Have you heard about Bitcoin? It’s a controversial payment system – or digital currency, if you will – which has been rising in popularity despite some big issues faced by the young currency.
Bitcoin is free from banks and Government intervention (so far) so it’s appealing to consumers and investors. Even recently, Peter Schiff, a well-known finance expert whose skepticism toward Bitcoin is made public, starts accepting Bitcoin. This rise in popularity has pushed businesses to start considering accepting Bitcoin for payment.
You can now shop for groceries with Bitcoin:
Overstock.com is the first major retailer accepting Bitcoin:
Here’s the first Korean small business accepting Bitcoin:
Small businesses in Tokyo, Japan attracts more customers by offering Bitcoin as an alternative method of payment:
And those in Glasgow, Scotland, too…
As you can see, Bitcoin is starting to get recognized globally, and poised to replace US Dollar as the globally accepted currency.
So, should your business accept Bitcoin? If you asked me, I would still have my skepticism. But the trends show that Bitcoin is becoming well-accepted by businesses for some visible features: It’s not controlled by banks and government; the processing fee is lower than credit cards; and for businesses, it helps drive more sales.
What do you think? Will your business accept Bitcoin? Will you shop using Bitcoin?
