Bitcoin And Your Online Booking System: Yay or Nay?
Cryptocurrencies are all the rage right now. They rise in price overnight, they fall from grace even faster and yet they’ve managed to create an insanely complex market people LOVE to be a part of. Should you do the same? Is there a need for you to integrate Bitcoin payment functionality into your online booking system?
Let’s look at the stats to learn the answer!
Ok, there was that time when Bitcoin skyrocketed in worth to almost $20K per coin and it was huge. That’s practically what caught everyone’s eye and introduced cryptocurrencies to the masses.
“They lie to us” – the people said. “Nothing can be THAT good” – others replied, – “It is a scam!”
Obviously, the bubble popped. Not because Bitcoin was a fraud though, but because the market had no more place to grow at that moment.
The skeptics were happy. They eagerly reached for their “I told you so” bags and sprinkled the contents over everyone willing to listen. The end.
Or is it?
In reality, it took the crypto market more than eight years to reach the $200 billion cap. How much did it take for it to reach the $300 Billion cap? 24 days. This means that while the piece of Bitcoin is 20 times less than the former $20K the market is still growing and gaining traction. More and more people are entering it and for good reasons!
Why allow bitcoin payments in your booking software?
Ok, cryptocurrencies are still big and growing. What’s in it for you and why should crypto payments be a part of your booking app?
- Security: Blockchain, the technology cryptocurrencies like Bitcoin or Etherum are based on serves as a public ledger. All of the payments are in a public database and miners verify all of the transactions. If money is taken from wallet A and transferred into wallet B it will be there in a few minutes even if the world ends. Ok, maybe not if the world ends, but in any other case a transfer is as solid as stone. The Blockchain network is also encrypted meaning your money cannot be stolen unless you give them away willingly.
- No regulatory authority: Blockchain is a network operated by people. The decentralized nature of Blockchain means no bank or government is involved, nor are their rules dictated upon the community.
- No extra fees: Given how there is no third party involved there simply isn’t anyone to pay a commission to. If your clients wish to pay the exact worth of your product or service – they will do just that.
- Fast transactions: There are no borders in Blockchain and a transaction from the US to, say France or Germany will take as much time as a transaction done within one state – in mere moments. This opens the door towards the international trade for your business.
Why your booking system may not need Bitcoin payments for now?
Now that we’ve covered the pros of crypto payments I am not the one to tell you they come without any downsides.
For starters, the blockchain network is not that big. Sure, there are many people trying to make it look bigger, but that’s just dust in your eyes. Sums like a 300 Billion market cap sound impressive but that’s just until you compare it with all the money in the world: $83.6 Trillion! The stock market alone is worth $66.8 Trillion.
To drag the zeroes down to earth a bit: Apple is worth more than all of the cryptocurrencies combined! They sit on $730 billion. The cryptocurrencies market barely exceeds the wealth of Bill Gates alone so, in reality, Bitcoin is not as big as some might want to believe.
And, despite the fact that the cryptoworld is currently growing to a point where even the Bitcoin is left behind and concepts like ICO come on top as dominant it still might fail. But, then again, so may the concept of fiat money so why not give the new beginning a shot?
I mean, if there are people willing to live of Bitcoin alone just to make a point, why not grant them the access to your business before your competitors do?
Your turn: what do you think of Bitcoin and would you like me to tell you more about Blockchain and cryptocurrencies?