How businesses can participate in the Bitcoin revolution
Something has become quite apparent in recent months is the fact that the media have been very keen to create dramatic and sensationalised stories when it comes to Bitcoin and this has played a significant role in the amount of misinformed opinion surrounding the currencyDamien Troy
Something has become quite apparent in recent months is the fact that the media have been very keen to create dramatic and sensationalised stories when it comes to Bitcoin and this has played a significant role in the amount of misinformed opinion surrounding the currency. This is all the more true when it comes to businesses and business owners which means that until this present day Bitcoin has not been something that they have taken much notice of.
Bitcoin technology is one of the most underrated and while it is penned as being a spearhead for the fourth revolution, businesses have (as of yet) not participated in the revolution. It is safe to say that the potential of Bitcoin has yet to be fully tapped in to. Regardless of where you stand on the subject of Bitcoin within your business, it is perhaps all the more important that you gain an overall understanding on the matter before jumping in all guns blazing and investing your time and money into the cryptocurrency world.
The run down…
Bitcoin can be referred to on its most basic level as software and was created in 2007 created in 2007 by Satoshi Nakamoto. The software was created to be open sourced and easily accessible to anyone which is what makes the Bitcoin network so unique and also easily modified. Since that time there have been so many other cryptocurrencies created such as the Litecoin, Peercoin and Dogecoin which each offer a modified version of the Bitcoin.
Another thing to consider is the fact that Bitcoin is a network that operates via a peer to peer operational system, which means that its utilisation is entirely fuelled by users around the world who grow the network. The cooperative and cumulative efforts of users and miners (Bitcoin is mined through individuals solving complex mathematical equations) that help to support and grow the network. This is why Bitcoin is famously known for not being regulated or supported by a particular authority figure.
Finally, something that is worth mentioning is the fact that Bitcoin offers a secure method of completing transactions. Bitcoin follows a particular ledger called Blockchain that offer a secure method of verifying transactions and thus removed the need for third party intersection. The transparency of Bitcoin is something that is very highly revered by the online community as it means that a Bitcoin’s blockchain can be viewed at any time. Huffington Post has recently stated that ‘blockchain technology can usher in a halcyon age of prosperity for all’ which further ads emphasis to the positive nature of Bitcoin’s blockchain technology.
Why combine Bitcoin and business?
Bitcoin, first and foremost, was designed to assist in easing the process of completing online payments and purchases which is why some businesses have shown a keen interest in adopting it into the way that they operate. Consider that on a daily basis, both large and small businesses rely on the need to process payments via MasterCard or Visa etc. In an ever more competitive world, the need to be reactive to the market and ahead of the curve when it comes to selling products and services means that Bitcoin should (in theory) become a naturally adopted as the next step in business progression. The characteristics of Bitcoin and cryptocurrencies in general offer some of the most unique and unconventional method of improving and updating our traditional payment networks. Thus far the likes of Micorsoft, Paypal and WordPress are leading the way when it comes to championing the use of Bitcoin.
The benefits of using Bitcoin
Few businesses are aware of how Bitcoin can positively impact on their business. Here are some of the key areas to illustrate how your company can utilise Bitcoin:
• First and foremost, Bitcoin is easy to begin using. With conventional methods of making payments, you are required to have a bank account in order to facilitate the transfer of money on both sides of the transaction. A bank account is also bound by strict rules and can work as a barrier to innovation. With Bitcoin however, the same cannot be said as it costs absolutely nothing to set up a wallet and there is no approval process either- the whole thing is instantaneous.
• Bitcoin is highly flexible which offers businesses the chance to make their own rules with regards to whether they charge transaction fees or not. Transactions are also completed at a much faster speed as there is no ‘middle man’ involved in the way that it the case with fiat currencies.
• Bitcoin is able to facilitate both the transfer or micro payments and macro payments in a similarly efficient way.
• Again, on the matter of security, Bitcoin has a lot to offer businesses. It has been proven to be almost impossible to commit fraud when it comes to Bitcoin. On a global scale, billions of dollars are susceptible to fraud and theft which is why so m any individuals are turning to Bitcoin as it is almost impossible to commit fraud in the same way.
• Another important thing to note is the fact that Bitcoin is indemnified. This means that once you send someone Bitcoins the transaction is final and cannot be refunded or the Bitcoins taken back. Fiat currencies and the more traditional methods of making payments have internal dispute mechanisms which were put in place to protect consumers but have been proven to cause problems with fraud. With Bitcoin this is not something that you will need to worry about.
Is Bitcoin the right solution for your business?
At this present time, the future of Bitcoin is deemed to be a turbulent however experts in the technological field argue fervently that Bitcoin will continue to play a vastly important role in the future of business operations. There is penned to be a significant impact from Bitcoin on industries such as finance, data and technology, which is why heads of businesses in these sectors should remain vigilant and inquisitive when it comes to how cryptocurrencies can become a part of their world. For some Bitcoin seems to be the most natural method of conducting payments in the future whereas other organisations are treading careful on what is believed to be merely a hype. As Bitcoin grows we are certainly due to witness a significant shift in the way that we do businesses and it will likely to become merely a question of how early on your business jumps on the bandwagon.