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Tips For Building A Business On Bitcoin

Bitcoin can make a significant difference for a business’s market appeal and revenue stream. Accept bitcoin and grow your company like never before.

Bitcoin is the flagship cryptocurrency. It provides simple and near-instant money transfers between individuals and entities. As such, bitcoin gives businesses the opportunity to engage with Generation Z like never before.

Your company can start using bitcoin and reap the benefits of doing so long into the future. To understand why, let’s answer some of the biggest questions surrounding how to build a business on Bitcoin.

Are Businesses Using Bitcoin?

Bitcoin is already helping many companies develop and flourish. Companies that have integrated bitcoin into their business models include:

  • Etsy: Lets independent sellers accept bitcoin for purchases.
  • Microsoft: Accepts bitcoin payments for games, apps and other digital content.
  • Overstock.com: Accepts bitcoin payments for purchases on the desktop version of its website.
  • PayPal: Offers low fees for bitcoin transactions.
  • Whole Foods: Uses Flexa digital scanners that allow shoppers to convert bitcoin into dollars for purchases.

Research indicates approximately 15,174 businesses globally accepted bitcoin as of December 2020. In addition, roughly 2,300 U.S. businesses accept bitcoin for payments at this time.

Why Are Businesses Using Bitcoin?

There is a lot to like about building a business on bitcoin, including:

Growth Potential

As the global bitcoin market grows, the value of the asset will increase accordingly. This creates a substantial opportunity for businesses that invest in bitcoin.

Gen Z Engagement

Bitcoin supports those from Generation Z and their use of mobile finance options. Many prefer cryptocurrency, as it allows them to make purchases anywhere, anytime. Meanwhile, businesses can accept bitcoin to give Gen Z shoppers the opportunity to make purchases using their mobile devices. This can provide companies with greater access to customers in that demographic. It can help these companies stand out from industry rivals too.

Cost And Time Savings

Bitcoin transactions live in the cloud forever. Businesses can seamlessly track and manage their bitcoin transactions. At tax time, companies can quickly and easily access any information they need regarding these transactions. This helps companies speed up the process of filing their taxes. It also helps businesses to avoid costly tax mistakes.

Should You Build Your Business On Bitcoin?

Bitcoin is a cryptocurrency unlike any other. It has grown significantly since its launch in January 2009 and shows no signs of slowing down any time soon.

At the same time, concerns persist about bitcoin and what makes it different from other cryptos. A clear understanding of bitcoin is a must. That way, a company can understand the immediate and long-term value of bitcoin for their business. It can then develop and execute a plan to build its operations on bitcoin.

How Can You Build Your Business On Bitcoin?

There is no one-size-fits-all approach to building a business on bitcoin. However, there are several things a company can do to get started. These include:

1. Conduct Research

Learn about bitcoin, how it works and how it aligns with a company’s operations. A business may discover bitcoin can be used to pay for myriad services and products. It may even find that bitcoin can help solve the climate crisis.

Look at how industry rivals are using bitcoin. It can be helpful to examine how successful businesses are leveraging their business by using bitcoin and how they implemented it into their operations. From here, a company can figure out how to get the most value out of bitcoin.

2. Make A Plan

Determine the steps required to integrate bitcoin into business operations. The plan should include how a company intends to use bitcoin and how it will support the business now and in the future. It should also encompass details on any tools and systems required to process bitcoin payments.

Incorporate milestones and goals into a bitcoin plan. These help a company track its progress as it starts to use bitcoin. If any problems crop up along the way, find out why they are happening. Next, a company can resolve these issues before the problems escalate.

3. Teach Employees And Customers About Bitcoin

Before businesses accept bitcoin for purchases, they should teach employees about it. Explain any systems, tools or processes that the business will use to process bitcoin payments. Ensure employees know how to handle customer concerns and questions surrounding these payments.

Notify customers as soon as they can start using bitcoin for transactions. Offer a widget for accepting bitcoin payments. Also, a business can place a QR code within its brick-and-mortar location for these payments.

4. Track Results

Find out how employees and customers feel about bitcoin transactions. Conduct surveys and questionnaires to learn about the business’s bitcoin implementation. This helps a company identify improvement areas.

Monitor bitcoin purchases over time. Look for ways to optimize security and convenience for these purchases. This empowers a company to meet customer expectations and expand its operations with bitcoin.

The Bottom Line On Building Your Business On Bitcoin

Bitcoin can make a significant difference for a business’s market appeal and revenue stream. Make bitcoin a part of your business and you can grow your company like never before.

This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

RTFKT Announces new Utilities for owning CloneX NFT…Here’s what’s New

In the midst of the current crypto bear market, RTFKT announced new benefits for owning their CloneX NFT. This news brings confidence to crypto and blockchain investors, as most NFT projects that popped back in 2021 failed to deliver on their promises. In this article, we’re going to recap what RTFKT is and what new::Listen

In the midst of the current crypto bear market, RTFKT announced new benefits for owning their CloneX NFT. This news brings confidence to crypto and blockchain investors, as most NFT projects that popped back in 2021 failed to deliver on their promises. In this article, we’re going to recap what RTFKT is and what new utilities were announced for all CloneX NFT holders.

What is RTFKT?

What is CloneX NFT?

RTFKT announes new Utilities for CloneX Holders

In today’s fast-moving cryptocurrency sphere, many concepts and applications are constantly evolving. Digital assets and their classifications are evolving right alongside cryptographic and blockchain technology. For Non-Fungible Tokens, real-world applications of smart-contracts lie ahead. There are many utilities for owning NFTs, and they change from project to another. Companies usually hype their NFTs in order to create buzz and gain in valuations.

For CloneX NFT specifically, RTFKT just announced 2 new utilities for CloneX NFT holders.

Utility of CloneX #1: 3D Files

Holders of CloneX NFTs receive access to 3D files. Those 3D files are electronic files representing a three-dimensional object. They are designed by 3D modelling so the desired object can be perceived as if it was in real-life. This is what the Metaverse promises. The creation of the 3D file is done by Computer Aided Design ( CAD ). The creators will basically be able to create anything and bring it to life on the Metaverse.

Utility of CloneX #2: Commercial Rights

Now that you can create anything and model it in 3D, it is important to claim commercial rights. Those rights were very limited in the beginning, but RTFKT announced that they expanded the commercial rights and included many other aspects like to create derivatives, mint fan art NFTs, make merch, make music…the possibilities are endless. This will be a game changer in the new Metaverse of RTFKT.

Tips For Building A Business On Bitcoin

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