Cryptocurrencies are on the rise. The crypto-investor says it is only going to increase in the upcoming years. But the more important question as a business owner and entrepreneur is, should you start accepting cryptocurrencies like Bitcoin, Litecoin, IOTA, or Ripple in your business or not?
Will it be a profitable deal to invest in crypto infrastructure? How can you safely enter into the world of blockchain to help your customers? And How it is going to benefit your business (ultimately).
Cryptocurrency for Business
The idea of Bitcoin and cryptocurrencies is not very old but the way it has entered into the whole ecosystem is stunning. Bitcoin was the first cryptocurrency created by Satoshi Nakamoto (an anonymous identity). The idea was incepted in the 1990s with the introduction of Hashcash, however, the Bitcoin entered in 2010.
The other similar currencies (Litecoin/Ripple/Monero/Dash) started coming into existence and started becoming popular after 2014. At current, there are over one thousand currencies are present somewhere.
The first business transaction with Bitcoin was of 10000 coins for one burger. At current, this value would be around $200000000. Imagine, how far it has reached.
Should You Accept Bitcoin (or other cryptocurrencies) in Business?
The simple answer is, it depends! If your customers are capable of paying or donating in Bitcoins, You should definitely consider it. A couple of reasons to say this:
- Cryptocurrencies are valuable. And value is gradually increasing. The net value of your capital will definitely increase by accepting in crypto.
- It will make you popular among rivals. Accepting in crypto is not a very hard job. If you start accepting in Bitcoins, you will be featured into the news which will only create your popularity.
- The blockchain and Tangle (IOTA) are the future technologies. The ride has just started now. As an early investor in these technologies, you will get a huge exposer and experience to work with them.
- Faster speed, more security, and no boundaries. These are the main reasons for the popularity of crypto.
How to Learn About Cryptocurrencies as a business owner?
Learning crypto as an entrepreneur is easy now. The best way is to sign up for any cryptocurrency exchange and get some bitcoins. However, exchanges should not be used to hold any crypto assets are prone to the cyber attacks.
Businesses (and owners doing huge investments in crypto) should use official offline wallets somewhere in an external hard-disk or on your protected machine.
If your sole purpose is to increase your net value and you are not interested in the technical benefits of any currency, you don’t need to read the whitepaper but it could be a wise decision anyway.
After spending some time with coins and learning from the official sources, you can create your wallet (online or offline) and start accepting payments. You only need an address and nothing else. Since you need to give a confirmation of receiving funds, you should think about developing a good system to deal with crypto funds.
Cautions while using Bitcoins or Altcoins in Business
This is merely a beginning of crypto and a huge risk is already associated with bitcoins. Other than high volatility there is a risk of security and safety in crypto. The hackers always keep their eyes on big organizations to hack their stores and steal your money.
However, they can’t steal your bitcoins without your carelessness, you should always be conscious about the safety. If you use an online wallet, you should consider learning more about cyber attacks like DDoS which are harder to prevent.
The Bottom Line
We all want to make our businesses great and earn more revenue from it. The new technologies are always such opportunities to make our business great, beating the competition, and flying towards the moon. We actually don’t know what will happen to the crypto and which currency would be the best, but for now, it seems a good opportunity to invest in it.
Disclaimer: This is an opinion and not an investment advice.