Gone are those days when people used to get out of their homes to buy stuff. In this day and age, everything that you can think of can be ordered online. From food to groceries, from medicines to online cab services. Anything that once took a lot of time takes seconds these days.
Bitcoins have changed the way we perceive money. For the Millenials, money is not some paper of value. Instead, it is just a tap of their mobile phone screen.
First, the stores started to convert into eCommerce stores, and now the money has converted to digital. This trend has significantly boosted the popularity of cryptocurrencies.
When Bitcoin was first introduced, the value was only $0.008, and now it has reached a time high of a staggering $42,000. To start trading, visit the golden-profit.co and create your account.
This trend has undoubtedly facilitated the use of cryptocurrencies. As the popularity of cryptocurrencies is rising day by day, eCommerce stores plan to accept cryptocurrencies as a mode of payment. If E-commerce stores do so, then it will facilitate the transaction in a lot of ways.
Pros Of E-Commerce Stores Taking Bitcoins
There are many reasons why eCommerce Stores are thinking of considering Bitcoins as a mode of payment.
1. Low Processing Fee
As Bitcoin is decentralized and has no legal backing, there is no government interference and regulators. As a result, there are zero or no processing fees while transacting in Bitcoins. The transaction occurs on an end to end peer network. So, as a result, there is no one in the middle that you need to pay for your money.
2. No Refund
Do note that payments in Bitcoins do not fall in the conventional financial system.
Once payment is made, you will not be able to change it back. From the eCommerce stores’ point of view, this system is very beneficial for them as it eliminates the chances of chargeback costs. And it becomes extremely tough for people to commit e-commerce fraud.
3. Wider Reach Of Customers
Bitcoins facilitate a broader reach for customers. Normal people and Bitcoin investors can both shop from your eCommerce stores. When you accept payments in Bitcoins, it widens your base of customers.
Most millennials these days are using Bitcoins to purchase goods and services. If your eCommerce site is selling products that attract the age group between 25-45, then you should seriously consider accepting Bitcoins for your eCommerce store.
What Are The Cons Of eCommerce Stores Accepting Bitcoins?
With a very good amount of pro comes a number of cons that you should consider if you want to accept Bitcoins in your eCommerce store.
1. Bitcoins are becoming the center of attention for your eCommerce store.
For the sake of argument, let us assume that you have started accepting Bitcoins as a payment method for your eCommerce store. Your other customers may be very curious about it, and you may have to deal with your customers asking you about Bitcoins as it is very novel.
Some of your older customers who are not that tech-savvy may not hold Bitcoins in high regard and may like your decision to accept Bitcoins, and you may lose them.
2. High Volatility Rate
The thing that bothers me the most as an eCommerce site owner is that Bitcoins are very volatile. You need to note that Bitcoin is a totally decentralized market-driven digital currency.
When it was first introduced, its value was $0.0008, and now it has hit an all-time high of $42,000. This speaks a lot about Bitcoins volatility.
I own an eCommerce store myself, and I am planning to approve Bitcoins as a mode of payment in my eCommerce store. But my advice to all the eCommerce store owners would be to evaluate the pros and cons and then take the decision.