"Bitcoin Mittelmeerlandschaft" (CC BY-SA 2.0) by zcopley

If you've picked up the newspaper or read any of the financial reports this year, one word has popped up time and time again: Bitcoin. For any small business owner with an eye on the financial world, Bitcoin may be a term you're familiar with, but it might not be something you've embraced as a legitimate payment option.

Now, if you read the headlines at the start of May 2017, you'll have seen that the value of a single bitcoin has skyrocketed. According to a Nikkei report, ten Japanese companies have launched their own Bitcoin exchanges recently to meet the growing demand for the cryptocurrency. On top of this, the Japanese government has cut consumption tax on virtual currencies like Bitcoin, which basically means companies will be able to trade for less.

Japan's innovations have caused the price of bitcoin to breach the $1,400 mark for the first time in its history which, aside from being great for investors, means it's now more popular than ever. Indeed, with Japan starting to lead the way when it comes to Bitcoin and business, the rest of the world is looking to follow - and that means you should be as well.

Bitcoin Gets You Paid in Less Time

But why should you start using Bitcoin as your payment method of choice? Well, for starters it will speed up payment processing times. Because Bitcoin transactions don't have to go through the same security checks as a bank payment, you can get money from your online sales faster. A good example of this can be seen in the bitcoin gambling world. When you look at the FAQ section at Crypto-Games, the operator states that bitcoin withdrawals take approximately 20 minutes. When you contrast this with an online casino that uses a traditional payment method and currency such as Visa and GBP, the average processing time is three to five days.

In this instance, Bitcoin casino players are able to receive their winnings a lot sooner than they would if they were using a more traditional payment method. This process obviously works the same in reverse and when you apply it to your business, it means you could receive money from your customers in a shorter space of time. Instead of there being a delay between the customer purchasing something and the money hitting your account, Bitcoin means you can confirm everything much quicker. That brings more peace of mind for you (you know the money is there) and a smoother service for your customers (they don't have to wait as long for you to confirm an order).

Keep Your Business and Your Customers Safe

Beyond the processing benefits of Bitcoin, the currency is also a safer way to pay. With online fraud being an increasingly hot topic for businesses and consumers, the value of offering a secure payment system is extremely high. Take, for example, merchants on Shopify, who were given the option to accept Bitcoin payments back in 2013. Using BitPay, customers could simply user their Bitcoin wallet (a place where they store their Bitcoins online) and send it to BitPay's via the company's unique wallet address.

This process is safe for a number of reasons, but the most important one for consumers is that they don't have to give up any of their personal information. So, instead of entering their name, card details and address, all they need to do is log in to their Bitcoin wallet and send money to BitPay. Every Bitcoin user is basically known by their unique wallet address, which helps reduce the risk of their personal details being compromised.

Once BitPay has received the payment, it converts it to the business's native currency and deposits it into their account. So, as well as consumers receiving a safe, guaranteed service, merchants do as well. Overall, if you're able to offer Bitcoin as a payment option for your customers, they'll not only be safer, but they'll enjoy a more efficient service. Moreover, these same benefits will also apply to you as the business owner. With Bitcoin in the news more than ever and its popularity continuing to grow, it seems as though now is the time to jump on the bandwagon if you're a small business owner.