Accepting Bitcoin as a payment? Say yes, but be wary at the same time

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Bitcoin is obviously changing, especially in the last few months. It’s growing, it’s stronger and it has more and more users. So, it’s no wonder that merchants look at it as an opportunity for selling more.

If you remember, we talked about this issue here, explaining the reasons why online (and also real) merchants should accept Bitcoin. Our opinion remains the same, since digital currency is a brave new world that must be explored, but always with caution.

Although we have been talking about some of Bitcoin’s flaws, this cryptocurrency can be highly secure, when used correctly. Transactions are based on military-grade cryptography, allowing private and safe online transactions. Then come the reasons we already talked about: it’s good to accept Bitcoin in order to attract the tech-savvy individuals. The ones that like to be considered pioneers.

Once you feel ready for it, let everybody know that you’re accepting Bitcoin and you’ll start to attract the customers from this emergent market. Believe us, they are eager to spend their new digital coins! That being said, don’t forget to be cautious in the beginning when implementing Bitcoin into your business. It’s a good idea to only deal with people and organizations you know and trust, until you’ve acquired more experience in this area.

Also, remember that cryptocurrency is volatile and still a high-risk asset. So, never store more money that you can afford to lose in Bitcoin form. In other words, don’t go investing all your money in digital currency just because. Bitcoin is still very unpredictable, so you need to have a prepared mechanism that can convert your Bitcoins into your local currency on a regular and quick way.

These are the main concerns you need to have with Bitcoin. But, past that, digital currency can be a great bet in the long term: Bitcoin makes more sense every day in a world like ours and, believe us, it will become very successful once it has evolved and the rules are set.

Via pandodaily.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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