There is no avoiding the fact that Bitcoin is a highly popular topic to discuss, whether that is in the media, online and even in the world of business. One of the most interesting things to mention when it comes to talking about Bitcoin and cryptocurrencies on the whole is that of asking how a currency can be entirely decentralised and unregulated.  For some Bitcoin is among one of the most ingenious and forward thinking concepts of our time and beyond, whereas others have more concerns as they are forced to come to terms with an idea that is so uncommon. What is perhaps most interesting is the fact that cryptocurrencies have the power to transform the way that we do business…

Why Bitcoin?

Bitcoin can be a tricky idea to navigate but essentially, it is a virtual currency that can not only be bought and sold, but also exchanged through the method of peer-to-peer lending networks. What’s fascinating about Bitcoin is the fact that its intrigue is surrounded by the network of code that is built up to make it operable. Bitcoin is also entirely open sourced which means that it can be used by pretty much everyone. In its earliest days, Bitcoin received a lot of criticism with regards to how safe and secure it was and this is perhaps part of the reason that it has not been so readily received and utilised as of yet. The various hacking scenarios that have arisen in the last few years (take the NHS hacking scandal for example) have added to the scepticism surrounding the currency. It has been proven, however, that Bitcoin is every bit as powerful and worthy of investment as fiat currencies and their associated businesses.

Alongside Bitcoin being exchanged, it also has the added element of being able to be mined which essentially allows for its creation. While Bitcoin mining is no easy feat and miners have exceptionally complex computer setups that run in a particular way that allows for them to extract the Bitcoin code from the overall coding structure. Bitcoins are bought into circulation through miners being able to solve complex equations and it is also worth noting that there are only a certain number of Bitcoins available to mine in total- that’s 21 million Bitcoins in total. It is worth noting the fact that Bitcoin has seen their value rise considerably in the last few months which is a great indicator as to the power of the currency for the future.

Businesses adopting Bitcoin

Despite a relatively small number of businesses having made the steps to integrate Bitcoin into their day to day workings, this number is growing steadily. It tends to be those businesses that are heavily invested in technology and related industries that are leading the way when it comes to investing time and money to making their organisations more Bitcoin friendly. Those in the tech space are instantly drawn towards cryptocurrencies which is why it is hugely beneficial for them to use Bitcoin as part of their operations.

It has to be said that those websites and businesses that are accepting Bitcoins are penned as being market leaders in terms of making waves for the growth of the potential of the currency in the future. Those who have openly embraced Bitcoin have also noted that they have felt that  accepting the currency has also opened them up to an entirely new market and allowed them to better accommodate both existing and encourage new clients to join them.

Why you should introduce Bitcoin

Before investing heavily into any new technology, product or concept, it is worthwhile taking the time to analyse whether something is right for you and your business as opposed to simply following the crowd. When it comes to meeting the two most crucial needs of any business- to increase sales and the number of customers you have- Bitcoin is able to do just that. Here are some of the key reasons why your business should look at pursuing integrating Bitcoin:

  • Because the media is so fascinated by the idea of Bitcoin, something that your business can potentially look towards is being featured in the news. This not only allows your business to tell their own story but also encourages more people to learn about Bitcoin and spread the message about the currency to the world.
  • The more that Bitcoin and cryptocurrencies become mainstream, the more likely you are to find that your customers are also exploring the inner working of the currency themselves. This allows you to tap into a larger market and offer them more choice in how to pay and interact financially with your business.
  • Perhaps one of the most significant benefits of adopting Bitcoin into your business is that fact that you are able to broaden your market range and open yourself up to new opportunities. The initial Bitcoin boom also meant that lots of people became rich in a very short space of time and have the means to really support and build your business and this is something to really take note of.

What are the risks?

While Bitcoin offers a range of benefits, there is no getting away from the fact that it has its fair share of associated risks too. Here are the sorts of things that might be recognised as being risky when it comes to introducing Bitcoin into the world of business:

  • As there is no authority when it comes to Bitcoin, which is why you should take note of the fact that should your Bitcoin be lost or stolen, then they will be lost for good.
  • One of the other main risks with Bitcoin is the fact the Bitcoin is deemed to be volatile in the market which means that any businesses will be privy to losing money as the currency’s value fluctuates. However this can more or less is said of any currency, be it fiat or cryptocurrency.
  • Something else to note is the fact that you may need to look into developing independent widgets or look into using particular software that will allow you to accept Bitcoin etc.
  • With Bitcoin being relatively new, it is also worthwhile noting that your usual accounting process will change as many governments have not been given any guidance when it comes to how it should be dealt with.

The future of business with Bitcoin

At the present time we are seeing one of the most exciting shifts when it comes to technology with many claiming that we are at the beginning stages of The Fourth Industrial Revolution and who/ what is said to be leading the way during this time? Bitcoin. With our current fiat currencies slowing down and decreasing in value, there is a need for more globalised trading which is where Bitcoin can be such a powerful and versatile tool. Thus far we do not have a lot to go on when it comes to the successes experienced by businesses using Bitcoin, however it has to be mentioned that it is something that has seen success when it comes to non-profit industries looking to help come up with new funding and donations solutions globally. As well as this it is worthwhile mentioning that Bitcoin is not dissimilar to social media in the way that it was perceived in its earliest days. Why not become an industry leader and push for wider implementation and use of Bitcoin in our world and see where it could land you in 10 years’ time?

Regardless of whether you are seriously considering investing into Bitcoin for your business, it is still worthwhile to brush up on how it can be done so that you are open to the idea. For now we have yet to gain a full understanding of the future success potential of Bitcoin, but we can explore the evolution of Bitcoin up until this present moment and measure the potential of success that way. Through having a more informed viewpoint on the subject you may find yourself that much more prepared to adopt Bitcoin in the future.