Bitcoin
Introduction:
Technology is altering regulatory frameworks and the financial world, and how companies react to these emerging developments will decide whether they survive or perish. These innovations provide several cashless payment services accessible through Cryptocurrencies and blockchains. If ever a ready people initiate leveraging Bitcoin and cryptocurrencies to help the company expand, it is now. Bitcoin was created to render online transfers stress-free and straightforward. The advantage of this cryptocurrency is that it’s worth is growing at an exponential pace. It can concern you to note that Bitcoin exchanged at $576 on August 31st, 2016. On August 31st, 2017, it was trading at $4,600. It represents a 740 percent boost.
Bitcoin does indeed have a market capitalization of $79.38 billion, and much more than Starbucks Corporation and Mastercard Co. However, according to the Cryptocurrency market price, the total market capitalization of all payment systems exceeds $175 billion. It would astound you to learn that this has increased by much more than $20 billion in the last ten days.
1. Acknowledge Bitcoin as A Paying Method from Clients:
If you recognize why more people are signing up for cashless transactions? According to a Gallup poll conducted in 2016, just 24 percent choose to transact in currency, compared to 36 percent in 2011. As a result, more consumers are embracing digital channels purchases than it’s ever been. Acknowledging Bitcoin as a compensation method in your enterprise implies a low processing cost. If you are using credit card providers, though, you may have to pay between 2-4 percent in processing fees. You spend 0-1 percent for Bitcoin, which is next to null, so you conserve cash. Utilizing Bitcoin as a payment method allows you to reach the funds more quickly. There is no need to go through banking institutions because there are no unified clearing mechanisms before receiving your funds.
2. Collect Money for The Company Using Bitcoins and Blockchains:
Investors, developers, and wealthy investors are also more involved in how companies might collect money using cryptocurrencies such as Bitcoin and blockchain. It might be of concern to you that companies have begun to use initial exchange initiatives (ICO) and tokens purchases as an alternative to investment funding and stock shares to raise startup funding. Tezos, which collected approximately $232 million, including Bancor, which generated $153 million, are two entrepreneurs who utilized an ICO. To further boost its offerings, the preceding Crypto Pay will launch an investment plan (ICO) longer constrained on September 25th and a public auction on October 2nd.
3. Monitor the Inventory Using Cryptocurrencies and Blockchains:
Cryptocurrency and blockchain find life easy to keep track of the company’s stockpiles. It entails accounts of the purchases such as sale, purchasing, shipping, and so on. The other catch is that if you’ve recorded your assets, you can’t go back and alter or erase them. It can only be investigated and tracked by others who are directly involved. It eliminates the need for costly tools to manage your purchases.
4. Sign Deals Using Blockchain Smart Contracts:
Contract deals are often used in industry. That may be an arrangement to do a service and receive payment after it is rendered, or an agreement to purchase and sell products once they are manufactured, and so on. The standard practice is to consult with an attorney who can draught the arrangement for both you and your customer. Now, the thing is that if you follow your side in the deal, so your customer does not, you can prosecute them. However, there is a more productive and equitable way for companies to negotiate existing contracts. It’s referred to as intelligent agreements. Intelligent contracts are enabled through blockchain-based. There are digital signatures documents between two or more parties.
5. Invest in Bitcoin and Other Cryptocurrencies to Remain Ahead of Its Competition:
The competitive environment is a fact of life in the industry, and any company strives to obtain the best results. Cryptocurrency and blockchain are still not widely embraced by websites on the internet. If your company begins implementing it right now, you would have an advantage over any other company in your niche. They can see you as just an investor who is concerned about the well-being of your clients. The most significant aspect is that it will help you get some more opportunities or clients simply because you embrace cryptocurrencies in your company. Since you are more flexible, you will even snatch your rivals’ clients.
Source: African Exponent.