Bitcoin is the flagship cryptocurrency. It provides simple and near-instant money transfers between individuals and entities. As such, bitcoin gives businesses the opportunity to engage with Generation Z like never before.
Your company can start using bitcoin and reap the benefits of doing so long into the future. To understand why, let’s answer some of the biggest questions surrounding how to build a business on Bitcoin.
Are Businesses Using Bitcoin?
Bitcoin is already helping many companies develop and flourish. Companies that have integrated bitcoin into their business models include:
- Etsy: Lets independent sellers 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 website.
- PayPal: Offers low fees for bitcoin transactions.
- Whole Foods: Uses Flexa digital scanners that allow shoppers to convert bitcoin into dollars for purchases.
Research indicates approximately 15,174 businesses globally accepted bitcoin as of December 2020. In addition, roughly 2,300 U.S. businesses accept bitcoin for payments at this time.
Why Are Businesses Using Bitcoin?
There is 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 substantial opportunity for businesses that invest in bitcoin.
Gen Z Engagement
Bitcoin supports those from Generation Z and their use of mobile finance options. Many prefer cryptocurrency, as it allows them to make purchases anywhere, anytime. Meanwhile, businesses can accept bitcoin to give Gen Z shoppers the opportunity to make purchases using their mobile devices. This can provide companies with greater access to customers in that demographic. It can help these companies stand out from industry rivals too.
Cost And Time Savings
Bitcoin transactions live in the cloud forever. Businesses can seamlessly track and manage their bitcoin transactions. At tax time, companies can quickly and easily access any information they need regarding these transactions. This helps companies speed up the process of filing their taxes. It also helps businesses to 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 any time soon.
At the same time, concerns persist about bitcoin and what makes it different from other cryptos. A clear understanding of bitcoin is a must. That way, a company can understand the immediate and long-term value of bitcoin for their business. It can then develop and execute a plan to build 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 several things a company can do to get started. These include:
1. Conduct Research
Learn about bitcoin, how it works and how it aligns with a company’s operations. A business may discover bitcoin can be used to pay for myriad services and products. It may even find that bitcoin can help solve the climate crisis.
Look at how industry rivals are using bitcoin. It can be helpful to examine how successful businesses are leveraging their business by using bitcoin and how they 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 encompass details on any tools and systems required to process bitcoin payments.
Incorporate milestones and goals into a bitcoin plan. These help a company track its progress as it starts to use bitcoin. If any problems crop up along the way, find out why they are happening. Next, a company can resolve these issues before the problems escalate.
3. Teach Employees And Customers About Bitcoin
Before businesses accept bitcoin for purchases, they should teach employees about it. Explain any systems, tools or processes that the business will use to process bitcoin payments. Ensure employees know how to handle customer concerns and questions surrounding these payments.
Notify customers as soon as they can start using bitcoin for transactions. Offer a widget for accepting bitcoin payments. Also, a business can place a QR code within 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 about the business’s bitcoin implementation. This helps a company identify improvement areas.
Monitor bitcoin purchases over time. Look for ways to optimize security and convenience for these purchases. This empowers a company to meet customer expectations and expand its operations with bitcoin.
The Bottom Line On Building Your Business On Bitcoin
Bitcoin can make a significant difference for a business’s market appeal 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. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.