Bitcoin began as a way to strengthen the digital trade lines and make them more efficient. Today, it has been able to do that, and achieve much more by creating a new, anonymous way for people to send and receive money online.
Yet, lots of businesses and entrepreneurs remain hesitant to invest in the bitcoin market and apply it to their companies. Even as bitcoin continues to grow and expand, business leaders remain unaware of the exact strategic value it holds and how it could be used to help their business grow financially, and in lots of other sectors.
Bitcoin holds untapped advantages for many businesses. It revolutionized the world with its new way of digital trade and continues to improve on itself daily. In addition, the popularity of bitcoin among the normal average person poses a significant advantage to any business that decides to adopt it.
However, to understand what gives bitcoin such strategic value for business, you first need to understand what bitcoin is, and how it works.
Bitcoin, Cryptocurrency, and Blockchain
Bitcoin is a Blockchain application designed to perfect the online trade and make it easier for people to send and receive money online. It is a subset of cryptocurrency and remains the most popular form of cryptocurrency worldwide.
Bitcoin works using a unique address called a bitcoin address. This address is sent to whoever the transaction is being done with. The money that is being traded to then sent to this address. Bitcoin addresses are unique to each person and can be used only once. Each completed transaction is stored on the Blockchain server. Once the transaction is done, the money can easily be converted from bitcoin to naira.
What Makes Bitcoin So Significant For Businesses Today?
Now that you know what Bitcoin is and how it works, what makes it such a game-changing innovation for business? The strategic value of Bitcoin is linked to the benefits it can bring to your business.
Here are a few benefits bitcoin brings that makes it such an important business investment;
Little Risk of Fraud or Theft
What makes bitcoin stand out from other forms of online payment is its anonymity. Buyers can make payments and purchase things online without listing any sensitive or private information about themselves, like their card number.
As a result, hackers can’t get access to this information since it was never added. Also, bitcoin users can remain anonymous with their identity which protects their privacy as well.
No Inflation Risks
Unlike with regular money, inflation does not affect bitcoin. Bitcoin is a finite currency, and it is decentralized. Thus, it cannot be over issued or government-controlled. This removes the threat of inflation almost entirely.
This is very useful to businesses as it presents a stable source of income for them and their audience.
Little To No Transaction Fees
When paying with debit and credit cards online, it tends to attract high transaction fees, especially for big payments. This costs a lot for the businesses involved. However, with bitcoin, the transaction fees are considerably lower.
This means the overall cost spent by your business will be greatly reduced.
Easy To Use
Perhaps what makes bitcoin so popular among regular people is how easy it is to use. With all its efficiency, bitcoin is modeled as a simple form of digital money trade. For transferring money internationally, you only need a memory stick and the job is done.
You can also transfer bitcoin into various currencies, without contacting a bank or other third parties.
Ensures a Steady Flow of Money
The bitcoin market is constantly growing and expanding. Businesses that decide to get involved in the bitcoin trade can be sure of having a steady flow of money into their business. This is because bitcoin is growing more popular each day, and businesses that sell bitcoin to other people or companies stand to make lots of money.
No Need for Third-Party Involvement
Bitcoin transactions only involve the buyer and the seller. There’s no need for any extra involvement from banks, the government, or any other third parties.
Gone are the days of waiting long hours for payments to be completed. Bitcoin payments happen almost instantly and involve no delays whatsoever. This is great for big and small businesses alike, that are constantly buying, selling, and involving themselves in trade deals. Businesses need this efficiency and fast speed to operate properly and at their best.
Bitcoin payments are secured by a digital signature. This ensures that each payment is confirmed and encrypted.
How Can Bitcoin Be Purchased?
Businesses just getting into the bitcoin market can easily purchase it online on the Vertex Market. This is a digital platform where people can go and buy bitcoin. The process is relatively easy, and businesses can easily get started in bitcoin.
There are other forms of cryptocurrency you could decide to invest in as a business. One of the best forms of cryptocurrency after bitcoin is ethereum, and it is advised that you invest in ethereum as well. If you want to purchase ethereum, simply search how to buy ethereum in Nigeria and purchase it online.
With all its groundbreaking qualities and numerous advantages, bitcoin still remains a fairly new and highly misunderstood innovation, having only been introduced just over 12 years ago. However, that does not stop or limit its game-changing qualities.
Bitcoin remains one of the most popular cryptocurrencies in the world, with over 5 million users worldwide. This opens up a new type of market for business owners who have never dabbled in online trade or cryptocurrency. Because bitcoin is built on Blockchain, its safety and efficiency are top quality.
Well-known companies and investors around the world are beginning to understand the strategic value bitcoin holds in the business world, and are rushing to invest millions in this new technology.
Like it or not, bitcoin is here to stay and businesses that want to stay afloat during this new technological age will have to implement bitcoin into the daily running of their business. Not only will this make their business more efficient, but it will also ensure that they are not left behind in the business and finance world.