3 min

6 Reasons Why Any Organization Should Use Bitcoin

Posted on
January 10, 2023
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Bitcoin is the hardest and fastest money humanity has seen, but according to the Block, Inc. Report 2022, a staggering 51% of adults globally still don’t know enough about this new financial technology. In simple terms, Bitcoin is quickly becoming the native digital payment system for the internet. It has completed over 794 million transactions with 99.98%+ uptime and has proven to be resilient to nation-state attack. But all that aside, why should an organization consider using Bitcoin? 

  1. Bitcoin Commerce: Bitcoin is global out-of-the-box and makes international payments fast and easy, as it is not subject to the same fees and restrictions as legacy financial systems. The legacy financial system known as "fiat", relies on a blend of the SWIFT system and other networks of bureaucracy for payments that still leave 5 billion people unbanked or unable to access reliable banking infrastructure. 
  2. Low Transaction Fees: Bitcoin and lightning transaction fees are generally lower than those of the legacy financial system, making it a cost-effective option for microtransactions and alternative payment rails. Traditional financial systems simply can’t compete due to the bureaucracy and complexity of the banking system that makes the cost for microtransactions impractical.
  3. Enhanced Security: Bitcoin is secured through cryptography and 256-bit encryption, making it difficult for unauthorized parties to access or steal funds. With best practices in proper private key management and disaster recovery, anyone can have a vault in cyber space that has no limit to the amount of bitcoin that can be held, but also do so at very low cost. 
  4. Decentralization: Perhaps most importantly, Bitcoin is decentralized and not reliant on any single entity (such as a government or financial institution) to operate. This is appealing to organizations that value autonomy and independence, especially those in an adversarial or fragile economic environment (any fiat system).
  5. Immutability: Once a transaction has been recorded on the Bitcoin time-chain, it cannot be altered or deleted, providing a level of security and transparency to the system.
  6. Accessibility: Bitcoin is available to anyone with an internet connection, making it an inclusive financial system for organizations working in areas with limited access to legacy financial services. There have been numerous occasions where financial aid is deployed directly to those in war zones (Ukraine) or humanitarian crises where there is no reliable financial infrastructure available, but maybe only a Starlink connection. 

Organizations are using Bitcoin’s unique monetary properties to create value and impact for their customers and constituents today. Start your journey by building out a customized Bitcoin Operation with Lucent Labs. We make it easy with the leading edge tools, infrastructure, and world class expertise you need to get started. Schedule a free consultation here

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