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In September 2021, El Salvador became the first country in the world to started accepting bitcoin as legal tender. However, therefore so far there are many that are now using bitcoin to pay for services, products and even some companies are paying their employees’ salaries in Bitcoin.

Adopting bitcoin as a new financial system represents an advance for the country’s economy, since it allows salvadorans to send transactions and receive payments in a more accessible way.

Many merchants claim that accepting bitcoin can be a strategy that attracts the attention of foreign tourists, resulting in increased sales.

If you are not yet familiar with the use of this e-currency, but want to take advantage of the opportunities. We invite you to learn about the various possibilities and advantages that bitcoin offers for small businesses in El Salvador.

More effective and faster payments

When a client decides to pay with bitcoin, the money cannot be reversed (chargeback) any payment is final, so the operations are effective instantly. The good thing about bitcoin is that the transaction costs are very low in regard with other options like credit or debit cards.

Accepting payments with bitcoin is much faster, easier and safer and you also don’t have to worry about chargebacks or high commissions from financial institutions.

How to receive payments in my trade with Bitcoin?

Because Bitcoin is a digital currency, all operations carried out are protected with cryptography and maths. If you want to start accepting payments with bitcoin in your business, it is essential to have a bitcoin wallet such as: tiankii pay, bitcoin beach wallet, strike, chivo wallet.

You can install the wallet at no cost on your smartphone as if it were an application. There you can carry out various operations such as sending or receiving payments and even converting your bitcoins to dollars in just one click and the best thing is that you do not have to go to the bank.

Similarly, to start accepting or receiving bitcoin payments in your business, a good idea would be to have a payment gateway, such asTiankii App, which has the tools to receive bitcoins regardless of which Wallet your customers use, so that will help increase sales and improve your competitiveness.

Advantages of accepting Bitcoin in your business

Accepting bitcoin in your business offers you various advantages and here we present some of them:

Marketing

If a business accepts payments with bitcoin, it allows greater visibility. The easier it is to make payments, the more valued the trade will be and will differentiate itself from the rest of the competition.

New customers

Since bitcoin became legal tender in El Salvador, more and more people join to take advantage of the payment facilities.

For that reason, adopting this digital currency as a payment method allows the possibility of attracting new customers. Without forgetting that the country is currently a great tourist destination that receives thousands of visitors who want to pay with bitcoin.

Reduce costs

To accept payments with bitcoin you do not need to pay commissions, services, much less install a complex electronic commerce system at a bank. Just simply registering in the bitcoin wallet of your choice will be enough.

Bitcoin transactions are less than 1%, making it more convenient than credit or debit cards.

You get the money faster

Unlike traditional payment methods, with bitcoin payments are instants, you can have faster access to cash. In other words, you should not wait days for the money to be made into your account and you will even save yourself the task of calling the bank in case of any delay. In this way, your business will keep running without anything stopping it.