In 2016, Bitcoin merchant adoption slowed as a percentage of overall growth, while consumer adoption sped up, marking the coming year as one of noteworthy momentum driven in part by consumer demand for alternative payment options.
Meanwhile, venture capital is pumping at record rates into Bitcoin and blockchain startups and now exceeds $1 billion. Some experts predict another merchant adoption surge later in 2016 as consumer pressure grows and Bitcoin’s price continues its upward trend. On the bottom line, there are plenty of reasons right now for merchants, freelancers, nonprofit organizations and others to accept payments on the Bitcoin network. If your business or organization is not yet on the adoption bandwagon, consider these six benefits of taking payments in Bitcoin.
1. Near-Instant Settlement
The biggest benefit of accepting Bitcoin payments is the short amount of time in which payments are settled. Bitcoin is a digital cash system, which means there are no chargebacks. Once you hand some digital cash to someone else over the Internet, there’s no third party who can reverse the transaction in the future. Transactions in Bitcoin are often considered final after three confirmations, which usually take less than thirty minutes. Comparatively, card-based and PayPal