Business and Bitcoin

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Bitcoin is a digital form of currency that has caught the eye of several businesses, and entrepreneurs from every market. The currency founded in 2009 by an unknown person by the name of Satoshi Nakamoto, has had its highs and lows in the market. However as of recent months Bitcoins have experienced an exponential growth in it’s price, which is attracting the attention of several large businesses such as Microsoft, Expedia, and many more.

While Bitcoins are looking to be increasing in popularity, and value this does not signify that they will continue to increase for the next months, years. In fact, companies who have invested in Bitcoin are taking one of the biggest risks imaginable, due to the uncertainty of how Bitcoin will fluctuate in the market. As of December 2017, one Bitcoin is equivalent to $16,600 US dollars; due to its high risks companies who place the majority of their investments into Bitcoin have a possibility of losing millions of dollars if there is the slightest shift in its price.

Even with these high risks, there are companies as previously mentioned who are taking the plunge into the new possible era of currency. While the majority are multi-million-dollar firms that can afford to take the high risk that Bitcoin brings; this is not discouraging some small business owners to also take the risk using Bitcoin as another form of payment for their businesses. In Upstate New York, a seafood restaurant called “Ocean Blue” is one of the first small businesses to incorporate Bitcoin as a payment method for food. While there is a very high risk, the restaurant owner explained that ‘because Bitcoins aren’t associated with regular banks they are not troubled by the rising cost of credit card fees”. By using Bitcoin, they are able to control these rising credit card fees, which is one of the biggest issues that small business is running into.

Even though the transition from fiat currency to data currency is a very difficult process, business big and small are beginning to take the first steps to take part to use Bitcoin for future investment. By being one of the first companies to take the leap into a possible new era of currency, they will be able to grow and expand their business beyond what they are currently capable of.

Author: Angel Veloz, Sabre88 LLC

Editor’s note: Original Sources

https://www.washingtonpost.com/news/on-small-business/wp/2017/12/08/a-restaurant-in-upstate-new-york-is-accepting-bitcoin-should-you/?utm_term=.79069cb5c798