Pros n Cons for Accepting Bitcoin Deposits for Your Business

If you want to succeed in your business then you should prefer to give your clients all types of payment options so that they could see their convenience and agree to do business with you. It will help you to increase the business and clients base. So if you are considering bitcoin as a payment option for your business then here in this article you can read advantages and disadvantages of this type of payment method.

How to get started?

Basically using a bitcoin payment method is similar to digital banking. The first process to start accepting payments in bitcoins is to download or install the bitcoin wallet. At you can easily learn and find things and procedures in detail.  Before opening the bitcoin wallet you should know about the procedures about how you can operate it. In this way you can make ripple price much easier by simply using the QR codes that will allow clients to use their smart phones for making payments through special processing system that will convert the currency into dollars or terminal of customer sales point.

What’s the catch?

Although there are lots of advantages of bitcoin payment method side by side it has certain drawbacks or glitches just like some customers complain about slow payment processing on bitcoins due to which they have to do manual processing of payment most of the time. The payment becomes slow on bitcoin just because massive arrival of people who are getting registered on Bitcoin platform, users are finding issues with their verification and its taking too long to get registered and identify on the platform.  

Accepting Bitcoin Pros:

  1. Basically it is a legal process to accept bitcoin
  2. Prices of bitcoins is growing day by day
  3. Processing fees of bitcoins is very low
  4. Actually the complete network of Bitcoin is very secure
  5. Basically large retailers are implementing Bitcoin just like Amazon, Overstock
  6. Bitcoin could be your only option if your business is ranked as High Risk Business
  7. Actually there are certain business types that will ask you to pay through bitcoin that may include certain IT industries, luxury retail items, or adult products.
  8. Good thing about it is government can’t freeze or seize these funds
  9. More clients prefers to accept the bitcoins.
  10. Competitors are also offering it

Cons of accepting bitcoins:

  • Bitcoin network is actually very secure, but your e-wallet is not completely secure
  • In this payment method customers are unidentified, that’s why bitcoin could be used in criminal activities. Because of this Bitcoin could be used in criminal landscape
  • IRS has considers the bitcoins as an asset as it requires you to access different profit and loses
  • Sometimes bit coins use to have upper and lower limits on its exchanges that actually restrict limited withdrawals or deposits
  • declines of bitcoin currency could go up
  • if you want to set up foreign Corporation then it will definitely cost you in $
  • it use to deal with different international laws

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Comment by Ashley Summer on April 3, 2019 at 7:45am

I think this is a very smart idea. This way, many businesses will probably open up their mind about what good benefits bitcoin can do to their business - good profit, more customers and fast payment transactions. Just found another great article on this issue


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