Omni is excited to announce software architect, Jonathan Morley, author of That Book on Blockchain: A One-hour Intro joined us for a series of talks about blockchain and cryptocurrencies this month. Scroll to the bottom of this post for more information on the events.
Because of September's focus on blockchain and bitcoin, we're revisiting some of our best blog posts about both subjects, like this one from Josh Wardini of Bitcoinplay.net. Join us this month as we explore the potential of blockchain and Bitcoin.
With Bitcoin becoming a mainstream commodity, many businesses are looking for ways to leverage it into their business models. Bitcoin use has considerable advantages that can help your bottom line and the convenience through which you do business.
One reason Bitcoin was created was to be a global currency that would help speed up payments in a global marketplace. That alone has considerable real-world usability written all over it.
Bitcoin can exponentially reduce banking fees, reduce wait times and make global commerce in an international marketplace much more accessible. It negates territorial restrictions, as many online casinos were quick to discover. With almost instant transactions having near instant and negligible fees, bitcoin poker and provably fair games, the Bitcoin (BTC) gambling is set on a path to glory but the cryptocurrency has many other applications.
Here are a few ways to leverage and use Bitcoin in your business model.
Accept Bitcoin Online
Bitcoin payment processors like BitPay are a growing, popular way to accept payments online. These processors work in real-time, converting the prices of products and services on your website into popular cryptocurrencies. Once a payment is received in those currencies, you can either set your processor to keep the coins in crypto or automatically convert to fiat and forward you the cash.
Doing this has two main advantages. First, as Bitcoin eliminates chargebacks, it allows for sales to be final and makes sure that returns are minimalized. Secondly, as many people in the world do not have access to US dollars (USD) accounts, they too can purchase from your business.
A final reason is that many of Bitcoin’s early adopters have large amounts of Bitcoin in terms of USD value and are very supportive of businesses that support Bitcoin as a network. They are much more liberal with how they spend their new riches and will likely support your business as customers.
Accept Bitcoin in Person
Investing in a brick and mortar BTC terminal has many positive effects for a business. The added foot traffic alone can bring customers into your store or business. Additionally, as most businesses that do have these terminals can also sell Bitcoin at a premium rate, the ability to charge 10-15 percent on the coins you sell can be very lucrative and add to your bottom line.
Use Bitcoin for Paying Suppliers
Increasingly many suppliers in China and other export-producing nations are accepting Bitcoin. The reasons for this are that on their end, it eliminates the waiting period between when you send and when their banks release their funds. As many suppliers operate in countries that have high banking fees for inbound foreign currencies, these businesses give a few percentage points discount on payments made via Bitcoin or other cryptocurrencies.
In China, for example, due to a shortage of Bitcoin in the marketplace and heavy government regulations, suppliers are known to give a 3-5 percent discount on international payments made with Bitcoin.
With Bitcoin growing in popularity and userbase daily, the advantages of being on the front lines in this new digital frontier are vast. Not only can you save money and time but also can tap into the expanding community of Bitcoin users. These users, as a community, tend to be much more supportive than the average community of customers. Bitcoin is the future and leveraging it now ensures you stay above the trend curve. These are just a few ways to leverage Bitcoin’s growing popularity into your business model today.
Ready to implement blockchain in your organization? Omni's experts can educate your employees about blockchain use cases, design a ledger that works for you, or help you implement a blockchain strategy. Contact us to begin leveraging the benefits of blockchain.
Still not sure if Blockchain is right for your company? We can help. Take a short quiz to learn which path you should take.
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