Businesses are finally starting to accept Bitcoin

It took them some time, but businesses around the world finally seem to have realized the potential that Bitcoin has. The cryptocurrency has been around for quite a while, but never really managed to get the attention it deserved from big companies.

However, this is definitely changing now. The number of companies accepting Bitcoin is increasing and so too is the number of companies that work on improving the currency. For instance, the businesses mentioned in this infographic are going through something of a Renaissance right now.

In fact, companies that are focused on improving Bitcoin are in as high as demand as those accepting it. There are several reasons why everyone started turning to Bitcoin and here we’ll list the main Bitcoin game changers.

Businesses finally see the Bitcoin potential

Bitcoin is a desired currency. In fact, it is so desired that it is often compared to gold. This comparison may not be very accurate to some people, but you cannot argue that the orderly nature of the blockchain network makes for a predictable and safe cryptocurrency.

And a safe and predictable cryptocurrency is just what businesses need. Especially when the cryptocurrency comes in a time of great uncertainty with lockdown measures threatening to put all European economies into a deep recession.

This is why lots of businesses around the world started to follow the example of companies such as Microsoft and Rakuten and turned to Bitcoin.

In doing so, they managed to achieve two things. First, they expanded their customer base. Lots of people prefer to buy things online using Bitcoin. By starting to accept the cryptocurrency, these businesses gained new customers.

Accepting Bitcoin also gave the companies a less risky currency to work with. Bitcoin is not pegged to any other currency and is not tied to any particular country.

You only need to look at how the COVID-19 pandemic may have sealed the US dollar’s fate to see why a less risky currency is so important these days.

Lots of businesses prefer Bitcoin over fiat currencies

The US dollar is not the only conventional currency that is losing value. The same thing is happening with most other currencies around the world. And if the national currency of the most influential country on Earth is losing value, you can just imagine what other currencies will go through in the future.

In fact, even in fair weather times fiat currencies in all African countries were undergoing heavy inflation. Similarly, in 2019, South American countries such as Argentina and Venezuela experienced massive inflation rates. The inflation rate in Venezuela was more than 9,500%. This put people on the streets and the country was on the brink of a civil war.

You can only imagine how companies that accepted the Venezuelan Bolivar felt at that time. Running a business is hard on its own. But having to worry whether your hard-earned money might suddenly lose all its value is just too much for business owners.

And inflation is only the beginning. It is one of several reasons why companies around the world prefer Bitcoin over conventional fiat currencies. Other reasons include the fact that paper has no actual value and that fiat currencies are hugely dependent on the prosperity of the countries that prints them.

Smart software to make transactions work

A big part of the Bitcoin success is that companies saw how easy it is to work with the currency. All a company has to do is use a payment service provider such as BTCPay. The smart BTCPay software does all the work. It locks-in the exchange rate and converts the Bitcoin into fiat currency if that’s what the company wants of course.

It’s advantages doesn’t end there. When companies work with BTCPay, they pay lower processing fees. Credit cards charge on average 3% whereas Bitcoin transaction fees are three times lower.

Another advantage is the innate security that Bitcoin comes with. When a Bitcoin transaction takes place both the business and the customer enjoy greater protection than when using a conventional payment method.

Lastly, Bitcoin allows for borderless payments. This means that companies can accept payments from around the world regardless of the location of their online customers.

Companies focused on Bitcoin

As we already mentioned at the beginning, it’s not just business that are accepting Bitcoin that are prospering right now. Companies that are focused on improving and perfecting Bitcoin are also thriving in this new climate.

For instance, Lightning Labs, a company that is focused on developing and improving Bitcoin’s Lightning network is booming at the moment.

The company made several breakthroughs when it comes to solving Bitcoin’s scalability issues and people are now predicting a very bright future as a result. In fact, lots of experts see it as the company that will help surpass the VISA network.

Companies around the world may have come late to the Bitcoin party, but they seem intent on being in it for the long haul.