The rise in popularity of cryptocurrencies over the past 10 years has been truly phenomenal. So, with more and more entities now facilitating Bitcoin and other cryptocurrencies, the need for knowledge and understanding of this new currency is becoming increasingly important, as those not equipped to use it could be missing out on vital trade.
Bitcoin is becoming increasingly mainstream
In the world of business, Bitcoin is now becoming more and more mainstream. According to a report by Fundera, bitcoin is now an accepted form of payment by over 15,000 companies worldwide. Of these companies, over 2,300 are US based, showing just how mainstream Bitcoin could potentially become over the next decade.
So, will this increase in businesses accepting Bitcoin as a form of payment give those who do accept the currency an advantage over their rivals?
The answer to that question could lie in the sector that the company operates in. The online gaming world is one such example. Any gaming companies not accepting Bitcoin in the virtual world could lose plenty of players if they don’t adapt. However, on the flip side, it’s not likely that the local fruit and vegetable shop is going to require major Bitcoin knowledge any time soon.
Bitcoin education is becoming increasingly important
That may all be the case currently. But that could all change soon if the current trend continues. If Bitcoin does become more mainstream, any company not using it could be left behind. This highlights the importance of gaining knowledge of Bitcoin in advance.
Without the knowledge, there could be a scenario where a company not up to speed with how to use the currency, but accepting it in an attempt to compete with their rivals, gets their fingers burned. Choosing not to accept the currency in a competitive marketplace could lead to massive economic damage. It could simply be the case that the risk has to be taken.
Therefore educating a workforce on Bitcoin could be a worthwhile investment. Sales and commercial teams with expert bitcoin knowledge could negotiate and accept payments in the currency. Advice about how to accept payments on the best virtual credit cards could be sought from experts like Moss, who use state-of-the-art accounting practices that should help in determining the true value of cryptocurrencies when negotiating deals.
The use of Bitcoin by trading partners and rivals is only likely to increase. So another plus point for being able to facilitate the use of the currency is for a company’s image.
It’s like buying something online. A company only offering one accepted form of payment can look a bit unprofessional and behind the times. Offering the option of paying with Bitcoin or other cryptocurrencies makes a company look more like it belongs in the 21st century, rather than the 20th.
In conclusion, learning how to facilitate Bitcoin may create a headache in the first instance. But it’s like everything else in the business. If a company fails to move with the times, it risks being left behind.