Bitcoin is the flagship cryptocurrency. It provides simple and almost instant money transfers between individuals and organizations. Therefore, bitcoin gives businesses the opportunity to engage with Generation Z like never before.
Your company can start using bitcoin and reap the benefits of using it this long in the future. To understand why, let’s answer some of the biggest questions about how to start a business in Bitcoin.
Do Businesses Use Bitcoin?
Bitcoin is already helping many companies thrive and thrive. Companies that have integrated Bitcoin into their business models include:
- Etsy: Allows independent sellers to accept bitcoin for purchases.
- Microsoft: Accepts bitcoin payments for games, apps, and other digital content.
- Overstock.com: Accepts bitcoin payments for purchases made on the desktop version of the website.
- PayPal: Offers low fees for Bitcoin transactions.
- Whole Foods: Uses Flexa digital scanners that allow shoppers to convert bitcoin to dollars for purchases.
Research shows that as of December 2020, approximately 15,174 businesses worldwide accept bitcoin. Also, about 2,300 US businesses currently accept bitcoin for payments.
Why Do Businesses Use Bitcoin?
There’s a lot to love about starting a business on bitcoin, including:
As the global bitcoin market grows, the value of the asset will increase accordingly. This creates a significant opportunity for businesses investing in bitcoin.
Generation Z Interaction
Bitcoin supports Gen Z and their use of mobile finance options. Many prefer cryptocurrency as it allows them to shop anywhere, anytime. Meanwhile, businesses can accept bitcoin to give Gen Z shoppers the opportunity to make purchases using their mobile devices. This can give companies greater reach to customers in this demographic. This can also help companies stand out from their competitors in the industry.
Cost and Time Savings
Bitcoin transactions live in the cloud forever. Businesses can seamlessly track and manage bitcoin transactions. At tax time, companies can quickly and easily access all kinds of information they need regarding these transactions. This helps companies speed up the process of filing their taxes. It also helps businesses avoid costly tax mistakes.
Should You Build Your Business On Bitcoin?
Bitcoin is a cryptocurrency unlike any other. It has grown significantly since its launch in January 2009 and shows no signs of slowing down anytime soon.
At the same time, concerns remain about bitcoin and what makes it different from other cryptos. A clear understanding of Bitcoin is essential. This way, a company can understand the immediate and long-term value of bitcoin for their business. It can then develop and implement a plan to build its operations on bitcoin.
How to Build Your Business on Bitcoin
There is no one-size-fits-all approach to starting a business on Bitcoin. However, there are a few things a company can do to get started. These include:
1. Do Research
Learn about Bitcoin, how it works, and how it aligns with a company’s operations. A business may discover that bitcoin can be used to pay for a myriad of services and products. He may even see Bitcoin help solve the climate crisis.
See how industry competitors are using bitcoin. It may be helpful to examine how successful businesses leverage their businesses using bitcoin and apply it to their operations. From here, a company can figure out how to get the most value out of bitcoin.
2. Make a Plan
Identify the steps needed to integrate Bitcoin into business operations. The plan should include how a company plans to use bitcoin and how it will support the business now and in the future. It should also include details on all the tools and systems needed to process bitcoin payments.
Incorporate milestones and goals into a bitcoin plan. These help a company track its progress once it starts using bitcoin. If any problems arise along the way, find out why. Then a company can fix these problems before they escalate.
3. Teach Employees and Customers About Bitcoin
Before businesses accept bitcoin for purchases, they must teach employees about it. Describe any systems, tools, or processes the business will use to process bitcoin payments. Let employees know how to handle customer concerns and questions about those payments.
Notify customers as soon as they start using bitcoin for transactions. Offer a widget to accept Bitcoin payments. Additionally, a business can place a QR code at its real-location location for these payments.
4. Track Results
Find out what employees and customers think about bitcoin transactions. Take surveys and surveys to learn about the business’s bitcoin practice. This helps a company identify areas for improvement.
Track bitcoin purchases over time. Look for ways to optimize security and convenience for these purchases. This allows a company to meet customer expectations and expand its operations with bitcoin.
Consequences of Building Your Business on Bitcoin
Bitcoin can make a significant difference to a business’s market attractiveness and revenue stream. Make Bitcoin a part of your business and you can grow your company like never before.
This is a guest post by Frankie Wallace. The opinions expressed are their own and are owned by BTC Inc. or may not reflect the views of Bitcoin Magazine.