The Life of a Digital Nomad
Freelance Writer – Travel Blogger | Web Designer | Digital Marketer | And everything in between
Do you want to have financial freedom? Do you want a flexible hour to work?
What would you do if you could have financial freedom by investing in lucrative forex trading and cryptocurrency?
Start your New Year’s resolution by investing in cryptocurrency.
There are few cryptocurrencies on the market right now, but one of the well-known ones is Bitcoin. Ever since its introduction in 2009, cryptocurrencies’ ability to function as an alternative, anonymous payment method has completely disrupted the financial services industry. Having pioneered blockchain technology that provides users with an incomparable level of protection and transparency, widely used cryptocurrencies like Bitcoin, Ether, Dash, Zcash, Dogecoin, and Monero are gaining ground all over the world and are purported to be the future of e-commerce.
Its worldwide acceptance is due to its ability to change how transactions are conducted on many electronic platforms. Conventionally, it takes about three business days to confirm electronic card transactions. Bitcoin transactions, on the other hand, take place a few minutes to be confirmed on the blockchain.
When Is The Best Time to Buy Cryptocurrencies?
The honest answer is “Why not both”. Why not buy Bitcoin today and wait it out too? Buy Bitcoin when it’s priced lower than its average historical performance.
Is It A Good Idea To Use Bitcoin in 2024 Or Wait?
With giant retailers like Microsoft, Dell, and Overstock accepting Bitcoin payments, other businesses should not be left behind as well. In 2016, more than 150,000 merchants globally accepted payment through the world’s most popular cryptocurrency, Bitcoin—and major retailers like Walmart, Sears, eBay, Apple, Steam, Expedia, and even Subway.
Top 8 Reasons Why Businesses Should Adopt Bitcoins
Forward-thinking businesses around the world are busy joining the cryptocurrency trend to improve their cash flows, reduce transaction costs, and scale geographical barriers. But is accepting Bitcoin payments a worthwhile endeavor for businesses? Discussed below are
8 reasons why businesses should adopt payments in bitcoins.
Most payment options often involve a third party. For instance, when you have money in your bank account, it is the bank that has the ultimate say despite the money being yours. If they deem it necessary, they can freeze your accounts and render you moneyless. As a business, this can result in a lot of losses. With bitcoins, only the buyer and the seller are involved and they are not under the mercy of anybody. When you buy bitcoins, you get to store them in your wallet. You can transact using the bitcoins if you so wish without any external influence.
Since bitcoins are not regulated centrally, the government does not have the power to keep an eye on your transactions. Bitcoin transactions do not reveal the identities of the transacting parties. The government cannot take away your currency like what happened in Cyprus in 2013 when the government decided to take away money that belonged to private investors because the economy was not performing well. The people who had saved money in their bank accounts could not help as they watched their savings sublime. Bitcoins are not controlled by the government, as such, you can always be assured of the safety of your bitcoins.
Businesses that accept bitcoins can be generally classified as being fraud-free. Whereas all the transactions are internet-based, their work is similar to that of cash. This currency cannot be counterfeited. Once you authorize a payment and it goes through, the details of the transactions get stored in a public ledger where anyone can access them. The transactions, once complete, are irreversible. Credit cards get hacked all the time by fraudsters. Bank accounts can also be hacked and funds transferred. Minor errors in name details, for instance, can result in funds being transferred to the wrong accounts. But with bitcoins, businesses can rest assured that their bitcoins are stored securely without any chance of being stolen.
Bitcoins can be used by anyone from whichever part of the world provided that the said persons can access a computer phone, and internet connection. People in America use the same bitcoins as those from Australia, Africa, China, or even India. This is a global currency with the same structure and uses all over the world. A person in South Korea can use bitcoins to make a payment for goods in Brazil. By paying using bitcoins, people will have avoided the need to exchange the currencies which can be very costly. Bitcoins allow people in different parts of the world to transact without having to go through foreign cash exchanges.
Digital currencies cost very little to transact with as compared to normal currencies. When transacting using normal currencies, banks will charge you for handling the money and will levy high exchange rates that favor them. This is not the case with cryptocurrencies. Most Bitcoin transactions cost about 1% of the total transaction value. Since there is no third party to levy unreasonable transaction commissions, businesses will find this to be convenient. This lower cost will be transferred to the consumer who might find it cheaper to buy more goods. This means well as businesses will continue to grow.
The use of digital currencies has enabled businesses to access new niche markets that might not have been accessible before. For instance, in some parts of Africa and Asia, very few people have access to good banking services. This often locks them out as they cannot transact with people in other geographical areas. Since digital currencies are decentralized, they can be used remotely as long as one can access a phone and mobile internet. This allowed merchants to trade with people in areas that were previously termed as being primitive and inaccessible. Adopting this digital currency means that you can obtain goods from the remotest part of India or Brazil where people cannot access banks.
For your business to be able to stand out, prospective customers must find it to be appealing. Your business will look tech-savvy by adopting cryptocurrencies. You will be able to get customers from all over the world for your goods or services. A business that provides its customers with several payment options, including the option of paying using bitcoins, is more attractive than a business that only allows payments made using credit cards. Being able to stand out and becoming an industry leader is the dream of every business.
Normal transactions often take a very long time, especially when making international bank transfers. You might have to wait for up to one week before funds can be successfully transferred from one country to the other. It is even worse when you want to transact during weekends or holidays. The delays can be frustrating. However, with bitcoins, you can complete a cross-border transaction in just a few minutes. Cryptocurrencies can be used at any time of the day, and any day of the year. You can transact during holidays, weekends, or even at night. Faster transaction times mean good for business.
