The 4 Reasons You Need To Accept Bitcoin Payments On Your Website

The current value of bitcoin has gotten so high that it is very difficult to ignore any longer. Many people didn’t understand bitcoin and sort of dismissed it as a trend or a fad that would go away one day. Now that it is approaching $40,000 in value it is becoming more and more mainstream as an actual currency.

There are more and more ways to use bitcoin these days so it has become popular as a form of payment. If you have a website that accepts payments for goods or services then you really need to have a way for people to pay online with bitcoin or other cryptocurrency.

In this article, I will go over some of the reasons that you should be accepting bitcoin payments and its benefits.

1 – It is very cheap

When you have a website that accepts payments you are basically dealing with a middle man. That is, the bank. And banks will take such a big chunk of your payment that you have to raise prices or just accept lower profit margins.

Instead, accepting bitcoin will lower your fees considerably. Firstly, because you can get a free Bitcoin wallet which will be where your bitcoins are saved. This is much cheaper and easier than having a bank account that charges you fees just to keep your money there.

In addition to that, the fees charged for the transaction are very low. Since there is no bank that oversees bitcoin, it costs a fraction of what you would normally pay for the same transaction when using a traditional merchant service provider for payments.

2 – It works internationally

You are not limited to a geographical area for your website sales when you accept bitcoin. As a result you are sure to see more orders coming in internationally. Since there is no currency to convert and transactions can be processed in minutes, people are more likely to buy. The fewer barriers there are the less likely somebody is to abandon their shopping cart.

If you have a site that deals with digital products then this is an ideal solution for your international payments.

3 – Fraud prevention

One of the best things about the blockchain is that it can’t be hacked. You may hear stories about somebody hacking bitcoins but the fact is that they were never stolen from the blockchain itself but from somebody’s unprotected wallet.

The reason is that the blockchain is not on any one server. Instead, it is on millions of individual computers. Your bitcoins are really just an encrypted code of where they are on the chain so if anybody were to try to steal them, then the transaction would have to be verified by the miners that verify the transactions.

4 – People like having choices

Not everybody pays the same way or shops the same way so having options is always going to be a good look for your site.

The more choices people have then the more likely they are to checkout. Not only that but it builds trust and will be remembered. You will likely have repeat customers just from accepting bitcoin.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.