Why Accept Bitcoin?

Bitcoin is more than an investment, it is money that can – and is starting to be – used as everyday money. Approximately 50 million Americans own bitcoin, and millions of them actively seek to spend it on goods and services.

Bitcoiners are a particular type of people who will go out of their way to support businesses that accept bitcoin. There is a map, BTCmap, that lists bitcoin-accepting businesses, that countless bitcoiners check when they’re in a new place.

If you start accepting bitcoin as payment, your business will be added to the map!

Unlike credit card payments over Visa and Mastercard, bitcoin payments are effectively fee-free!

Bitcoin works in a way that does not require a trusted 3rd party or middleman to complete a transaction. At times there is a “node” that helps route the payment, though the fee paid to the node ranges from zero, to fractions of a U.S. cent, to a few cents.

In addition, there are no minimums when using bitcoin. Because of bitcoin works and the negligible fees, there is no need to instill a minimum-amount to use bitcoin for financial reasons.

As a business owner, you’re well aware that credit card payments can be disputed by the customer and withdrawn from your balance by the banks. With Bitcoin, this is impossible.

Bitcoin is a protocol that follows a rigid set of rules and verifications. Because of this, counterfeit bitcoin is impossible. Fraud does not exist with bitcoin.

Cash payments settle at the moment the transaction is made. The settlement is instant, and the money is yours, immediately.

Bitcoin is digital cash.

When paid in bitcoin, the money is yours the moment the transaction executes. No need to wait for banks and financial institutions to process, surveil, approve, and take their cut.

Why save bitcoin when I can convert it to dollars and spend it? Simply put, bitcoin is the best money and increases in value over time.

While the dollar only loses value and purchasing power over time (about 7-10% a year), bitcoin, over time, increases in value and purchasing power. If you and your business are able to take your bitcoin payments and simply save them, you will see that your bitcoin’s value will increase.

In this sense, bitcoin can be thought of as an investment. However, it’s a savings vehicle and doing what a good savings vehicle should do; carrying value and purchasing power into the future.

There are many reasons why bitcoin is the best money, and similarly, there are many reasons for bitcoin’s short-term volatility. While in-depth explanations are beyond the scope of this guide, they will be explored in the Learn section of this website.

If you wish to convert your bitcoin to dollars, you can easily do this by using a bitcoin exchange. Some of the best exchanges include Strike and River.

Yes!

We are at an incredibly early point in bitcoin’s adoption. Using bitcoin for payments will become more common-place overtime and eventually rival and possibly phase out Visa and Mastercard. Accepting bitcoin will give your business a massive first-mover advantage as an early adopter of the world’s future currency.

The most likely case is that, today, bitcoin payments will make up a small percentage of your income. However, this number will only increase in time as bitcoin adoption spreads and increases.

No! Bitcoin, while a cryptocurrency, does not belong to what is commonly called “crypto”. Bitcoin is digital money. The other coins are not money and should be avoided.