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Despite government or corporate support, Bitcoin’s (BTC) popularity has continued to soar. Even with resistance from mainstream financial markets, Bitcoin has continued to shape its narrative. This growth and transformation have led to many investors thinking about how Bitcoin works and whether it can be a means of payment.
Without any geographical restrictions, Bitcoin makes it easier for businesses to expand their market globally. This makes it easy for businesses to get customers from any part of the world. There might be some gaps in how to turn BTC into legitimate means of payment of business. However, there are still ways you can get your business into cryptocurrency.
1. Facilitating Transactions
Bitcoin allows you to be able to complete transactions and use currency easily. In addition, you can be able to complete a transaction faster and easier with Bitcoin. There are four main ways you can be able to facilitate and enable transactions through Bitcoin. Some of these ways include setting yourself apart from the competition and faster processing of payments.
2. Setting up Cryptocurrency ATMs to customers
The United States has around 9000 crypto ATMs, and most of them are in small and medium-sized businesses. Some shops that use these ATMs include restaurants and eateries, Accommodations like Airbnbs, gas stations, Laundromats, groceries and supermarkets, nightclubs and bars, and professional services such as accounting and the law. Setting up a cryptocurrency ATM gives you an easy way to make your business stand out from your competition.
3. Acquiring a cryptocurrency or blockchain company
Businesses looking to get into blockchain or cryptocurrency can do it by acquiring or helping start-ups expand. Another alternative is acquiring complementary technologies that provide additional value to operations that have been established. For instance, banks may acquire a start-up to set up blockchain technology for a payment infrastructure.
4. Joining a consortium or project
The financial and banking sectors have embraced Blockchain technology. This is because it makes it easier to set up transactional infrastructure. To research and further investigate this matter, these institutions have partnered with like-minded institutions to form consortiums. This is to develop a blockchain they can use in their day-to-day operations. For instance, JP Morgan and the National Bank of Canada came together to work on Quorum, a blockchain project. The main goal was to test debt issuance transactions using blockchains.
Financial and banking institutions are not the only businesses that can get into this sector. Other groups include waste management, healthcare, supply chain, logistics, and delivery services.
5. Expanding a Cryptocurrency Product or Service
If your business has extra funding that you would like to boost your portfolio, you can pursue investment opportunities to help expand a crypto product or service. For instance, some firms like Deloitte have developed Blockchain Labs. This lab allows clients to develop blockchain ideas and solutions and turn them into commercial applications. In addition, hedge fund managers, financial analysts, and advisors are also exploring the world of cryptocurrency to advise and introduce clients to new crypto-based products.
6. Raising capital through an ICO or launching a Token
Initial coin offerings (ICOs) can be an alternative to crowdfunding, seeking VC, or an IPO capital. Start-ups and relatively new businesses can use ICOs to raise money for capital. Established businesses can also use ICOs and expand into new markets and encourage more investors to come on board. Companies can also use ICOs to create their own “currency” that can be used to pay for their services or products.
7. Bitcoin wallet app
Like many things in the tech world, Bitcoin also has an app that people and businesses can use. This has led to the introduction of a wallet app. This app allows you to store funds you receive, and it also provides businesses places that you can keep funding you receive easily. In addition, it allows you a place to back up data so that you do not lose essential transaction data and funds. There is also a reduction in risks as minimal accounting errors make it easy to manage funds.
8. Using a PayPal account
Close to 30 million businesses (merchants) have a small-to-medium business account with PayPal. This allows merchants to receive and accept customer payments online. It also allows owners to take out loans, generate invoices, and allow automated bookkeeping. In addition, you can also buy selected cryptocurrencies for yourself. Currently, PayPal supports Bitcoin, Litecoin, Bitcoin Cash, and Ethereum, and you can start as low as $1.
As some businesses have started using Bitcoin technology, they stand a chance to benefit from its numerous benefits. For example, businesses can now enable transactions and even look into investment options, and they can also join other consortiums to develop alternative payment systems. Are you a business owner who would want to get into cryptocurrency? What way would you like to be involved?
Author’s Bio: Lori Wade is a journalist from Louisville. She is a content writer for 5995.io who has experience in small editions. Lori is now engaged in news and conceptual articles on the topic of blockchain. If you are interested in blockchain or cryptocurrency, you can find her on Twitter & LinkedIn.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.