Bitcoin is something most people have heard about but have likely only encountered in a limited capacity (if any). This digital, decentralized “cryptocurrency” has the potential to revolutionize online payments and transactions, especially if lesser-developed nations, but it may also be a passing fad that gains little long-term traction. Regardless of this uncertainty, it is a presence in today’s marketplace.
Investors and proponents are excited about the ease at which peer-to-peer transactions can take place using Bitcoin. This is especially true when managing payments to, from, and between the unbanked in society. However, it's completely digital and somewhat mysterious, format leaves many concerned about its use and technological security needs. Add to that the volatile nature of the “currency” and even more challenges arise.
Still, Bitcoin’s potential to help nations develop and access global markets is hard to ignore, making it a game changer for many. Here are just some of the ways this financially-oriented technology is making an impact today.
Bitcoin eliminates the need for a middleman, such as a bank or corporate headquarters in a developed nation, allowing “funds” to be transferred to almost anyone who can access the internet. This means developing countries can transition money amongst themselves with greater ease and they can gain access to the wealth of more developed countries.
For example, a small nonprofit can receive Bitcoin directly as a donation. There is no need for it to process through a bank or central headquarters, speeding the time in which the funds are received and ensuring no part of the donation is redirected along the way. Similarly, local craftspeople can sell their wares directly online, eliminating the need to sell to brokers at a loss to get their products out into the world.
Shopping online is a norm for many, but unbanked members of society find doing so nearly impossible. Not having access to a debit or credit card, or even a checking account, means you practically can’t do business with certain companies. Bitcoin can alleviate this issue, as people don’t have to have a bank account to use Bitcoin.
Businesses interested in reaching these populations or selling goods or services in less developed parts of the world may want to consider accepting Bitcoin as a form of payment. This technology change can help you access a greater part of the market, either nationally or internationally, and can create sales opportunities that may otherwise be missed. While making such a change requires some preparation on your part, especially the integration of a new payment alternative on your website, it has the potential to provide access to a whole new world of buyers.
However, to make the most of Bitcoin, you will likely need to hire IT professionals who are familiar with its use and how it can be integrated as a payment option for sales. If you would like help finding such a skilled worker, the team at The Armada Group can assist. Contact us today to see how our services can help you find the right candidates quickly and easily.