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Importance of accepting Bitcoin payments

Written by Anson Zeall

There are many reasons why one could and should invest in bitcoins, but Bitcoin having an unmatched publicity for one is a good enough reason and here is why; people are excited about Bitcoin. Even if they do not fully understand what it is or how it works, people around the world have realized that Bitcoin is a world-changing innovation. Every time a company announces that it is accepting Bitcoin, the local, national and international media pay attention. The rapidly growing Bitcoin press, such as CoinDesk.com, regularly run stories on businesses all over the world.

If a restaurant, bar or cafe decides to accept Bitcoin, generating publicity is often just a matter of alerting the media. While this will not always be true, and the novelty will eventually wear off. Now, there is no better opportunity for outstanding free publicity.

As for regulations, even though there is no central authority behind Bitcoin, this does not mean that it cannot benefit from regulation. After all, one of the biggest concerns about Bitcoin is that it is as anonymous as cash, which could open the door for criminal activity. It only makes sense that some common-sense regulation might be needed.

Last month, the Monetary Authority of Singapore (MAS) announced it would be providing all of the same regulatory oversight to Bitcoin that it does to other currencies. The MAS decision allows merchants and customers the highest levels of confidence and security in the Bitcoin world, and with none of the hassle seen in some other countries.

In many ways, the decision has allowed Singapore to set an example for the world in how Bitcoin and other virtual currencies should be handled.

Bitcoin also gives all power back to merchants, as it eliminates chargeback used by credit card companies. Also for merchants, credit cards offer minimal benefit and often affect the profit margin, if not through high transaction fees then it is chargebacks and other issues.

On the other side, Bitcoin conversion to local currencies is no longer hard, where companies like CoinPip, BitPay and Coinbase, allow merchants to accept bitcoin based on real time exchange rates and convert the money back into the merchant’s account in their local currency. So today, payment service companies can make it as easy as, or even simpler than, setting up a credit card processing for the business.

The Bitcoin revolution will change how the entire world handles payments. While it will not put traditional banks out of business anytime soon, it will fundamentally change how people think about and use money. Like so many great social changes before it, the greatest action is happening in gathering places like the bars, cafes and restaurants people visit every day.

–Edited by Mohamed P.Hassan

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