5 Ways Bitcoin Can Grow Your Business
A lot of people have been talking about and investing in Bitcoin. It’s an alternative payment system that allows people to make transactions through a blockchain. A blockchain is a public ledger and cryptocurrency wallet that supports Bitcoin, Ethereum, and other digital payment systems.
History of Bitcoin
Satoshi Nakamoto was the first person to ever talk about Bitcoin back in 2008. However, his name is believed to be a pseudonym of another anonymous person or a group of people who created Bitcoin. It was this pseudonym who first devised the first blockchain system during the Great Recession.
When it was first established, Bitcoin had no financial value. It was only a year after when Bitcoin first started having financial value—someone ordered two pizzas at a Papa John’s. His order cost $25 USD, and he negotiated to pay for it through bitcoins at a value of 10,000 coins in 2010—in 2020, that transaction would now be valued at $114 million.
How it can help grow your business
Bitcoin is not made for individual people alone. It can also help customers grow their business as long as it is properly utilized. You can even sell Bitcoin if you like!
- Add Bitcoin as a payment option for customers
As we all know, Bitcoin is an alternative payment system. Currently, companies only accept credit cards and bank transfers as payment options to customers, but what about those individuals that rely heavily on Bitcoin on a daily basis? Business owners should start integrating Bitcoin into their payment options. This will show that the brand is willing to take a more significant leap into the future and explore more advanced technology. Likewise, it will mean having more customers.
There is also a considerable difference when customers pay with Bitcoin instead of credit cards. Transaction fees for credit cards cost 2–4%. Quite surprisingly, Bitcoin only charges 0–1%. This can save you a lot of money overtime and make room for more improvements in your business. Aside from lower transaction fees, payments made with Bitcoin will reflect in a couple of hours unlike those from cards that can take up to three days to process.
- Use Bitcoin to raise funds for your business
People can invest in Bitcoin to save money and raise funds for their startup companies. One platform that provides business funding is Ethereum. Here, token sales can be used to fund their businesses. It enables investors to participate in funding activities instead of waiting a few years to put their names out in the open before being given a chance to participate.
- You can use Bitcoin to track your inventory
Bitcoin and blockchain are very transparent and allow you to track all your transactions—buying, selling, shipping, etc. Likewise, once you record your transactions, you cannot delete or edit them as only concerned individuals can monitor and audit them. You don’t need to pay for it to use it—it’s free.
- Utilize blockchain to sign contracts
A lot of contracts are going to come up once you start a business. It may be an agreement between the building owner or one with your intended courier. The list can go on, and normally, you will need to approach a lawyer to draw up a contract for you.
Blockchain has introduced smart contracts into their system where both parties can digitally sign agreements. Specified conditions have to be met to use smart contracts successfully. Likewise, it cannot be altered in any way and is continuously monitored to ensure that both parties deliver to their promise. It’s safer than the traditional way of doing things and much more profitable too.
- Stay ahead of your competitors
Business is a competition as more people find ways to improve every year. Many people and businesses are still hesitant to adopt cryptocurrency for reasons we might now know of. Thus, if you start utilizing Bitcoin now, you will have the edge over the others when it becomes widely accepted in the future. You can master the art of Bitcoin while your competitors are still learning to perfect the craft. In owning a business, you always have to think in advance to be the best in your niche.
It would be best if you studied how Bitcoin works as soon as you can. If you’re hesitant about jumping in, it’s essential to keep yourself informed and read studies that have evidence on Bitcoin. Given the economy’s current behavior, it’s fitting to compare Bitcoin and other currencies. Likewise, you can ask for advice from people who are already using it. Don’t be afraid to take calculated risks in your business because it will allow you to grow as an owner and provide a broader avenue to improve your customer service.