In this era of digital empowerment, businesses are quick to adopt the flexible yet all-encompassing medium to maximise on reach and profitability. Here the adaptations of cryptocurrency or electronic currencies (more specifically bitcoins) are growing at a rapid pace. Surprisingly, the picture was quite different as less than a year ago, awareness on cryptocurrency was on an all time low. As we all know, the market tends to be wary of digital developments and hence, cryptocurrency was restricted to the tech crowd of developers and early adopters. Thanks to the increasing awareness amongst consumers, a slew of wily entrepreneurs, rising prices, and a powerful community, cryptocurrencies is going mainstream, with bitcoins ruling the roost. Wondering how to incorporate this goldmine into your operations? Here are a few foolproof ways facilitate that:
Learn to acquire bitcoins
While this may seem tricky for first-time beginners, on the contrary, it is fairly easy to acquire bitcoins. There are three popular ways to this-
- Accepting bitcoin payments: The most obvious way to delve into the world of digital currency as an entrepreneur is to start accepting bitcoin payments through a merchant solution. While this may increase the dependency on merchant providers, it is easy to inculcate and involves less on expenditure
- Mining bitcoins: Mining bitcoins is another strong way but it is only profitable when you have low electricity cost, Mining of bitcoins takes place on the online bitcoin network, involving cutting edge software, through solving complex math puzzles. You need to invest money to increase computing power.
- Purchasing bitcoins: Finally, one can purchase bitcoins using fiate through a bitcoin exchange, transferring the bitcoins to their bitcoin wallet. A bitcoin wallet is used to store private keys which are matched to individual bitcoin address. This later on goes to serve the purchase proof of ownership. You need bank account to transfer money from and KYC verification with exchange.
Engage in services for bitcoin
Now that you have acquired a fair bit in bitcoins, you must be wondering about utilizing the. For beginners, it is safe to tread the already tested path by taking a look at the existing business ideas that have already succeeded within the bitcoin world:
- Digital or hardware wallet services: Bitcoins require being stored in secure place, as they are digital currencies working on the similar values as normal ones. Presently, entrepreneurs opt for storing in a digital or hardware wallet, similar to a virtual bank account. Bitcoins are not backed by any government or private organization. Once stolen, it is lost forever. To protect bitcoins, you can use cold/paper wallets, which are not connected through software- therefore keeping the safety of bitcoins on top priority.
- Bitcoin payment processors: Popularly known as bitcoin exchanges, these payment processors have received extensive funding from venture capitalists, creating services to process payments on vendor’s behalf. Large businesses like Microsoft and Dell all use these services, boosting the adoption of these services.
Provide solutions for bitcoin acceptance
Creating an environment for bitcoin acceptance is difficult as it is challenging to find acceptance among non-users. Current bitcoin owners are invested in the success of bitcoins future and hence, are coming up with proactive plans to promote its presence.
Leverage blockchain technology
For bitcoins to serve its purpose, blockchain forms crucial piece to the puzzle. It is a public digital ledger of all executed bitcoin transactions- remember the ledger books that accountants keep? For many financial institutions, the blockchain recording system holds promise as a secure and transparent method to speed up transactions while cutting across costs and fraud. Naturally, organizations are looking for ways to leverage blockchain technology for their own businesses, in order to create better systems and services.
Bitcoins have certainly made an impact on the way businesses are conducted and emerging businesses would be foolish to overlook this goldmine of opportunities.