More Businesses Are Accepting Bitcoin As Prices Continue To Skyrocket

Bitcoin is officially a global phenomenon, leading the world’s most popular virtual currency to become a more mainstream monetary system. Expedia, Microsoft and Overstock are just a few names on the growing list of business accepting the cryptocurrency.

According to experts, as mainstream adoption of bitcoin grows, along with its price, the currency will only continue to gain momentum. For that reason, it’s hardly a surprise that forward-thinking companies — ranging from precious metal dealers to companies in the service industry — are seeing the benefits of accepting bitcoin as a form of payment.

Bitcoin Boom

The consistent buzz surrounding the cashless currency is unavoidable. Just last week Bitcoin shot to more than $17,000 per BTC (up from about $12,000 in just a matter of days). With countless news surrounding the rise, the industry has become increasingly competitive to enter. Businesses need to make sure that they are educated enough on the components of the crypto-craze before entering the market.

The cryptocurrency industry as a whole is starting to become more digestible for the everyday person, with start-ups all across the globe using it as the crux of their business models. While business owners may be captivated by the buzz, it’s important for them to do their due diligence. Some businesses may require a fast conversion turnaround. With bitcoin, for example, turning coins into U.S. dollars is easy. There is no need to hold on to the digital currency in the hopes of a windfall, as businesses owners can convert to gain right away.

Universality of Payment

For businesses, especially ones that handle overseas transactions, there are major advantages to how seamless and secure payments are through bitcoin. It’s a universal system, with no currency exchanges or conversions so Bitcoin acts as a great way to offer a universal payment method for all. If your business is worried about international scams or safety, using a digital currency helps eliminate worry as the transaction is globally documented.

Investment Into the Future

At this point in time, bitcoin is not just for investors, but rather a way for businesses and people to ensure that they are in tune with upcoming trends and technologies. As a company, giving customers the option to use bitcoin now — as its catching steam, rather than having to play catch up later on — is crucial. As we make our way towards a cashless future, investing in bitcoin is not only important, but at this point essential to having a safe and secure cashless payment option. In addition to that, the profits that come from accepting bitcoin in the future are inevitable. With no banks involved and no credit card transaction fees associated with accepting the coin, there will be higher profit margins, more competitive pricing and the ability to operate globally at a lower cost.

Volatility Is a Risk, But That’s Just Business

Accepting bitcoin, like any major business move, is something that of course comes with a multitude of risks. There are the obvious hazards: investors could work too quickly to get their hands on bitcoin, it could end in a giant price drop, etc. Yet, as long as business leaders are monitoring the news and the market as effectively as possible, the reward still remains high. Of course there is also the risk that the government eventually will seek to regulate bitcoin because of the general risks associated with any new form of payment, i.e. money laundering and tax evasion, but for now, government involved doesn’t seem too likely.

Outside of regulation, the truth is that bitcoin has had impressive annualized returns since its inception in 2009, which has played a vital role in its development. With an increased profile in the news, businesses would be wise to note that its evolution in our economic system can only mean big things for the future of commerce.

Lior Rachmany is the founder and CEO of Brooklyn-based Dumbo Moving + Storage.