for your company. Your personal details will be completely safe, meaning your business will be less vulnerable to a data breach.
3. Trade internationally
Bitcoin is not subject to exchange rates, charges or interest rates. Bitcoin allows you to take advantage of P2P international transactions, without being affected by currency exchange or fluctuations. When your business can trade internationally, with ease, you’ll open yourself up to a wealth of new business opportunities. Bitcoin is particularly useful if you're running a business while traveling.
4. Faster transactions
Using Bitcoin is faster than traditional banking methods. By using Bitcoin, you’ll be able to save time and boost efficiency and productivity. With the use of blockchain tracking, bitcoin payments can offer your business improved security.
5. Security of documents
To improve the safety of document processes, businesses can use blockchain technology. Blockchain is like a record of various digital events, and you can share the info between the appropriate parties. The information is secure, and you can’t erase it. The transaction records are permanent, and you can use these to improve security and efficiency with your company.
6. Improve your brand identity
Businesses can use cryptocurrency to improve their brand identity. For instance, businesses can create their own branded currency. With a branded currency, you’ll represent your business as tech-savvy, current and forward-thinking. You’ll gain wider appeal amongst consumers who like Bitcoin, and innovatively promote your business. Companies with strong branding will go from strength to strength, branded currency is an excellent way to shape your identity.
Lastly, if you allow Bitcoin payments on social media, you can increase your appeal and improve your engagement, particularly amongst your millennial following.