Man is getting into the age of cryptocurrency. Bitcoin is getting more and more important day by day. A large number of companies and institutes are accepting Bitcoin in the world. Here we will discuss whether Dell, one of the largest companies in the world, accepts Bitcoin or not. In this article, we will see about ‘Does Dell accept Bitcoin?’.
Does Dell accept Bitcoin?
Though it is a common practice all over the world to pay in foreign currencies, especially in US dollars yet the world wishes to pay more convenient way. Bitcoin has fixed this issue to some extent. It is good news that Dell does accept Bitcoin or crypto Currency although it is not accepted in a few areas of the world yet.
What is Bitcoin?
Ancient History:
Man on this planet always wishes tries to lead an easy life and the most important task of man’s life is to get the goods of his need. Payment is the basic element while trading these goods. There was a time in the ancient history of man when nobody had had money or currency with him yet he did purchase and sell the commodities by direct exchange method known as the barter system. The barter system was not a friendly system to use because of a few demerits. These are:
Some goods are indivisible so it was not possible to exchange.
Goods are different in value so it was not easy to value them equally.
The Lack of double coincidence of wants made this system difficult.
Some immovable goods also made the exchange of goods impossible.
Deferred payments too created problems.
Modern Age:
Over time, the man introduced a few methods of payment like metallic money and Paper money. Later on, he introduced credit money and the Bitcoin is its most modern shape.
Pros and Cons of Bitcoin:
We are fast approaching to Bitcoin age. Everything in the world has pros and cons in it. Similarly, Bitcoin also is not free of merits and demerits.
Pros of Bitcoin:
- No monopolistic entity of a Government
- Infinite number of coin
- No bills to print or coins to mint
- Need not carry money with us
- Easy to transfer anywhere and anytime.
- Fewer problems of exchange rate
- Transparent to be seen on the blockchain
- No transfer charges to bear
- Your Bitcoin bank is always with you
Cons of Bitcoin:
- Risk of inflation
- No backup reserves
- Only digital pieces of code
- Cannot be refunded once paid
Dell and Bitcoin
Dell is one of the largest IT technologies on the globe with billions of dollars of investment. The company started accepting Bitcoin (cryptocurrency) as the mode of payment in 2014. Dell now has become one of the largest retailers to accept Bitcoin in the world. Dell received about 85 BTC in its first month after it started accepting Bitcoin as the report says. (Reference and screenshot attached in the end.)
Why did Dell decide to accept Bitcoin?
This is the age of competition. Everyone wants to win this race. For this purpose, the companies and the institutions try to minimize their cost and maximize their revenues. To maximize revenues, a company wishes to increase the number of its client or customers. We know that the easier the way of payment is, the larger the number of clients will be attracted.
Dell decided accordingly
Dell is a multinational company spread all over the world. Not a single country might be there that does not purchase dell products. Each country desires to import goods in its local currency but all countries can’t pay in their currency. US dollar is considered a reliable and trustworthy currency for trade but its exchange value bothers the countries. A lot of countries are there that have to pay many units of their local currency for one dollar only.
So, dell decided in 2014 to start accepting BTC. This decision made it possible for those who face problems to pay in dollars. And well decided. The company received 85 BTC in its very first month after the decision. Now not only the clients and revenues of Dell are increasing but the use of BTC is also rising at a pace.
Conclusion:
Our future is going to be the world of cryptocurrency. Dell would be one of the torch bearers and pioneers who built and developed the trust of the people in Bitcoin as few people were there to believe in cryptocurrency. Many countries are still there who are getting ready to accept Bitcoin as a medium of payment or exchange of goods. It is estimated that Bitcoin is going to be the biggest and most famous method of payment shortly as many companies are anxious to deal and pay in Bitcoin. Wikipedia, Microsoft, AT&T, Reed Jewellers, One Short Hotels, Holiday Inn, and many pizza places & popular stores have already started.
Less than a month after it first began accepting bitcoin, Dell has received 85 BTC (over $50,000) for a PowerEdge server order.
NewsBTC first reported the story after Dell CEO Michael Dell tweeted the following:
Recieved PowerEdge server order @ http://dell.com for more than 85 #bitcoin (~$50K USD) http://dell.com/bitcoin #Dellbitcoin
