Accepting Bitcoin As Form of Payment On Your Website: Is It Worth It?
It is 2014 right? You’ve heard of Bitcoins in the news, you’ve heard one or two of your friends talking about it. And you’ve been told it’s the next best thing after sliced bread and butter right?
‘What’s all the fuss about’? You ask. What’s this new currency people are raving about? The answer is, it’s Bitcoin.
If you’re looking for a negative press on this new way of making and receiving payment which the Government hate so much, there is only one thing I’ll say to you; the Government doesn’t like this currency. Plain and simple. The Government likes control and unfortunately for them, Bitcoin is an anonymous peer-to-peer currency so it’s not easy to manipulate.
One more thing before I go to the good stuff about this currency. It’s not flawless. Nothing is flawless – nothing made by man is. If you’re looking for a completely flawless system, I heard there is a planet called ‘Mars’. Maybe you should try that. Credit cards have been abused more times than any of us can count, yet it’s still the mainstream method of exchange.
On to the good stuff now.
1. Bitcoin is a PayPal alternative. Remember when PayPal was the new boy on the street? When a few hundred people were using the service then? Yeah. What can we say now? PayPal is known for convenience (don’t ask the big volume IMers cause they all have horror stories but let’s pretend, shall we?). Bitcoin is the new wave, suffering different attacks from the Government and the media but it’s winning gradually. The reason is, Bitcoin is people oriented. It’s like Facebook, you can’t stop it.
2. To a certain extent, you have a lot of control over Bitcoin. That’s why you should accept it. Although there are a big growing number of Bitcoin merchants, but still it gives the user a lot more control than one thinks. In fact, you’re allowed to keep your coin anywhere you want. They are no restriction whatsoever.
It’s this control you have over Bitcoin that the Government is angry at. Bitcoin is not regulated by them, can’t be easily manipulated and so, it’s a cause of worry. So many retailers are using it now and guess what? Yeah, number 3!
3. No transaction fees! Isn’t that sweet? Of course! I love it. I don’t have to pay any transaction fees on my sales or purchases (Take that Paypal!). I do have to pay charges on my credit card, I have to pay charges to PayPal, to every other payment processor outside but Bitcoin, it’s close to zero, it’s as easy as pie.
4. Using Bitcoin gives you a Geek-like status.
We all know how we look at geeks. ‘Sent from heaven’ kind of look, right? Yeah. Because you need just a bit of technological know-how to use Bitcoin, people will consider you a geek. We all love Geeks, we all believe them. We all see them as super-human even though ‘we’ ain’t (surprise, surprise!). There is a certain attraction to Geeks. Bitcoin will give you this attraction, get on the revolution and so the next point.
5. Bitcoin is a revolution. Yes. It’s about giving the control back to the people. That’s what the revolution is about. Money is power. We’re taking the power back from the people in ‘power’ and returning it to normal everyday people. Money is power, why not decide how to wield your own power?
6. Accepting Bitcoin will generate publicity for you. The truth is, it’s a relatively new technology. People are enthusiastic about it. You stand a chance to attract free publicity when you pioneer the move of accepting Bitcoin in your industry. You never can tell, local newspaper can interview you and in so doing, help you to get the words out about your business. What’s better than free publicity?
What do you think about accepting Bitcoin on your ecommerce website? Would you consider it, why or why not?
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