How your Business can Leverage Bitcoin

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Whether you are for or against the notion of cryptocurrencies, you cannot deny the incredible rise of this technology over the course of the last decade. There are several statistics that bear this out, with the market cap for all digital currencies reaching a staggering $175 billion as recently as September 2017.

 

It is cryptocurrencies' chequered past and volatility that has prevented firms from fully embracing this technology and integrating this into their business model. After all, market leader Bitcoin is an asset that is prone to wild fluctuations, with an underlying volatility that is seven-times greater than gold and 18-times higher than the U.S. Dollar.

 

Such volatility can be managed and successfully managed, however, particularly in an age where cryptocurrencies such as Bitcoin are becoming increasingly commonplace and well-regulated. In this post, we'll look at how your business can subsequently leverage Bitcoin to achieve growth.

 

  1. Start Accepting Bitcoin as a Payment Option

 

Cash is becoming an increasingly moribund factor in the world of business, as customers switch their attentions to contactless and e-wallet payments. In fact, 2016 saw the rate of cash transactions fall below 50% for the first ever time, while a Gallup poll during the same year confirmed that only 24% of customers now prefer to transact in cash.

 

While your business may have already adapted to process electronic and contactless payments, however, now is the ideal time to go further and start accepting Bitcoin as a means of currency. A number of online gambling sites have already started to accept Bitcoin as payment, and this will enable you to get ahead of this trend ahead of time, while also offering you access to a host of potential benefits.

 

It can open your business up to a wider range of consumers, for example, while it's decentralised nature also lends itself to minimal transaction fees (as opposed to credit and debit cards). This may also allow for instant transactions that are free from exchange rates, which should appeal to e-commerce brands and internationally-focused businesses.

 

  1. Use Bitcoin to Track your Inventory

 

Bitcoin is underpinned by the innovative technology Blockchain, which has a number of potential applications in markets such as finance, gaming and software development. It's currently being leveraged to revolutionise supply chain software, for example, but it also has the potential to track your businesses inventory.

 

Once again, this is due to the decentralised nature of Blockchain, which provides a transparent and sizeable ledger that cannot be manipulated by those with a subjective viewpoint. As a result of this, Bitcoin and its key technology can be used to successfully track and manage inventories for your business, including buying and selling records, shipping data and historical transactions.

 

This could lead to greater efficiencies in your business, helping you to reduce costs, boost profits and achieve a superior ROI on your investment.

 

  1. Leverage Bitcoin and Blockchain to Raise for your Business

 

Businesses need funds to launch and scale, and this remains a fundamental rule of the commercial world. While firms have recently embraced flexible, short-term lending options such as invoice financing to achieve growth, there's now growing interest in how Bitcoin can be utilised to build funds.

 

This has seen a growing number of startups use an initial coin offering (ICO) to fund their growth, through which cryptocurrencies are sold off in the form of tokens to venture capitalists. The Tezos brand has been able to raise a staggering $232 million through these means, without sacrificing huge amounts of company equity or stake holdings.

 

Ethereum is a platform that enables business funding, as it allows firms to create their own cryptocurrencies and trade these accordingly.

 

This is a huge development in the world of business funding, and one that could change the way in which startups are launched.

 

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