8 Reasons Why Businesses Use Bitcoin Today

Did you know that over 15,000 businesses around the world now accept Bitcoin (BTC) for payments? This growing number includes giant companies such as Microsoft, Starbucks, PayPal, and Whole Foods. Cryptocurrencies like Bitcoin have been around only for a little over a decade. For those curious about the factors driving companies to adopt Bitcoin and other cryptocurrencies, exploring bitcoin price cad is a pertinent starting point. Here are some of the top reasons why businesses are increasingly embracing BTC today.

  • It knows no borders

Bitcoin is a decentralized currency, which means that it doesn’t have any central authority that oversees or runs its operations. The powerful mind behind it, known as blockchain technology, does all the work. Interestingly, this distinct feature of Bitcoin makes it boundless. Since it’s not limited by any geographical boundaries nor run by any specific central authority or government, businesses and individuals can use it in any place where it’s accepted. 

  • It facilitates instant transactions

Bitcoin and other cryptocurrencies use technology such as a smartphone or laptop with internet access to process transactions. To make payments and other transactions, all it takes is a few taps on your device. What makes BTC transactions more ideal for businesses is that payment processing only takes a few minutes, if not in an instant.

  • It’s convenient to use

Earlier, we mentioned that Bitcoin uses a device that’s connected to the Internet. But there’s one more important thing to have before you can process transactions: a Bitcoin wallet. This is a digital wallet where you can store, track, send, receive, and manage your Bitcoin funds and transactions. If you’re planning to accept BTC for your business or use fractions of your Bitcoin to shop online, look for a reliable digital wallet first. Some peer-to-peer marketplaces like Paxful allow you to get a free Bitcoin wallet by simply signing up.

  • It facilitates simple and secure payments

Every Bitcoin transaction is permanently recorded in its network. No one can alter or delete it, making Bitcoin transactions secure. However, everyone in the network can see the destination and source of the transaction without knowing the personal information of the sender and receiver. This makes BTC transactions transparent and unique.

Bitcoin has no physical representation, making it difficult to forge or imitate—unlike paper bills and coins that can be counterfeited or fraudulently imitated.

  • It’s accepted in different parts of the world

In case you didn’t know, Bitcoin adoption is on the rise. As per Chainalysis’ 2021 Global Crypto Adoption Index, Bitcoin adoption has grown by over 881% in the last 12 months. That’s clear proof that this digital coin is starting to be accepted in many countries across the world. If you’re running a business, Bitcoin can be an excellent means of facilitating cross-border transactions.

  • It can be converted easily

The other thing that makes BTC transactions very convenient is the number of payment options you can use to convert, buy, or sell them. Paxful, for example, allows you to buy and sell BTC using the nearly 400 payment options it supports. You can even convert funds from PayPal to Bitcoin or buy Bitcoin with Paypal using the most popular payment methods in your country. This makes it ideal for businesses that operate worldwide.

  • It allows you to get started easily

Starting your Bitcoin journey is really easy. All you have to do is look for a secure digital wallet and choose a reliable crypto platform where you can jumpstart your Bitcoin adventure. Some exchanges allow you to easily incorporate their services into your business, so you can seamlessly accept crypto transactions right away.

  • It enables you to engage in digital investments

Cryptocurrencies like Bitcoin have grown, not only in terms of adoption but also in value. Back in 2009, when BTC was first introduced to the world, it had little to no value. But after a few years, its price skyrocketed to over 60,000 USD.

However, at the same time Bitcoin is unregulated and highly volatile. So it would be unwise to put all of your investments into Bitcoin. As part of a diversified portfolio these days it can be a smart move. But as ever, with volatile investments, you should only invest what you can afford to lose. And if you are using Bitcoin as part of your business, then monitor your digital wallet closely, make transfers quickly and look to build and maintain a good portion of your Bitcoins as part of a long-term investment plan. 

* The content of this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.