If you have been moving with technology, you don’t have to get more explanation about Digital Currencies unless you live in another world, you must have come across concerning the great market performance of bitcoin and other digital currencies.
By the end of 2016, bitcoin was selling at less than $1,000, however, today; the value has hit more than $2,700. This has also been the same for other digital currencies such as alt coins which have also experienced a boost in value, which has even been going up more than bitcoin.
Businesses, which venture into this digital currency world, are likely to achieve many advantages as the technology is growing tremendously worldwide. Bitcoin is established on the blockchain which is a disseminated database that houses bitcoin and other digital currencies. Since all digital currencies are based on blockchain technology, they rely on mathematics relatively when compared to the third party.
Why should one use digital currencies? This is a question that many people have been asking whether to do or not to do digital currencies which is a good question. Read on how to earn bitcoin.
- Lower transaction fees
It is a desire for every person the use a service that can charge if not free but an affordable or lower transaction fee. Let’s be honest here, if you have ever used a credit card, you must attest that the transaction charges are very steep especially when transacting internationally. Credit cards transactions can cost you a fee of between 2 to 5 % and other transactions will even cost you more than this. However, when using digital currencies, you are charged lower transaction fees and even sometimes you can transact for free. Don’t you see this worth it?
- No refunds
Here, I will not be fair to say that the world is full of scammers and corn artists but this is true. However digital currencies can stop this fraud from costing you money as a result of chargebacks. Some customers are just into the business to trick you for nothing just to eat your money. a friend of mine sold an item to a customer, after some few days the customer came back asking for a refund of her money with falsified reasons yet the customer had used the item. This is not so with digital currencies. If you accept payments in digital currencies especially bitcoin, there are no chargebacks.The deal is accomplished when you obtain the transaction from the client. Although, as a genuine business you should refund where you find that it is wise but it is good when a customer knows that there are no chargebacks.
- Quick transfer of funds than when you use financial institutions
At this point, many people will accept that digital currencies are the best form of doing business. Consider the time it will take for you to receive money sent to you from abroad. This can take some days before the transaction is reflected in your bank account. With digital currencies, transactions take a few minutes to be complete. When you compare transacting with digital currencies versus financial institutions, you can think of it like the way you send an email versus sending a letter using courier services. Which one reaches the destination faster? You have the answer!
- No price increase
Many third world countries have been experiencing inflation in currencies from central banks because these banks are trying to survive as the economy becomes tight. With digital currencies, there is zero inflation which is as a result of controlled capacity restrictions and the processes in the system.
- Enhanced customer trust
Digital currencies do not require you to save your customer’s credit cards in your system which establishes better trust between you and your customers. with the increase in cybercrimes, customers won’t experiencing any issues as a result of their credits cards information exposed since they are not stored in your system. What you require from your customer when using digital currency in your transactions is only a short-term encrypted code. This helps to make your customers feel safe as their data is secured.
- Using digital currencies makes it easier to do business with customers globally.
As the competition gets stiff locally, businesses are thinking of ways on how to enter the global market so as to try to keep their heads above the waters. When your business can be in a position to transact globally, and that you can receive money from people in other countries you branch out to mitigate economic instabilities in any local area. This gives you more income-generating opportunities, and it enables you to serve customers internationally.