CEX.IO News Education

Why Does Business Need Bitcoin?

, January 5, 2015

“Any sufficiently advanced technology is indistinguishable from magic.”

Arthur Charles Clarke

The beginning of the financial year is the best time to make future projections and plan all sorts of transformations for your business without fears. As soon as cryptocurrency was introduced as an alternative to the so-called time-consuming and expensive third-party bank transactions the operational speed of payments in many companies became faster.
Five years since Bitcoin appeared on financial stage for the first time no one finally really doubts whether cryptocurrencies are worth adopting for businesses or not. It is rather an unquestionable spirit of the time that is here to stay (be it bitcoin, litecoin, zipcoin or others of the ilk).

Who is in

There are many reasons why startups founders find it convenient to use bitcoins as a main way to receive payments from customers, investors, partners, and big well-established companies, such as Amazon, Subway, Victoria’s Secret, PayPal and Bing don’t want to lag behind the technologies offering an alternative purchasing medium. The number of e-currencies multiply, not least because of the fact that no one wants to carry cash as it’s becoming an out-of-date notion. With your money stored in digital currency, there is no need to demonstrate the thickness of your wallet anymore.

Let’s look closer at some of the ways to apply bitcoins to your business and continue developing successfully.

Tax-free transactions

Conveying your company’s transactions via Bitcoin P2P system you can avoid expensive taxation for financial procedures, such as money transfer for example. In a way, Bitcoin liberates you from a variety of obligations you normally have to accomplish towards your bank.

Transparency, security, speed

The system of payment is transparent yet secure, that is – pseudonymous, which means that the identity of the sender, the receiver and the amount of the transaction can not be cracked easily. This information is protected from cheating and makes double spending impossible.

All transactions are fast and either free or low-cost. This point gives ground for unconditional support of Bitcoin system from people in countries with developing economy, who work abroad and send their money home regularly avoiding unfairly high (20-30%) charging. It is hard to believe how much money is spent on such a formality – sustaining traditional banking system. With Bitcoin, you can be free from that.

Turn your pockets out

The first thing you need to do is creating a wallet on any of the available platforms: smartphone, PC or cloud, via Blockchain or Coinbase services. The convertibility of Bitcoin worldwide creates an ease for you in buying it, in case you intend, or mining it yourself by means of public-source software developed by Satoshi Nakamoto, a legend in the cryptocurrency world.
For more tips concerning creating a wallet click here.
Download open-source software here.

Once you proceed to Bitcoin transactions, you’ll see that they are non-reversible and pretty transparent. That enables you to prove the time and the amount of money transferred. The process of verification is free and takes about ten mins, though you can always decrease it with the help of a small payment. To know more about payment procedures see this article.

We are supportive

That’s incredible how fast the network of Bitcoin-based startups is growing. Once you join, in a blink of an eye you’ll be able to connect to the whole network of like-minded once you become part of Bitcoin community, full of young and creative businessmen and investors. One of the ways to do that is participation in one of the Bitcoin conferences, which have formed a strong interactive platform informing everyone about the cornerstones of the cryptocurrency world (Read more: Hot Bitcoin Conferences for 2015).

Be brave

“The biggest risk is not taking any risk”…
Mark Zuckerberg

The assumption that money investment into Bitcoin is risky is not entirely true. The truth is that bitcoin is a currency with high volatility sensitive to socio-economical events and public’s reaction to it. In many cases, fluctuations are predictable and insignificant. With the adoption of Bitcoin as a currency legally, these risks will diminish, as the confidence of users will increase. Right now, you have BitPay and Coinbase at your disposal to convert dollars without any risk at all. More tips here: https://bitpay.com/ and https://www.coinbase.com/

Finally, with so much publicity around Bitcoin you won’t even bother advertising yourself. Bear in mind that time waits for no one, that is why overthinking important business decisions can prove harmful in the long run. Think carefully, thinks fast and start using bitcoins!

Interested? Try it out on CEX.IO.

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