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Benefits of Bitcoin payments during Quarantine3 min read

April 20, 2020 3 min read

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Benefits of Bitcoin payments during Quarantine3 min read

Reading Time: 3 minutes

With the global economy being affected by COVID-19, business owners and non-profit organizations should be exploring every possible option to support their companies. In a world with millions of people ordered to stay at home, physical cash payments have become virtually non-existent while digital payment methods are thriving. 

With that said, Bitcoin payments are even more viable than before. Every business and non-profit organization around the world can attain the benefits of Bitcoin during the quarantine, and in this article, we can explain what those benefits are. 

Global payments with lower fees 

Consumers that used to travel and make purchases with cash are now stuck at home and forced to use digital payments. As a digital currency that is accessed through the internet, Bitcoin can be used anywhere in the world. Bitcoin users are global, so by adding it as a payment option, you are able to attract consumers from anywhere in the world. Whether most of your business comes from overseas or down the street, you will benefit because it will expand your potential consumer base.

What separates Bitcoin payments from traditional digital payment methods is the fact that the transaction fees are significantly lower. Bitcoin payments made using the Lightning Network are instant and come with negligible fees that will help your business save on payment processing; and while business is slowing down during quarantine, every percent of your revenue counts! With fees much lower than traditional payment methods, you can accept Bitcoin and exchange it to your local currency and still save on your bottom line.

No fraud, no germs, no problems!

The problem with usual payment methods is that they expose your business to several risks, one of which is chargeback fraud. With the world in a terrible state and millions out of work, people are looking to save as much money as possible and chargeback fraud is an easy way for consumers to get their goods and services without committing to their payments. But with Bitcoin, there is a zero percent chance of chargeback fraud as all Bitcoin payments are final and irreversible. Accepting Bitcoin completely removes the risk of chargeback fraud from a business model and for businesses that operate completely online, this could be a complete game-changer. 

Another risk that comes with traditional payments is the fact that both cash and cards are both vehicles for spreading germs. Generally speaking, the germs and bacteria that are carried by these payment methods are little cause for concern. But in this day and age where there is a highly contagious and deadly microbe spreading around the world such as COVID 19, there is no need to expose yourself to unnecessary risk. According to a report published by TIME, paper currency can carry more germs and bacteria than a household toilet… gross! Since just about all Bitcoin transactions occur without ever having to physically engage with the other party, there is no risk of contracting germs or bacteria. 

A photo of Times Square empty during global pandemic
Times Square; one of the many areas in the world that was always bustling, is now a ghost town during a global pandemic. (Angela Weiss / AFP-Getty Images)

As the world economy slows down, it’s important to take whatever measures possible to protect the longevity of your organization and understanding the benefits of Bitcoin during quarantine can help you get through these troubling times.

At OpenNode, we understand the concerns of adding a new payment system so we try to mitigate as many friction points as possible and allow everyone to start using our platform free of charge. Whether you’re interested in accepting Bitcoin as a payment method or as a donation, we can help you get started today!

Learn all about our business at our website opennode.com and drop a message into our live chatbox, just like the Bitcoin network, our business is open 24/7/365.

Ryan is the Head of Marketing for OpenNode and a writer for the OpenNode Blog. He is responsible for the OpenNode marketing efforts and contributes to content creation for the OpenNode blog. With a background in marketing and communication, Ryan understands how to create marketing strategies to grow OpenNode and expand the Bitcoin Network.