When considering the lifespan and value of one’s business, it’s imperative to think about the future and to keep all options open. It’s important to ask: “What are some of the beneficial risks I can and should take with my business?” The majority of successful businesses thrive off healthy risk-taking. For example, it could mean abandoning a steady paycheck, sacrificing personal capital, donating personal time and health, or even relying on cash flow.
A possible investment for your company could be cryptocurrency, also known as Bitcoin, or BTC for short. Bitcoin is an entirely digital form of money that was invented in 2009 by Satoshi Nakatomo. According to financier, Mara Lesemann, the author of an Investopedia article, the most friendly bitcoin states are California, Colorado, New York, New Hampshire, and Texas. The advantage that sets Bitcoin apart from competitors is its person-to-person feature, simply meaning that no system of banking, financial institution, or government sector can stand in the way between you and your money. The same goes for the people you trade with or even customers that you sell to.
Although some people might be hesitant about the cryptocurrency’s security, Bitcoin’s reliance on a technology system called blockchain keeps your Bitcoin wallet safe and secure from fraud. All bitcoin transactions are logged and made available in a public ledger, helping prevent any malicious behavior. This process helps to prevent transactions from being duplicated and prohibits people from copying bitcoins. Additionally, Bitcoin’s platform prevents people from easily obtaining your personal information, however, one does have access to a user’s bitcoin wallet history. This is beneficial because public history adds transparency and security, which in turn, helps deter people from using bitcoins for dubious or illegal purposes.
Aside from Bitcoin’s secure platform, there are additional benefits such as:
- There are no borders that keep you from trading, buying, and/or selling Bitcoins. If you export your goods and services abroad, then Bitcoin is a great solution for dealing with foreign transaction fees, exchange rates, or currencies. The same applies if you purchase supplies or materials abroad. This works because Bitcoin is a global currency. It’s not tied to any government or company, allowing it to avoid border restrictions.
- There are no fees to worry about when dealing with transactions. Bitcoin transactions typically cost between 1% and 0%. You can send or accept Bitcoin as payments with no fees attached. Also, since banks aren’t involved, verification isn’t required for each transaction, so you don’t have to sacrifice your own revenue to the financial institutions that own your credit cards or business loans.
- There is little to no wait time when it comes to receiving your money. Bitcoin transactions occur in a fraction of the time that credit card transactions do.
- Bitcoin is an investment opportunity. Because Bitcoin is considered as commodity money, you can invest in them the same way you might invest in a business with fiat money. Just like fiat currency, you can generate interest on this investment as well, so holding some bitcoins can allow you to invest and earn interest, too. Additionally, you can receive an increase in investment as time elapses.
Today’s current value of a Bitcoin is roughly about $15,000.00.
Though the value of Bitcoin tends to fluctuate, the cryptocurrency has seen a steady increase in value throughout the course of the year.
Bitcoin can be beneficial to grow one’s company. So, if you are interested in creating an account, you can safely do so by visiting the Coinbase website. Also, be sure to check out Coindesk to see how the bitcoin is doing in real-time!
Read more posts by Alejandra Terrones.