Bitcoin, which came into existence in 2009, is no more a tool for attracting and persuading customers and facilitating instant payments. It has moved far beyond that. Eric Dalius Bitcoin experience says currently, more than 80,000 companies have already implemented bitcoin in their business. Some popular among those are Microsoft, Overstock, Starbucks, and many more.
Miami Mayor Francis Suarez is a huge supporter of Bitcoin and has been trying to convince the city to get onboard and integrate Bitcoin to make Miami the crypto capital of the world. In February 2021, Mayor Francis Suarez proposed a resolution that consists of the 3 following points-
- Paying employees in bitcoin.
- Paying local taxes and fees in bitcoin or other forms of cryptocurrency.
- To make bitcoin an acceptable currency to potentially invest in the future.
When so much is going on with Bitcoin in Miami, let us discuss some top benefits of using the same.
Lower Risks of Fraud
Most credit cards fail to offer a certain degree of facelessness to their users. However, according to Eric Dalius Bitcoin acts like digital cash and thereby lowers the risk of fraud for its buyers. Using Bitcoin people can complete their transaction payments without disclosing any sensitive financial information such as credit card or debit card details to the sellers.
Low or No Inflation Risks
The decline in the purchasing power of a given currency over time is called inflation. It generally occurs due to a rise in the general level of prices.
However, with Bitcoin, there is no risk of inflation. Being finite, bitcoin has a fixed limit of around 21 million dollars and so it mitigates the risk of inflation as there are no possibilities of issuing excess currency.
Low Transaction Fees
Most small businesses like Bitcoin particularly because of this feature. Compared to the transaction fees of credit card and debit card payments, transaction fees for Bitcoin payments is very low or negligible.
According to Eric Dalius Bitcoin Eases International Payments
Because of the high cross-border transaction fees, many small companies are reluctant to do international business.
Bitcoin eases the job and makes international payments easier, cheaper, faster, and safer as one does not have to manage too many currency accounts to sell and purchase goods internationally. All that is required is a single Bitcoin wallet.
However, one should remember that bitcoin is still not acceptable in many countries, and in some countries, it is still illegal to use bitcoins.
No Intermediaries Present
The payment system of bitcoin is entirely a peer-to-peer system. One does not require the approval of any third party to make transactions and payments in the bitcoin network.
As there is no involvement of a third party, there is no possibility of getting your coins stolen. Even government cannot seize your coins in any circumstances.
Quick Payments
If a customer asks for a chargeback then their credit cards may get lock for weeks or even more than that due to which many important payments might get delayed.
But, this does not happen with bitcoins. It generally takes two or three business days for a bitcoin settlement to occur.
Safe to Use
An authentic digital signature is required before performing any bitcoin wallet transaction. Thus, making the bitcoin app completely safe for storing and exchanging cryptocurrencies!
Conclusion
From the above benefits, we can conclude that bitcoin is highly capable of improving business as we know it. So, give your business a boost by using bitcoins.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. When he’s not working for MuzicSwipe, he perhaps hosting the weekly podcast “FULLSPEED,” engaging with inspiring entrepreneurs from various sectors. Additionally, through the “Eric Dalius Foundation,” he has established four scholarships for US students. Stay in touch with Eric on Twitter, Facebook, YouTube, LinkedIn, Instagram, and Entrepreneur.com.