Bitcoin is the world’s most popular cryptocurrency not only because it has the highest value but also because it has several benefits that make it everyone’s favourite. A business must introduce bitcoins as an alternative mode of payment as these benefits can help them to attract new customers and also give their existing customers to discover a new mode of payment.
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1. Tax-free purchase
Introducing Bitcoins as a method of payment to you business allows your customer to have tax free purchase. It is not possible to identify or track a transaction using bitcoins. Most people usually have the tendency not to pay taxes and the anonymity of the user makes it possible to avoid paying taxes.
Many people nowadays are converting their FIAT money to bitcoins and then they use bitcoins to make purchases. In this way, you can attract a lot of customers who are looking to spend their cryptocurrency to make tax free purchases.
For a certain amount of purchase, a buyer can make an anonymous purchase to buy products and services. This is the reason many illegal fund transfers are made through cryptocurrency. Hence, to attract more customers and clients a business must use bitcoin payments as an alternative mode of payment.
2. Transactions are easier
Another reason to introduce your business to Bitcoins as an alternative mode of payment is that transactions are easier using bitcoins. Bitcoin transactions can be done from any place in the world and by anyone.
You don’t need a specific age or need to be within any geographical boundaries to make payments in Bitcoins. You don’t have to show any identity proof to send or receive bitcoins, just create a free bitcoins wallet from a reputable crypto exchange platform and you can make transactions easily.
Moreover, it’s the same currency with the same value worldwide. Hence, you don’t have to face the problem of converting from one currency to another to know the real value of a product. This can attract new customers globally to buy products and services from your business.
3. Minimal transaction fees
To attract more customers a business must use the bitcoin payment option because bitcoin transfers have minimal transaction fees. Most businesses offer credit card or debit card payment options and credit or debit card payment required transaction fees especially in case of international transfers.
Bitcoin payment option doesn’t involve any third-party or intermediaries and payments can be made from one person to another irrespective of their location. Hence, minimal transaction fees on a purchase. Also, digital transfers can be confirmed instantly so a customer can receive their products early as soon as payment is confirmed.
This will allow the customer to save their money and their purchasing power increases as they have to pay less to buy the same product using bitcoins instead of other modes of payment. Following this strategy, you can attract new customers because payment using bitcoins is way more convenient for them.
4. Minimal risks for customers
Having a bitcoin payment option for your business becomes very important because bitcoin transactions allow minimal risks for customers. Payment made with a credit or debit card has the risk of revealing financial information and personal data.
Payments with cryptocurrency are completely safe and involve minimal or no risk for customers. Customers can make online payments without worrying about putting their financial information and privacy at risk.
The level of anonymity in bitcoins transactions is much more as compared to debit or credit card transactions. Hence, the introduction to bitcoin payments will attract new customers and give them flexibility in making transactions at their ease.
5. Maintain anonymity of customers
Nowadays, It has become important for every business to give their customers the option of bitcoin payments. Bitcoin payment helps the customer to maintain their anonymity if they want to make an anonymous purchase.
There can be many reasons for anonymous purchases like to help a friend or a family member without letting them know it was you and many more. Since bitcoins payments are based on decentralised platforms i.e., banks or financial institutions have no record of the transaction.
A different bitcoin address is generated every time a customer makes a transaction. This gives the freedom to the customers to purchase without keeping a track of it and you can easily attract new customers by giving them this alternative mode of payment.
6. Bitcoins cannot be stolen
A business must give the option of bitcoins payments to its customers for the sake of preventing online fraud and scams. Some hackers hack credit card information and personal data from business servers and use them to do online fraud.
It’s not possible for every small business to afford high security anti-theft measures hence as an alternative they can give their customers the option of bitcoin payments. The Bitcoin address generated while making a payment can be only changed by the owner itself hence no one can steal bitcoins from digital wallets.
Due to this reason, many people store money by converting them into Bitcoins and store them in a crypto wallet. This will attract new customers to your business and will also allow them to keep their money safe from online fraud.
These were the use of bitcoins payment as a method to attract new customers. There are several customers who prefer bitcoin payments rather than credit or debit card transactions. Transactions using bitcoins are more secure and convenient for customers.
Customers can make international payments by maintaining complete anonymity and also reduces the risk of online fraud and bitcoins can be safely stored in crypto wallets without being stolen. With all these features most customers now look for the option of bitcoin payments before buying any product.