By John Lawson, small business expert and chief consultant at ColderICE Media.
There is a huge debate going on right about whether Bitcoin is the future of commerce. Some believe Bitcoin has many benefits, such as more payment freedom and low fees, while others believe it is just another Ponzi scheme. As an online business, I am sure you’ve asked yourself whether you should jump on the Bitcoin bandwagon or wait it out to see whether this ecommerce trend will last.
To help you decide, below are answers to some of the most common questions ecommerce businesses have about Bitcoin.
Launched in 2009, Bitcoin is a type of digital currency that is increasingly gaining popularity in the world. It uses encryption techniques to regulate currency and the transfer of funds. In other words, it can be used for online purchases. Bitcoin is not the first of its kind, but it is considered the most successful form of virtual currency that holds value.
Unlike other virtual currencies, Bitcoin is decentralized – meaning it operates independently of a bank. There is no main server that handles its transactions, generation, and monitoring. Instead, people around the world are producing Bitcoins through software programs that follow a mathematical formula.
As of now, a few big companies and prominent organizations are already taking advantage of this currency, such as Dell, Expedia, Newegg, Zynga, Virgin Galactic, TigerDirect, Sacramento Kings, Overstock, Dish Network, Clearly Canadian, and Atomic Mall.
Ecommerce operators can benefit a lot if they add Bitcoin to their payment options:
It’s important to keep in mind that Bitcoin is still an experimental new currency, which means that while its user base is growing, it is still not as established as standard currency.
There are specific features of Bitcoin that are of concern to some people and that online businesses should be aware of:
If you understand the risk and tasks you will face, then why not? The important thing to keep in mind is that Bitcoin is there to open your online business to more people who prefer this virtual currency for transactions. If you are concerned about the volatility of Bitcoin prices, you can sell your Bitcoins as soon as you receive them.
As long as you set your price right and are swift with exchanging your Bitcoins to money, you will not have to worry about losing any amount – you could even gain more!
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