Why do we accept Bitcoin? We’ve recently started accepting Bitcoin as payment for our services. And that’s part of a larger shift among IT, SaaS and other progressive businesses. As of this year, 15,174 businesses worldwide accept bitcoin with a huge number of them being SMEs in the USA. And this trend is only growing. Businesswire reports, “The HSB nationwide survey conducted by Zogby Analytics showed that 36 percent of the small and mid-sized businesses accepted cryptocurrency, while 59 percent of those companies purchased digital currency for their own use as well.” So, it looks like this blockchain-powered money is here to stay. But why would you want to accept Bitcoin? We share our main reasons below: Low transaction fees Accepting Bitcoin is a great way to reduce your cost of sale. According to Investopedia, “While it is considered standard among fiat currency exchanges to charge so-called “maker” and “taker” fees, as well as occasional deposit and withdrawal fees, Bitcoin users are not subject to the litany of traditional banking fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges, and no returned deposit fees, among many others.” Think about all the fees you’re charged by your bank and credit card processor – that’s the potential upside. Now you will have some fees charged by the wallets & payment processors you use, but these are relatively minor in comparison. Fast international payments Next, you can make Bitcoin payments at lighting-fast speed. Traditional overseas payments and wire transfers have hefty fees, conversion charges and waiting or processing times. But with crypto, that’s no longer a concern. With Bitcoin, we’re now able to get paid by overseas clients faster and more securely without the added hassle of international financial reporting requirements. However, that may change for US citizens if the US government has its way. The Verge reports, “The current FinCEN proposal makes more work for these exchanges and for the people operating within them as well as undermining the anonymity for which cryptocurrency is famous. Taken in combination with another recent proposed rule change about how to report cryptocurrency that crosses borders, you can see why some cryptocurrency enthusiasts are nervous.” For non-bankers Lastly, not everyone wants to participate in traditional banking. And, unless your business accepts cash, those buyers were out of reach. But cryptocurrency brings in a new host of privacy-focused consumers into the marketplace. Investopedia also reports, “Bitcoin, the most popular cryptocurrency, has been dubbed by some as the secure money of the Internet. Using proper caution, one can make or receive payments to anyone without revealing any sensitive information linked to their bitcoin accounts or wallets.” And this is great for people who never had a bank account for those very reasons. By accepting Bitcoin, you’re allowing these people to transact with your business anonymously -which is a requirement of their patronage. Want to talk about how you can enable Bitcoin payments for your small or medium-sized business? Our expert team is standing by.
What brands need to know about NFTs – non-fungible tokens NFTs- non-fungible tokens are the latest buzzwords to emerge from the cryptocurrency space. Chances are you’ve heard about NFT auctions generating millions of pounds for seemingly worthless pixels. Maybe the whole thing just makes no sense. Or perhaps you’re thinking of how you could use NFTs as a brand? Here is what brands need to know about NFTs or non-fungible tokens: NFTs are digital coupons that entitle you ownership of a digital thing. If it’s vintage, it’s gold. Nostalgia generates revenue. Digital land grabs are happening. Celebs are selling out and cashing up One of a kind According to Forbes, “Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering £123 million has been spent on NFTs since November 2017.” It’s essentially a coupon that entitles the buyer to own a digital good. That could be a piece of art or something more abstract like a dancing cat video. Because it’s one of a kind, it creates the same scarcity that posthumous artworks do. It’s made up of snippets of code that can’t be reproduced and are stored using the same tech that enables crypto. In fact, most NFTs are bought with cryptocurrency. Nostalgia reigns Maybe it’s just because so many crypto-investors are millennials but 80s, 90s and 00s nostalgia is fetching a hefty price. From beloved YouTube videos like ‘Charlie Bit My Finger” to bespoke collections from Atari for Centipede and Pog; if it’s retro it’s selling like hotcakes. Buyers are snapping up NGTs for digital nostalgia at an alarming rate. Want to own digital Dunkaroos biscuits? It’s possible. For brands with a history in the recent past, this presents an opportunity to monetise old assets in new and exciting ways. Acres of bits A digital land grab is happening too. From parcelling up the real world into fake lots or selling off bits of the ‘digitalverse’; people are buying and selling digital real estate. Why should brands care? Well, it’s expected to boom in the next decade. According to Republic, “Humans now conduct much of their lives through a screen, and virtual worlds that exist only on computers have cropped up. These are places where people can “congregate” by using avatars and have interactive social experiences–entirely virtually. These online communities are called metaverses.” And you can buy them. Is there an opportunity to advertise your product or service in the hubs? Maybe you want to own the metaverse around your actual offices? The possibilities are still unfolding. Celebrity payday From selling the rights to unreleased tracks to making digital doodles, celebs are cashing in. And that’s good for their relationship with fans. But is there a way for brands to participate? Think about famous ad collaborations that would make a great NFT. Do you own “Where’s the Beef?” or “Got Milk?” – those clips could net you millions. Consider your back catalogue of popular ads and highlight any that could see new life as an NFT. And if you need to learn how to sell them, this guide is helpful. Want to talk about NFTs- non-fungible tokens, websites or anything else on the internet? Our expert team is clued in.
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