HOW SMART BUSINESSES USED THE BITCOIN BANDWAGON TO GROW
One of the inevitable things in life is change. Technology is changing so fast that if youâ€™re not learning, growing and adapting, youâ€™ll be obsolete. Over the past decade, Bitcoin has been one of the most wonderful and exciting moments in the currency market.
Many businesses sat and look at the movement while others studied and learned how to make the most out of it. Fortunately, businesses who sought ways to maximize bitcoins to grow their operations chalked significant progress. Many celebrities also made fortunes through the Bitcoin bandwagon.
The bitcoin craze started in 2009. During thatÂ time, a bitcoin was trading at only $0.08 per coin. The figures werenâ€™t big so many investors and businesses were not interested. As bitcoin started growing in value, Papa Johnâ€™s Pizza, the 5050 Cent Brand, Virgin Galactic, the University of Nicosia and others embraced it.
Years later, Papaâ€™s Johnâ€™s Pizza made about $9.2 million from Bitcoin. It was during that time that other smart businesses who initially embraced the new digital currency made a big bit. So, how did these businesses take advantage of a revolutionary new digital currency to grow theirÂ revenue?
1.Â Â Â Â Â They accepted bitcoin as a payment medium
Bitcoin is a digital currency. That means you can ask your customers to pay with Bitcoin. Many merchants are accepting it now (itâ€™s super popular these days), If you entice more people to pay with Bitcoins, you will reap enormous benefits when the value of Bitcoin increases. In 2014, 50 Cent asked his fans to buy his new album with Bitcoin.
He made $ 400,000 in sales through Bitcoin sales. HeÂ left this money in his e-wallet without spending it. Four years later, the value of the money increased and was worth about $8.5 million. This came as a surprised forÂ many of his fans and the global currency market.
2.Â Â Â Â Â They offered discounts for clients to pay
With 50 Cent, he offered his fans a discount to pay via Bitcoin. This was what motivated many people to make payments through Bitcoin. Using this strategy, album sales exploded, sold at $662 for only a single bitcoin.
Later, other businesses such as Richard Bransonâ€™s Virgin Galactic began to incentivize the public to pay for space travel with Bitcoin. For some customers, making payments through this medium makes it easy to pay for such high-priced services.
3.Â Â Â Â Â They used ATMs and e-wallets to process payments
As Bitcoin grew, Bitcoin ATMs began to emerge.Â Therefore, programmers began to developÂ Bitcoin-integrated payment mediums. These two inventions made it faster, easier and convenient for people to buy, hold and invest Bitcoins. This paved the way for some people to become online bitcoin traders.
Even though other competing digital currencies such as Ethereum, WhopperCoin and GarliCoinÂ have decreased the Bitcoin craze, you can still use digital currencies to collect payments and grow your business.Â The key is to learn and understand the business side of technology to generate more revenue. You alsoÂ have to consider how integrations will impact your business and then develop systems to process required payments.