Weather New York, NY +37°F

Misc

How You Can Participate in the Bitcoin Revolution As An Entrepreneur

Close
January 2
8:47 AM 2018

The cryptocurrency called bitcoin is probably the most successful digital currency to date. It was also the very first. Invented by a mysterious individual, or group, called Satoshi Nakamoto in 2008, the bitcoin has been steadily increasing popularity among investors, including Microsoft CEO Bill Gates, Virgin Group Founder Richard Branson, and former Google CEO Eric Schmidt. If you are an entrepreneur who is interested in taking advantage of bitcoin's massive potential, here are a couple of ways you can consider.

How to Acquire Bitcoins

If you want to acquire bitcoins, there are a few ways you can do this. One way is by accepting bitcoin payments in your business. This is actually the easiest way for entrepreneurs to get into bitcoin as an entrepreneur with the help of bitcoin payment processors. In fact, a lot of established retailers like Microsoft, Tesla, and Amazon have begun accepting bitcoin payments to provide more payment options to their customers.

Another way to acquire bitcoins is through bitcoin mining. Unlike traditional mining like how gold is mined, bitcoin mining purely involves online activity, with bitcoin miners solving complex mathematical puzzles to discover a new block, a file where data pertaining to the bitcoin network is permanently recorded. This block is added to the blockchain and miners in return receive a reward in the form of bitcoins.

Moreover, you can simply purchase bitcoins through a bitcoin exchange. Once you have bought your bitcoins, you can transfer these to your bitcoin wallet. Not a physical accessory at all, a bitcoin wallet is an online tool that stores the digital credentials for your bitcoin holdings. Through your bitcoin wallet, you can access your bitcoins and use these to purchase from retailers that allow bitcoin payments. To know more about buying bitcoins and how the bitcoin wallet works, read the get bitcoins guide on Bitcasino, an online brand that offers casino games exclusively in bitcoins.

Provide Services That Involve Bitcoin

One good thing about getting involved with bitcoins is, there are several options available for you as an entrepreneur. If you want to start offering services that involve bitcoins, you may want to consider offering secure digital or hardware bitcoin wallet services that ensure the safety of these online accounts from getting hacked. Although one of the advantages of investing in bitcoins is the guarantee this cryptocurrency provides that transactions are secure, being kept inside an online account makes it vulnerable to hackers. And people who have bitcoin wallets would certainly want to keep their accounts secure.

Another way to offer services related to bitcoins is by processing bitcoin payments on behalf of the retailers. While a lot of retailers are embracing the bitcoin technology, one challenge that might keep them from doing so is the added process that might be required from them once they start accepting bitcoin payments. You can offer to provide your services as a bitcoin payment processor to retailers so they can implement this new payment method and not worry about the actual payment processing.

The bitcoin technology has become a safe haven for investors and its popularity and value is increasing day by day. This is a great time to participate in this cryptocurrency and see how your business can evolve from your bitcoin investment.

© 2018 VCPOST, All rights reserved. Do not reproduce without permission.
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics