Monday, March 4, 2013

Is Bitcoin Safe For Business?

Bitcoin can be a relatively safe way to do business. There are many things you should consider when deciding if Bitcoin is right for your business. Here's some information about Bitcoin and using it in your business.

There are several positives to using bitcoin in your business. First, the bitcoin system is a simple payment system. Once you are paid there is no middleman that can decide to chargeback the funds to the customer. This means that if you have payment, you know it will be yours to keep. This can make a significant positive difference in your companies profit margin.

Bitcoin also has no or very low fees. Compared to the fees for accepting credit cards, the Bitcoin system charges almost nothing. The fees are to keep the bicoin network secure and running well. These very small fees prevent the network with being attacked and being overloaded with lots of small spam transactions.

Bitcoin is also easy to setup at your store's location or on your online store. You can install a payment extension for your online store. These payment extensions are available for many of the popular ecommerce sites. Or you can create a QR code that customers can scan to pay with their mobile devices. You could also have your customers pay directly by scanning a qr code on an tablet or other device at your location.

Bitcoin will also expose you to new markets. Many people prefer to pay with Bitcoin. There are even some countries who cannot pay using credit cards. The Bitcoin network is accessible anywhere the internet exists. You don't need to worry about fraudulent orders as there are no chargebacks and you can wait to ship product until you have received payment.

There are a few downsides to Bitcoin. One is the fluctuating value of this relatively new currency. This volatily should smooth out in the coming years as bitcoin becomes more widely adopted. This volatility can be mitigated by converting your bitcoins to your own currency or by using a payment processor such as Bitpay. Bitpay will convert your bitcoins to dollars and send them to you everyday if you like. This is much more convenient than most credit card payment processors who they usually only send your funds once a month. Bitpay's fees are also much lower the fees you would pay if you accepted credit cards

There are several popular companies accepting Bitcoin such as Reddit and WordPress. If you would like to accept Bitcoin at your business, take some time to learn more about how Bitcoin works and become familiar with the Bitcoin system. You can learn more at

Josiah Garber is ecommerce professional and runs an ecommerce store called Keystone Pet Place accepting payment from Bitcoin, Paypal and Credit Cards.

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