Bitcoin is the flagship cryptocurrency. It offers easy and near-instant money transfers between individuals and organizations. As such, Bitcoin offers businesses the opportunity to connect with Generation Z like never before.
Your business can start using Bitcoin and reap the benefits of it well into the future. To understand why, let’s answer some of the biggest questions about building a business on Bitcoin.
Are companies using bitcoin?
Bitcoin is already helping many businesses to thrive and thrive. Companies that have incorporated 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 on the desktop version of its site.
- PayPal: Offers low fees for bitcoin transactions.
- Whole Foods: Uses digital flexa scanners that allow shoppers to convert bitcoin into dollars for purchases.
Research shows that as of December 2020, approximately 15,174 businesses around the world have accepted bitcoin. In addition, about 2,300 US businesses currently accept bitcoin for payments.
Why do companies use Bitcoin?
There’s a lot to like about building 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 companies investing in Bitcoin.
Generation Z engagement
Bitcoin supports those of Generation Z and their use of mobile finance options. Many prefer cryptocurrencies as they allow them to make purchases anywhere, anytime. Meanwhile, businesses can accept Bitcoin to allow Gen Z shoppers to shop using their mobile devices. This can give businesses better access to customers in this demographic. It can also help these companies differentiate themselves from industry competitors.
Cost and time savings
Bitcoin transactions live forever in the cloud. Businesses can seamlessly track and manage their bitcoin transactions. At tax time, companies can quickly and easily access all the information they need about these transactions. This helps businesses 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 like no other. It has grown significantly since its launch in January 2009 and shows no signs of slowing down anytime soon.
At the same time, there are concerns about Bitcoin and how it differs from other cryptos. A clear understanding of Bitcoin is a must. This allows a company to understand the immediate and long-term value of Bitcoin to its business. It can then develop and execute a plan to base its operations on Bitcoin.
How can you build your business on Bitcoin?
There is no one-size-fits-all approach to building a business on Bitcoin. However, there are some things a business can do to get started. These include:
1. Conduct research
Learn more about Bitcoin, how it works, and how it adapts to a company’s operations. A business may discover that Bitcoin can be used to pay for myriad services and products. It might even find that Bitcoin can help solve the climate crisis.
Check out how industry competitors are using Bitcoin. It can be helpful to examine how successful companies leverage their business through the use of bitcoin and how they have implemented it into their operations. From here, a company can figure out how to get the most value out of Bitcoin.
2. Make a plan
Determine the steps required to integrate Bitcoin into business operations. The plan should include how a company intends to use Bitcoin and how it will support the business now and in the future. It should also include details of any tools and systems required to process bitcoin payments.
Integrate milestones and goals into a bitcoin plan. These help a company track its progress when it starts using Bitcoin. If you run into problems along the way, find out why they’re happening. Next, a company can resolve those issues before the problems escalate.
3. Educate employees and customers about Bitcoin
Before companies accept Bitcoin for purchases, they should educate their employees. Explain any systems, tools, or processes the business will use to process bitcoin payments. Make sure employees know how to handle customer concerns and questions related to these payments.
Notify customers as soon as they can use Bitcoin for transactions. Offer a widget to accept bitcoin payments. Also, a business can place a QR code at its brick-and-mortar location for these payments.
4. Track results
Find out how employees and customers feel about Bitcoin transactions. Conduct surveys and questionnaires to learn more about the company’s Bitcoin implementation. This helps a company identify areas for improvement.
Monitor bitcoin purchases over time. Look for ways to improve security and convenience for these purchases. This enables a company to meet customer expectations and expand its business with Bitcoin.
The bottom line on building your business on Bitcoin
Bitcoin can make a significant difference to a company’s market appeal and revenue stream. Make Bitcoin a part of your business and you can grow your business like never before.
This is a guest post by Frankie Wallace. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.