For the first time in a few years, Bitcoin has been popping up in articles left and right.
While the pandemic has taken a toll on all of us, it seems like it hasn’t hurt Bitcoin a bit.
Back in March, Bitcoin’s price falls below $4,000 for the first time in years, but things changed quickly.
At the moment, the price is 5% higher than 2019 high and Bloomberg analysts predict that Bitcoin price will reach an all-time high of $20,000 by the end of 2020. That’s what you call a comeback.
As a business owner, you should pay attention to all of this because it may prove beneficial.
What Does This Mean for Business Owners?
Just like any new technology, cryptocurrency has its fair share of skeptics and supporters. Who do you trust? People, who think that crypto is nothing more than a fad or people who think that Bitcoin will completely change the financial system? As in most cases, the truth is somewhere in-between.
As a businessperson, you’re mainly interested in helping your business reach its full potential. Cryptocurrencies can help you accomplish just that. One of the biggest misconceptions concerning Bitcoin and other cryptocurrencies is that they’re only good for investing.
Today, one out of three SMBs in the United States now accept cryptocurrencies such as Bitcoin as a payment method. This is not a fluke. Bitcoin provides numerous benefits for small businesses and their customers and allows them to cultivate a strong relationship.
Benefits of Bitcoin for SMB Owners
Paying in Bitcoin gives customers a lot of benefits. Increased transparency, improved security, and complete anonymity are just a few of them. This is also beneficial for business owners. Allowing your customers to pay with Bitcoin means that you respect their wishes and have their best interests in mind.
But that’s not all. Using cryptocurrencies also allows you to:
- Attract young, new customers by offering Bitcoin as a payment method
- Expose your business to a loyal network of consumers from all over the world
- Actually, increase your sales help your business grow in new markets
Certain demographics are more likely to own and spend Bitcoins than others. Nearly 40% of 18 to 24-year-olds have owned a Bitcoin before and have used it to make transactions. If you’re trying to target a younger demographic, Bitcoin might be the way to go.
If you’re worried about the price fluctuations, don’t worry. Fast and user-friendly exchange platforms like NordikCoin allow you to swap coins for fiat currency in mere minutes. Any time someone makes a transaction using Bitcoin, you can flip your coins right away.
5 Ways to Get Into the Cryptocurrency Game
Most individuals get into the world of cryptocurrencies due to investing possibilities. Who wouldn’t want to become an overnight millionaire after a few smart investments, right? The same doesn’t apply to business organizations. It turns out, businesses have a lot more options for getting into Bitcoin…
Start Accepting Cryptocurrency Transactions
First things first, the most obvious way of capitalizing on Bitcoin is accepting payments in it. Whether you’re selling a product or a service, there are several ways of accepting Bitcoin payments. For example, you can use a platform that automatically converts Bitcoin payments into a fiat currency of your choice. But be careful. An automated system can protect you from price fluctuation, however, it can also prevent you from earning additional money when the price of Bitcoin goes up.
Start a Customer Loyalty Program
Blockchain technology is changing the way loyalty programs work in modern times. Instead of offering loyalty bonus points, you can give them Bitcoin loyalty tokens. These can later be traded for real money. Since the price can go up, your customers can see a lot of value in this. A crypto loyalty program can keep your customers satisfied, create good word-of-mouth, and help you create a dedicated customer base for years to come.
Launch a Token and an ICO
What is an ICO? An Initial Coin Offering, or for short, ICO works similarly to a crowdfunding camping. It helps small businesses raise capital for their cryptocurrency-related projects. If you want to be more serious about getting into the world of cryptocurrency, you can consider launching a new token – or joining an already-existing project – and launching an ICO.
Invest in a Blockchain Program
After the success of Bitcoin, several projects emerged trying to solve some of its problems. A good number of these projects are launched on the Ethereum Blockchain. However, some have tried and building their Blockchains to have complete control. You can become a part of this by investing in new blockchain technology. There are Blockchain-related projects in almost every industry, including healthcare, finance, and food delivery.
Join a Consortium
The finance industry has already accepted cryptocurrencies. Many companies are also integrating blockchain-based solutions because they can benefit from them in the future. Big finance, insurance, and tech companies have joined consortiums in an effort to promote the new technology and further research it. Joining a consortium can help your business integrate technology easier and work with some bigger names in your chosen industry.
Grow Your Business With Cryptocurrencies
As we said in the beginning, when it comes to cryptocurrencies, businesses now many options. You can always start accepting payments in crypto, but that’s not the only thing you can do.
If you want to test the waters out, you can try a loyalty program and see how your customers respond to it. But if you want to be serious, perhaps think about investing in a Blockchain program.
The point is, the options are endless. No matter how large or small your business is, you can use the power of the Blockchain to make your customers satisfied, improve operations, and increase profits.