Bitcoin has become inescapable all around the world. From the headlines in the papers to the top story in tonight’s news coverage, every now and then people talk about bitcoin, be it about a new service that accepts it or a rise or fall in exchange rates. But here in the Philippines, why should you care? Does the local sari-sari store even accept bitcoin? Does that person by the street even know what bitcoin is? So why should you consider accepting bitcoin in the first place?
To set up a credit card, you’ll need to fill out an application form for your profile and contact information, plus two government approved valid IDs. Plus, if you’re employed, you’d need your latest income tax return, a certificate of employment and a recent payslip.
Not to mention that most banks here in the Philippines require you to be 18 or 21, plus you would have to be employed long enough. Then you’d have to go to the bank you want to apply to, go through some background checks and screenings, give the requirements then you’d be asked to return for a day and sometimes as long as week, and then finally you have your credit card! Plus you have to pay way, way more with interest rates if you’re way past the deadline of a payment, and that goes to the bank, by the way, not the merchant. And then you only have to renew and wait one more time if you hit the expiry date! Yikes.
Literally all you need to sign up for a bitcoin account is usually an e-mail address and a password to come with it. If that’s not secure enough for you, there are wallets that come with two-factor authentication and even more security features if you are still feeling insecure. Plus it’s instant. There’s no age requirement too, so it opens up a whole new other audience, one that’s huge and really good for business: youngsters.
IT’S FAST AND SECURE
Sending bitcoin may take a while for a confirmation or two to take, maybe not instant, but it can be faster than a bank transaction, which makes it way more viable if you’re at a crisis and have to send someone money immediately.
Plus, considering that you have to wait so miners can verify transactions you make to ensure that it isn’t a ghost send or an unidentified or unauthorized transaction, the waiting only guarantees your precious money’s safety through internet lines. You never have to worry about an accident about the network being too slow and a transaction accidentally being doubled.
No more long lines for having to press a couple of buttons to open up the cash register, grab some change and the payment plus claiming the drink. Your customer could walk right in, send the amount to a scanned QR address you would just put up and just pick up their drink and be on their way. Not to mention your money is secure in a digital wallet with no one to touch it, no fear of a robbery, a hold-up or even a clerk grabbing a few coins, since the money is stored safely in your own secure virtual vault.
A wallet is free to make, and you can make as much as you want. No renewal fees, no interest and definitely no expiration date. Your account won’t die out or be frozen. Plus all you need to make a transaction is a decent connection to the internet, and just send the money to your local coffee shop’s address and there you have it, you have paid for coffee.
No need to pay any additional costs, minimizing transaction fees. Just a direct line from the consumer to you, and there’s no catch behind it.
So have you decided? How are you going to use bitcoin in your business?