The impact of Bitcoin on the mobility sector is very intriguing. In many ways, it represents a departure from the status quo and a return to the past in terms of how you should be viewing your money.
Everyone is conditioned for so long to trust large institutions, such as banks and governments, with our hard-earned cash that it has become almost like a blindfold. Bitcoin is like taking this blindfold off and allowing us to view our money in the same way it was done before large institutions started growing exponentially, as something valuable in itself, not just an IOU for something that could be taken at any moment.
The simple fact that Bitcoin has no middle man or central authority means that transaction costs are drastically reduced, yet it is still safe. To give some examples that consumers of the mobility services industry feel, taxis could reduce their costs by up to 40%.
This would make them much more competitive with services like Uber (if you can find one) and local bus services. These cost reductions might even make getting a taxi not such an absurdly expensive luxury as it is today.
Moreover, those who do not want to use bitcoin but another cryptocurrency will probably benefit because all cryptocurrencies are designed similarly. So if somebody starts up their alternative cryptocurrency that they only accept for mobility services, the same thing applies.
Seven ways bitcoin has benefitted Travel & mobility industry in the USA
1. Quicker Services
It’s significantly more straightforward to pay with Bitcoin than other payment methods. You can even get your first Bitcoins by selling something or performing a service quickly and easily! So not only do you get quick-paying transactions, but it also goes to support somebody else who is willing to take it for goods and services!
2. Save Money with Bitcoin
Bitcoin can save business owners money when they accept cryptocurrency as a form of payment. Because transaction fees are so much lower than traditional electronic or card payments, there is usually no point in hiring somebody full-time to manage accounts payable. And this applies to everybody!
3. Save time with Bitcoin.
It’s not just businesses that could save time through the implementation of Bitcoin. Customers themselves might have shorter wait times when making purchases if they use cryptocurrency instead of an alternative method. You can even pay somebody instantly using one of many free apps without waiting for a payment to clear.
4. Global Reach
Bitcoin is a global currency, which means that any business accepting it may attract customers worldwide. This gives businesses an advantage when expanding their reach, making themselves accessible in new geographical areas, and creating a larger market for their products and services. This is a new way for small businesses to get noticed and compete with big companies doing it for years!
5. Anonymity
Bitcoin has the potential to give customers a level of anonymity that they would not otherwise have when paying for goods or services. For example, this will allow customers to pay for Travel anonymously in the same way they would currently use prepaid cards or gift cards.
6. Transparency
Bitcoin is a digital, decentralized currency that transactions are entirely transparent. You can see what you are paying for without any need to trust the other party implicitly. This may be attractive to customers who do not want to worry about getting ripped off or products of poor quality. It will also help those who like to control their budget and not spend more than they’re willing to part with.
7. Protection from Fraud
Finally, accepting Bitcoin reduces the risk of credit card fraud for businesses. In addition, because transactions are irreversible once confirmed and reduced fees mean that goods can be sent on approval whenever the payment is received, the customer also benefits from this protection against fraudulent purchases.
Conclusion
Bitcoin is not just something that will benefit the Travel & Mobility Industry in the USA, and it is something that can transform our entire economy for the better.
Once it hits critical mass, there are no limits to what could be achieved with these benefits at our fingertips. And this list doesn’t even scratch the surface of what you could do if you were to accept and use Bitcoin wallet yourself.
