Bitcoin seems a lot like a unicorn…it sounds pretty cool but does it really exist? Will you ever encounter one in real life? And if you did, what would you do with it? Well, it turns out, bitcoins can actually be pretty beneficial to you and your business.
Bitcoins are a cryptocurrency, a digital form of money, invented in 2009. They can be mined, purchased or accepted for goods and services. Bitcoin mining is basically the process of verifying other bitcoin transactions for a bitcoin reward, using a mining software, and the value of a bitcoin today is almost $10,000.
You may think that no one is actually using bitcoin, but businesses have actually started accepting it because it is quick, inexpensive and can even help your company gain recognition and customers. The transaction is almost instant and there is no charge because it doesn’t need to be verified by a bank. It can be used globally and might even be considered a good investment since the value could increase in the future. Overstock.com, Subway, Microsoft, OKCupid, and Zynga are just some of the companies that currently accept bitcoin.
There are some risks associated with accepting bitcoin as it is unregulated, unstable and can decrease in value just as easily as it can increase. It definitely should not be the only form of currency you accept but it can attract customers that may be looking for a place to spend it and help your business gain publicity.
Will reCreative be the first agency to accept bitcoin? Stay tuned to find out ; )