Bitcoin as payment: 6 reasons to accept Bitcoin as a small business
Bitcoin as payment for your goods or services is beneficial for a multitude of reasons. Don’t click away because you’re tired of hearing about “crypto” or you think Bitcoin is the same as crypto.
Bitcoin is the money of the future. Bitcoin is digital gold.
While I won’t wax eloquent on Bitcoin and its virtues here, I do want to lay out reasons why small businesses should accept bitcoin as payment (regardless of what you think of Bitcoin).
If your customer wants to pay you in Bitcoin, make sure you’re setup and ready to accept it. Meet your customer where they’re at to not miss out on sales and the benefits of accepting bitcoin as payment.
how does this grow self-sovereignty?
The debasement of currency has been the downfall of empires for all of history. Soft, inflated money leads to poor incentives leading to a deleterious spiral to non-existence.
Bitcoin fixes this. Fix the money, fix the world.
reasons to accept Bitcoin as payment
There are a multitude of reasons to accept Bitcoin as payment, but I’ve kept the list to 6 main reasons. At the end of this post is a list of recommended books for further reading if you’re interested.
reason 1: accepting Bitcoin as payment comes with lower transaction fees
Unless your customers pay exclusively in cash or check, you’ll incur some sort of third party transaction fee to process a credit card payment. And those fees can take quite a chunk of your revenue. Or you have your customers cover the charge cost but this can upset customers or let your competitors price you out.
Even cash and checks carry risk of counterfeit bills or insufficient funds.
There are many businesses (like IBEXPAY or OpenNode) that will act as your third party to accept bitcoin (or convert it to fiat instantaneously) for much lower fees than your credit card merchant.
As of this post’s writing, IBEXPAY charges 0.5% for transactions where you keep the BTC and 1.0% for transactions converted to fiat.
Can’t beat that!
Reason 2: No chargebacks when accepting Bitcoin as payment
Ever had a customer chargeback an order on their credit card even after using your product or service? Sometimes it might be deserved and many times it’s not.
Some people take advantage of the chargeback function of a credit card.
This can lead to lost funds and product/service, time, and more lost revenue due to you having to work with the credit card company to fight the chargeback.
Bitcoin has no chargeback option. Once the transaction is confirmed, the customer cannot take the funds back from you. Bitcoin creates a more equal footing between business and customer.
You can still choose to refund the customer but only if you deem it proper to do so.
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Reason 3: Bitcoin is a sound store of value
Unlike the US dollar (and all other government-backed currencies), Bitcoin cannot be inflated or debased. Meaning the amount of Bitcoins in existence cannot be increased.
The cap of 21 million Bitcoin is written into code. Anyone who tries to change the cap will be kicked out of the Bitcoin network. Think we can kick our politicians out of power for continually printing more dollars in DC? I wish.
Bitcoin has provable scarcity because the code is open source and available for anyone to read. The US dollar is not scarce in the least and those closest to the money printer benefit while the rest of us suffer from inflation.
Time is money and inflation is the theft of our time and money.
The time and effort you pour into your business to make a living for you and your family is continuously stolen from you if you only use US dollars.
We cannot work hard enough, save hard enough, hustle hard enough to beat inflation.
Bitcoin provides a better option for storing our hard earned wealth ensuring our time is well-spent.
Reason 4: Bitcoin frees us from slave money
The few people who can print the US dollar at will benefit the most while everyone else has to work to keep up with the resulting inflation.
Bitcoin runs on software code and is not owned or controlled by any one person or group of people. Bitcoin levels the playing field and allows everyone an opportunity to pass on generational wealth and save their time and hard earned money.
Bitcoin is for everyone, even our enemies. And that’s how true money should operate.
Otherwise on the US dollar, we’re constantly running a race that’s designed to never let us win or even cross the finish line.
Reason 5: Bitcoin is uncensorable and cannot be confiscated
Many governments want to introduce CBDCs as competition to crypto. CBDC stands for central bank digital currency. It’s the US dollar but digital.
This way politicians can know absolutely everything about your finances. They can control how, when, and where you spend your money. They can drop more money or take it away instantaneously if you’re not following their rules. It’s all about control.
Bitcoin cannot be confiscated from you if it’s properly secured. No government controls Bitcoin so it can’t be censored.
Unlike gold, you could carry your bitcoin in your head with just 12 to 24 words anywhere in the world and still retain your wealth. Try that with a suitcase full of gold or dollars.
Reason 6: Bitcoin returns assets to their productive value
One concern I have is regarding our food production and aging population dominating it. Farmers and ranchers are aging out and, due to inflation, are selling their productive land and setups for more than any Millennial or younger person can afford.
Who buys much of this land? Those who don’t intend to steward it properly towards healthy food for humans and animals. It’s a huge concern for future food sovereignty and human, animal, and earth health.
And this drastic increase in real estate prices is not due to anything these owners have done but due to the increase in dollars printed in DC. Inflation causes all prices to rise and many use real estate as their store of value (another reason why land and housing increases in price).
If our money is not debased and inflated, no one would need to use artwork or land as a store of value. These items would end up deflating to their proper productive value. Productive value is the value of what the land can actually produce.
Agricultural land around me goes for way more than the land could ever produce in multiple generations.
Thanks, DC.
If you’re intrigued by Bitcoin or by just what it can do for your business, reach out to me or check out the recommended books below
I promise that once you truly understand Bitcoin, you’ll also see it as the money of the future.
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my favorite intro to Bitcoin books
These are great primers to learning all the basics of Bitcoin.
The Bullish Case for Bitcoin by Vijay Boyapati
Started as an article in Medium, Boyapati expanded his thoughts into one of my favorite Bitcoin books. Easy to read, it’s a great intro for anyone interested in why Bitcoin isn’t crypto and why Bitcoin is the future.
The Simplest Bitcoin Book Ever Written by Keysa Luna
If I were to recommend any book, it’d be this one. You can even download a copy for free from the very generous author. This tackles the whole reason behind the necessity for Bitcoin and how it works in the simplest of terms.
Bitcoin and Beef by Tristan Scott
Written by a friend and fellow Wyomingite, this book compares the treatment of Bitcoin and beef by mainstream media and is a great read for farmers, ranchers, and homesteaders.
Inventing Bitcoin by Yan Pritzker
Hands down a must read for those who want to wrap their head around how Bitcoin actually works. I had to read this fantastic book before I could fully buy into Bitcoin.
Don’t be scared off by the tech side of this because the book makes it so easy to understand.
The Bitcoin Standard by Saifedean Ammous
The Bitcoin Bible. This is definitely a more advanced read but a must for anyone serious about understanding Bitcoin.