Since its inception, Bitcoin has been steadily growing. A pizza that was once worth 10,000 BTC is now just 0.00058 BTC. Well, the price of Pizza has not gone down. It’s the Bitcoin that went all the way from $0 to $30,000.
Today, Bitcoin’s market cap is $574 billion, the highest among all the other currencies. It represents a market dominance of 46.65% despite many ups and downs. Growing at a CAGR of 16.3% from 2022 to 2031, the global Bitcoin payments market is expected to
hit $3788.2 billion by 2031. The day isn’t far when it will be accepted as a global currency.
Let’s understand what makes Bitcoin popular among consumers and why you should consider enabling crypto payments.
5 factors accelerating Bitcoin’s adoptionFully decentralized & permissionless
Blockchain is an underlying technology that enables permissionless, peer-to-peer Bitcoin transactions. This means no intermediaries can govern your transactions. And hence, payments made via Bitcoin can not be blocked or reversed by anyone — making it a
reliable currency for day-to-day transactions.
- Seamless global transactions
Accepting money from abroad through banks and traditional payment gateways is time-consuming, expensive, and unreliable. Most of the time, you will end up paying over 30% in transaction fees to these financial institutions. On the contrary, you can start
accepting Bitcoins from anywhere around the world in real time whilst paying minimal transaction fees.
According to a World Bank report, over 1.4 billion adults are unbanked. These people neither have a bank account nor access to mortgage, debit/credit cards, or online banking services. This cuts them out from all the opportunities to invest, borrow credit,
and grow their wealth. Bitcoin can empower these individuals as anyone around the world can access it. All they need is a smartphone and internet connection to transact in Bitcoins. As a merchant, if you start accepting Bitcoins, you will be able to reach
a wider audience.
Banks are 300 times more susceptible to cyber-attacks — according to a report by the Boston Consulting Group. Thus, funds parked at your local bank are not 100% safe. Instead, if you use Bitcoin, all your transactions will be encrypted by cryptography and
will be stored on Blockchain — making them permanent and irrevocable. So far, not a single blockchain has been compromised. This makes them a better alternative to fiat money.
Bitcoin payments are private and anonymous. While you can track and trace all the transactions to their origin, it’s almost impossible to associate a real-world identity with any particular transaction. This allows you to transact anonymously and offer privacy
to your customers.
Companies embracing Bitcoin as a standard payment method
Over 15,000 businesses around the world are already using Bitcoin as a standard payment method. That’s primarily because crypto payments are cheaper to process, censorship-resistant, and easily transferable. Here are a few popular brands accepting Bitcoins:
Thousands of other popular brands and businesses also accept Bitcoins. Check out our list of top companies accepting Bitcoin payments.
The future is Bitcoin
Bitcoin is the future of payments. According to the latest report by Blockware Solutions, Bitcoin adoption will hit 10% in 2030, and post that, the growth will be parabolic, eventually reaching 80% population by 2050.
We already know only 21 million Bitcoins will ever exist in its ecosystem. If we divide that number by 8 billion — which is the global population — you can predict the value of Bitcoin in the coming years. Owning just one Bitcoin today and holding it for
a long time could end up generating generational wealth.
A boost in Bitcoin’s adoption will trigger a massive increase in the number of businesses accepting crypto payments.
Are you ready for the paradigm shift?
If you are a business owner, now is the right time to start accepting Bitcoin payments. Enabling Bitcoin transactions across your online and offline touchpoints will help you enhance your checkout experience, reach a larger audience, and save hundreds of
thousands of dollars in transaction fees.
Sign up with Speed- Leadning Bitcoin Payment Processor today to start accepting Bitcoins on the go. From dynamic payment QRs to a mobile Point-of-sale application and pre-built checkout page, Speed offers a wide range of payment features for accepting Bitcoins
across your online and offline channels. Get started today and take a leap to the future of payments.