Thursday, 2nd December 2021
<To guardian.ng
Search
Breaking News:

How to grow your business with Bitcoin

By Guardian Nigeria
25 November 2021   |   5:49 am
Technologies like Bitcoin and blockchain are changing the financial landscape and business processes. While some people misunderstand Bitcoin, this virtual currency can benefit your business. Being decentralized means using Bitcoin doesn’t require an administrator, a central bank, or other entity to regulate it. What’s more, no specific entity issues this virtual currency. Satoshi Nakamoto established…

(FILES) This June 17, 2014 file photo taken in Washington, DC shows bitcoin medals. AFP PHOTO / KAREN BLEIER

Technologies like Bitcoin and blockchain are changing the financial landscape and business processes. While some people misunderstand Bitcoin, this virtual currency can benefit your business. Being decentralized means using Bitcoin doesn’t require an administrator, a central bank, or other entity to regulate it. What’s more, no specific entity issues this virtual currency.

Satoshi Nakamoto established Bitcoin as a method for easing online payments. However, people have turned this payment method or digital currency into an investment. Today, people purchase Bitcoin on platforms like the bitql and hold it in their digital wallets, hoping its value will increase so that they can sell it for profits. Essentially, these platforms allow people to buy Bitcoin with fiat money. But some businesses are using this virtual currency to expand their reach and generate more revenues. Here’s how to grow your business with Bitcoin.

Use Bitcoin to Boost Your Brand
Including Bitcoin as an acceptable payment method can boost your brand. Some businesses or companies do not accept this virtual currency. Therefore, accepting Bitcoin payments will present your business as an innovative brand. And this might attract more customers and followers.

What’s more, you can create and publish online content telling your customers and prospects how Bitcoin can benefit them. The idea is to ensure that customers and prospects associate your business with this virtual currency.

Bitcoin is also an excellent alternative for customers that don’t prefer debit or credit card payments. Therefore, accepting Bitcoin provides an alternative to such customers. Your business will appeal to such customers if you become an early Bitcoin adopter.

Venture into International Business
Some businesses do not expand their reach because they don’t have a cost-effective way to accept foreign payments. Bitcoin is an online payment method that people can cost-effectively use across borders. This cryptocurrency presents a secure and fast international payment method.

While not every country accepts Bitcoin, some merchants accept crypto payments regardless of their governments’ stand on virtual currencies. What’s more, Bitcoin payments don’t have limits on the amount that a person can send. And you don’t incur extra fees for using this virtual currency because you don’t involve intermediaries. Additionally, you can send and confirm payments promptly.

Use Bitcoin for Side Business
Your business can diversify services using Bitcoin. Essentially, you can expand your business using this virtual currency to increase profits. This cryptocurrency presents several applications, most of which don’t take a lot of time. Thus, you can use it to add revenue streams for your business.

For instance, you can include a Bitcoin Teller Machine to generate more income. This machine works like an ATM for this cryptocurrency. You can also add a Bitcoin vending machine to allow people to pay for services or items without carrying cash.

Your business can also provide a digital wallet service. Some Bitcoin users require a place for storing Bitcoin securely. Thus, adding a Bitcoin wallet can facilitate the growth of your business. Since virtual wallets are vulnerable to hackers, you can provide a secure version for Bitcoin users.

Trade Bitcoin
Your business can easily purchase and sell Bitcoin to increase profitability and growth. Several platforms allow firms to trade this virtual currency for profits. However, prepare to research the market to determine the best time to purchase or sell this virtual currency.

Final Thoughts
Bitcoin presents many ways of growing a business. However, a business owner should take the time to understand how this virtual currency works. With this cryptocurrency gaining increasing popularity worldwide, companies that embrace it are likely to attract more customers.