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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How Can Your Business Start Working With Bitcoin?
Businesses around the world are beginning to embrace the new opportunities offered by Bitcoin and other cryptocurrencies. As the most proven cryptocurrency, and the most successful to date, Bitcoin is offering differentiations in the way money is transferred in order to purchase a product or service. As a result of these new opportunities opening up, more entrepreneurs than ever are looking into how they can start working with Bitcoin. Here, we’re taking a look at how you can start working with Bitcoin in your business.
Accept Bitcoin As A Form Of Payment
One way to really start working with Bitcoin is simply to accept it as a form of payment for your business. Whether or not you base your business plan on this is up to you, but this has proved to be very beneficial for a broad range of companies. For example, in the online gaming world, some casinos solely offer bitcoin games to their consumers, which offers a unique selling point and a whole new audience to open up to. As the popularity of Bitcoin continues to grow, you will find you are able to open up your services to a brand-new target demographic.
Tailor The Cryptocurrency To You
Not only can you begin to use cryptocurrencies as part of your business plan, you are also able to use the technology to create a new application (or DApp) which can provide a solution for other businesses. Whether a financial DApp or something more obscure, there are so many different options available on the market which you can use to your business’ advantage. This can open up a whole new revenue stream for your business and can provide a solution that you can integrate yourself. An example of this is OmiseGo which aims to revolutionise the way people manage their finances and how they spend their money.
Use The Cryptocurrency To Verify All Financial Records
As part of the blockchain network on which Bitcoin is based, businesses are able to store their entire inventory in one safe and secure place. Within the network, there can be no amendments made and as a result, each and every transaction is free from manipulation. No files can be deleted either, and any attempted changes will also be stored on the network in order to ensure complete transparency. Not only does this move away from human error, but it also helps to ensure that each and every financial transaction is trackable. This can include shipping fees and inventory checks.
Smart Contracts
If your business regularly negotiates and signs contracts, you may find that the utilisation of smart contracts will be far more beneficial for your business. This is integrated as part of using Bitcoin and operates on its own platform. All contracts are signed digitally and terms & conditions will be set in stone, remaining unchangeable, once they have been agreed. All information is stored in one place, and as the majority of contracts are confidential, the level of security offered by the blockchain network can provide businesses with a secure storage environment.
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