Now that bitcoin is becoming very mainstream, it makes sense for companies to begin using it to their advantage. Every business should always be on the lookout for an advantage it can claim to remain ahead of the competition.
Bitcoin offers some amazing opportunities to do just that. There isn’t just one way that it can be used. In fact, many people don’t see the use of it besides speculating so they can make money when its value rises.
However, as it is now used as a traditional currency but even better, the possibilities are there for it to be used even in business.
In this article, I will go over some of the ways that a company should be using Bitcoin.
Buying Bitcoin
Your small business can take the traditional route when it comes to bitcoin. Which means just buy some and sit on it for a while and let the value grow. Much like how some companies get into real estate as a place to park money, your company can essentially do the same.
All you have to do is buy Bitcoin with Cash App just like a regular person would and then keep it in your company’s digital wallet. Then, keeping the wallet and the secret keys safe, let it sit and keep an eye on the exchange.
You’ll need to make some tough calls if there is a dip, but the thinking is to let it ride through them and hold it for the long term.
Then, when you need to use the added value for getting through some lean times, you’ve got that cushion that it provided. Just in the past year, it has grown considerably. Even a few thousand dollars bought then would be worth several more at this time.
Get paid in cryptocurrency
If you are selling any kind of product or service, then it is essential to have a way for people to use bitcoin to get paid. This is especially helpful if you are doing business internationally.
As was noted in the last section, bitcoin has seen some considerable gains over the years. If you are collecting money in cryptocurrency then you can make even more money in addition to what you are getting paid.
What that means is that if you get paid $100 for your product or service, then that is the end of the story. You can’t see any real gains from that unless you take it and invest it somewhere. In fact, after processing fees by many credit card merchant services, you are likely to be out a few dollars.
When you get paid in bitcoin, the fees are a fraction of what you pay for a traditional payment processor and there is the possibility of the value rising considerably just by letting it sit.
Pay in bitcoin
If you have any payments that need to be made overseas for your stock or anything else, then bitcoin is a great way to save money instead of paying foreign exchange fees. And if you have a remote team working abroad then the same thing applies if you pay them in cryptocurrency.
Every little bit helps the bottom line so this is a good way to save money so you can be more competitive.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.