In the current world where the decentralized currency is making wave in every bit of transaction, and online activities, Bitcoin been the first model of the cryptocurrency is one of the most sought out virtual currency in the world and while many other prominent figure in the world have begun to take their interest in these currency, it has began to be part of the norms in our current world.
However, with the growing tendency of the E-commerce that is moving at an alarming in order to match the technological advance that is shaping the modern civilizations. Even, beyond the concept of online business, many gigantic organizations are beginning to acknowledge the flow and legitimate importance of the decentralized currency.
Like how internet strip the world in the early 1990’s, Bitcoin which is the cryptocurrency pioneer stormed the internet as a financial instrument that have since changed the way people organizations execute their business transactions.
In fact, it was rumored that some part of Lionel Messi sign on fee was paid with the aid cryptocurrency, despite been a big organization that can follow all the necessary protocol of FIAT adoption and engage after the Argentina talisman was procured as a free agent signing while he couldn’t be registered as a Barcelona player due to their financial woes and one or two basketball franchises in United States have paid their players using cryptocurrency..
More so, some online sportbooks franchises have beginning to include cryptocurrency in their transaction method while they are now accepting the decentralized currency as a mean of payment scheme and according to WagerWeb withdrawal method, each customer can withdraw their winning event from the online account in form of Cryptocurrency while many other online business have adopted the use of crypto and Bitcoin as a mean of business transaction on a daily basis.
Despite the advancements of crypto in everyday activities and online business transactions, the usage of Bitcoin as a mean of legal tender on online business is well acknowledged by many but here are some impact that the Bitcoin is having on running and advancement of the online businesses.
Enable Real time budget update
Unlike traditional banks, Bitcoin put their customers interest first – as Bitcoin give each customer the complete assess and control over their finances! Thus, the use of Bitcoin gives all the customer a mean of assurance to establish a real time update on their business budgetary which give them a mean to plan with their immediate transaction.
In fact, the transaction on Bitcoin is almost at the speed of light as the business conduct can send and receive payment almost immediately it’s done – though, the panacea of transaction is dotted on the availability of network stability but when the network is stable, the use and establishment of Bitcoin transaction can easily give the online business enough push to make a real budget update.
Improved payment processing
When is centered around any business, either traditional mean or online function, is the payment method. The establishment of payment method can easily make some business struggle and make other thrive. But with online businesses, the establishment of payment has traditionally been factored on banks which comes with fees allocation on each transaction.
Although, there are not too many who fancy the use of Bitcoin as their transaction affluence, but when it comes to business growth, the use of Bitcoin should be considered, if such business is centered around online dominance, because the use of Bitcoin improve the ability to process payment easily while it revive the prospective buyer and seller of any stress.
More so, Bitcoin allow businesses to complete their transaction payment within seconds – which in turn allow these businesses to accrued the revenues needed to fund operations and plan for expansion if needed in no time. In fact, the payment process can guarantee businesses more customers due to their ability to permit their customers to complete transactions more quickly than normal.
Trust establishment between online buyer and seller
With online business comes insecurities and fraud. With the traditional bank, sometimes they create a vacuum of distrust between an online market seller and buyer by their virtue of transactional confirmations which might be from minutes to our – and couple with the inability of the buyer and seller to see themselves physically, and element of distrust and insecurities can make the online business crumble unnecessary.
However, with Bitcoin comes an instant payment which can easily be traced by both parties and establish the trust needed to facilitate and complete their business together while not seeing each other. This enable the online business to establish their presence and progress while building their business for all to see.
Makes conducting business anywhere easier
Their comes a time when a local business man in a developing countries always have the fear of making a business transaction to other part of the world due to their currency exchange rate or other factor that expose their business to online fraud.
In fact, businessmen living in a developed community found it easier to locate and have their transaction done with the use of PayPal or other online means while their counterparts in a developing environments cannot establish such meaningful business transactions which might be too risky to venture.
With Bitcoin, all the insecurities that comes with the foreign transaction have fade away with the businessmen in developing countries – thus it foster a nice mode of executing their business in any part of the world while staying at the comfort of their room, because Bitcoin is a peer-to-peer mean of transaction at a constant rate that facilitate an easier transaction that can reach it destination in no time.
Moreover, the use Bitcoin will improve the business in the developing community while promoting online business and essence of E-commerce.
With Bitcoin, their comes reduction in an unnecessary flat rate fees deducted by the traditional banking medium which when accumulated amount to a greater deal of essence that can further proper a business to a greater height.
When it come to online business, the sender will have to send an inconvenience fee which is very huge depending on the capability of the business at a time. But with the Bitcoin which is peer-to-peer transaction, the unnecessary inconvenience fee that comes with the use of traditional bank will have been boycotted and a faster transaction is established.