By 2019, Bitcoin has evolved from being a simple buzzword to a tangible and actionable concept across many industries and sectors. The blockchain revolution has us in its grasp and success stories of those who invested early raking in millions are tempting enough to turn our heads towards the underlying technology.
Whether you’re in retail, hospitality, or even the service sector, you’ll have had the thought that you might be able to use bitcoin in some way to innovate how you do business, whether its offering bitcoin as a payment option or even looking into ways in which you could use blockchain’s decentralized ledger to change and improve how your business runs.
One way in which you could embrace Bitcoin for business is via accepting it as a payment method. If you sell something, offering a bitcoin option could make it more accessible, especially to a global market. More people have access to an internet connection than a bank account, so cryptocurrency payments could help you reach new customers. More and more people are embarking on Bitcoin trading journeys and, by using a Bitcoin exchange, trading is now even easier, so more people are more likely to have access to Bitcoin in their e-wallets. Bitcoin is also safer, so, as consumers are concerned about possible fraud and hacking, offering bitcoin could quell some of these fears and showcase the safety and security inherent in the cryptocurrency. A lucrative reason for accepting Bitcoin is merely for the PR exposure and press coverage that doing something different to a lot of businesses could gain you. Media outlets are more likely to reach out to cover your business as a part of the digital revolution if you are doing something revolutionary.
The decentralized ledger that forms the basis of the blockchain counterpart of Bitcoin can also change how your business runs internally. The nature of the chains means that information can be transferred through smart contracts, which could then allow for greater security and peace of mind with your business logistics and operations. Smart contracts, such as those offered by fellow cryptocurrency Ethereum, can manage complex operations and are better for verification than standard analogue contracts. The traceability and sophistication of the smart contracts make them a viable solution and one that enables digital to help further streamline processes. Essentially, smart contracts will eliminate the need for middlemen in any of the transactions and will mean that processes run smoother, faster, and cheaper. Smart contracts using blockchain will help change the supply chain, as is already seen through the use of blockchain ledgers monitoring the delivery of food by Chinese e-commerce giant Alibaba.
Bitcoin is no longer a word that businesses should run from, and instead should try to embrace going forward. Whether you just look into accepting cryptocurrency as a payment option, or even embrace some of the smart contracts that blockchain allows for, Bitcoin and other cryptocurrencies and blockchain have proven that they have uses in business and can even help revolutionize the most surprising industries.