Starting up a business can be difficult as there is much to think about, and one of the most important decisions you will make is what type of payment methods you should accept. It is important when choosing a payment method that you are able to keep your costs low while still providing security for your customers. An option that can achieve both of these goals is bitcoin.

You may be wondering, “what are bitcoins?” Bitcoins are a type of digital currency operated in a peer-to-peer platform. You will notice when using this currency exchange, it operates similar to PayPal and Visa but in a more secure way. Another big difference between these payments methods and bitcoins is they are an open-source financial institution. This means there are no shareholders and regulations which traditional financial institutions require. You may find this type of currency confusing at first, but it is very similar to a regular bank, but completely digitalized. For example, you are able to easily transfer money when needed and make payments like you do with your current bank, but easier.

There are several advantages when you choose to use bitcoin for your business. An important benefit you will receive when you choose this method is the ability to cut down on the fees other payments services will charge you. For example, if you use PayPal as a way for your clients to make payments, PayPal will charge you a flat fee plus a certain percentage of your transaction. While this may not seem like a lot of money, it quickly adds up and cuts into the profit you could be making.

Another advantage of using bitcoin is the security it can offer your customers. Recently, it has been shown many large companies who accept other payment methods have experienced security breaches which threatened their customers’ personal information. This can be prevented with bitcoin, as their personal information is not linked to this type of currency. Furthermore, by using bitcoin it can be easier for your international customers since there is no need to convert the currency. Also, over the last few months, this currency has become more popular with brick and mortar businesses who are not online, but are using this type of currency as well. They do this because it offers larger profits and the ability to do away with traditional banking fees.

If you are looking for a payment method for your business, you may want to consider bitcoins. It is gaining in popularity and can offer you a great way to make larger profits.