What is your Bitcoin strategy?
If you ask most business owners what their Bitcoin strategy is, they will
tell you, "I don't have one. I don't know what that is and I guess I don't
need one." That's the same answer most folks would have given in 1993 if you
asked them them, "What is your internet strategy?" By 1995, every business
had such a strategy, or had come to understood that the future of their
business was grim without one.
You're going to hear the Bitcoin strategy question at some time in the
2013-2014 period. Repeatedly.
That's because Bitcoin is the first decentralised, peer-to-peer currency
based on open source software and cryptography -- a
cryptocurrency. As such, it offers tremendous,
as-yet-unrealised advantages over traditional money. Here are a few obvious
- Retailers (online or bricks-and-mortar) can accept electronic payments
without paying any fees to banks or credit card companies. If your business
runs on a 5-10% profit margin, just do the math. Then, to your calculation
that Bitcoin transactions are irreversible, meaning that once you receive a
Bitcoin payment it cannot be reversed or charged back by anyone,
How does that sound?
- Your customers from other parts of the world can pay for your products
and services in Bitcoin without any foreign exchange fees or spreads.
You might want to ask your customers if savings of 5-20% on your
offerings would make you a more attractive vendor.
We think it
- Web hosting giant WordPress reports
that there are 60 countries in the world where people are monetarily
oppressed by the global banking system and, therefore, could not use
Wordpress's services before the company began accepting Bitcoin.
Now, they all can.
- If you're a retailer selling products from Cuba such as rum or cigars
and taking digital payments for them, you run a significant risk of having
your entire means of accepting digital payments shut down by global
payment providers enforcing US law on you, even though you are outside the
You won't have to worry about that any
- Many people might like to donate to your NGO, charity or other
non-profit organisation, but worry that you won't spend the money the way
you promise to, or that you will spend far too much on executive salaries
and luxuries. With Bitcoin, it is possible to set up a completely
transparent accounting system that anyone can audit. Every donation
and every expenditure publicly known.
Those folks won't worry
- Do you have a business idea that requires micropayments (which are
really only theoretically possible at this point), but which is completely
impractical due to transaction fees?
Your time has
But, these ground-breaking new possibilities are just the beginning of
the opportunities Bitcoin is opening up for the early
Bitcoin is the only money that can actually realize such
ideas as the 'information society' or 'globalised economy' in ways which
both allow and depend on the free, global flow of transactions -- not
subject to any particular individual or group's likes or dislikes, and
without paying dead-weight fees to any middlemen.
Just as the
internet and email were the future of information and personal
communications back in 1990, when nobody had an internet-strategy, Bitcoin
is the medium for digital financial transactions in our immediate
So, when someone asks you about your Bitcoin strategy and
you wonder how Bitcoin can give your business advantage or turn your idea
into reality, we warmly invite you to contact us.