Bitcoin continues to to be a major topic of conversation. Over the last nine years, we have seen staggering price growth and stomach churning volatility. In December of last year, we saw Bitcoin’s introduction to the main street investment community, by way of Bitcoin Futures being introduced by the CFE and Cboe.
Many are anxiously awaiting the mainstream adoption of Bitcoin, and/or other Cryptocurrencies, as a method of payment for goods and services. Overstock’s introduction of Bitcoin, as a payment option, was clearly a positive, albeit small, step forward. Rumors are circulating that Amazon and Walmart might be throwing their hats into the Crypto ring in the not too distant future. In the meantime, most of us are simply waiting… Waiting for the headline that will shake the world and catapult cryptocurrency into the daily lives of hundreds of millions of people, in short order.
While change is constant and inevitable, it is often not terribly swift. Megacorporations can be compared to lumbering ocean liners, able to accomodate large numbers and to endure rough seas and storms which their smaller counterparts might find quite challenging. However, a luxury liner can not turn on a dime.
Who Will Fuel The Growth Of Crypto?
In today’s business environment, small businesses need to be more creative and more agile than ever before. Competing with corporate behemoths has never been more challenging than it is today. Small businesses need to find new and creative ways to add value, improve service, and to increase revenue. Cryptocurrency and blockchain technology offer an exciting opportunity to do all of the above.
Being an online pioneer, having launched my first online businesses in 1996, I witnessed, and participated in, the growth of the Internet in the early days. At that time, the seminars and meetups, which I attended, in New York’s Silicon Alley were filled with a dynamic enthusiasm among the early adopters. In those days, while there was a mixed public opinion on the future of Internet technology, the future was very clear to those on the inside.
Today’s Blockchain seminars, meetups and conventions are filled with an even greater level of enthusiasm than I remember during the early days of the Internet! Blockchain technology represents the natural evolution of the Internet revolution. In the coming decades, Blockchain technology, which includes Bitcoin and other crypto assets, will be even more transformational and disruptive than the Internet itself.
While, perhaps, some of the larger corporations have already learned a valuable lesson by underestimating the growth potential and transformational capacity of the Internet, many have not. If you operate a small business, and you are reading this article, today may open a new and exciting chapter for you. Small businesses have a great opportunity to become the early adopters of Crypto, while many larger corporations bask in the complacency of their seemingly inexorable success.
What Are The Benefits Of Crypto?
Cryptoassets are often thought of as simply a new method for sending and receiving funds, quickly and easily. That’s just a small part of the picture. On a broader scope, the blockchain or decentralized ledgers which Crypros are built upon, can, and will, in my opinion, serve as the foundation of the Internet as we will know it in the not too distant future.
Databases are often the backbone of today’s websites. In simple terms, blockchain technology represents a database (ledger) in which each record is referred to as a block, and the blocks are linked and secured using cryptography. The ledger is typically openly distributed, on a very large peer-to-peer network of decentralized computers (nodes), which collectively validate new blocks. This open recordkeeping and decentralized verification process make the blockchain secure by design and can collectively draw together enormous levels of computer processing power, without the need for centralized servers.
Decentralized Applications (DAPPS) are apps which can connect users and data/service providers directly. DAPPS can even incorporate smart contracts which can digitally facilitate, verify, or enforce the performance of a contract without third party involvement. Here are just a tiny few of the opportunities at hand for small businesses who would like to benefit from these technologies:
- Accept payments for goods and services, quickly and easily, with low transaction fees.
- Accept international cross border payments without currency conversion fees.
- Send payments to suppliers quickly without bank wire fees.
- Accept payments from the unbanked population.
- Create customer loyalty programs,
- Utilize for asset management, including trade processing and settlement.
- Utilize for Insurance coverage and claims processing.
- Utilize for lending programs, including non conventional or hard money lending.
- Streamline your supply chain and track merchandise, including shipping conditions, from warehouse to customer.
- Decentralized factoring.
- Decentralize and secure healthcare records.
- Distribute music and video content.
- Streamline intellectual property licensing.
- Streamline government services.
- Create decentralized social networks.
- Create decentralized search engines.
- I could keep going on but I don’t want to bore you.
As you can see, the possibilities are nearly endless. Blockchain technology will allow us to cut out the middleman and will empower millions! We are at a point in time where we can expect to see some corporate behemoths lose market share to emerging business… Many which don’t even exist yet.
When Will This Transformation Take Place?
This transformation is happening before our eyes albeit slowly. Much like the frog in boiling water metaphor, we are all in a cauldron of tepid water now which I would equate to about eighty-five degrees fahrenheit. It’s warm enough to become complacent and to bask in its comfort. The best and the brightest among us will see this as a call to action… A time to jump out of the pot and make things happen. While it may take some time for this transformation to take place, those who wait too long to see where this goes, might find their procrastination to have dire consequences. Once again, in life, the only constant is change, and change is coming… Big Time!!!
Where Do I Start?
If you operate a business which accepts payments via credit cards or PayPal, you might want to visit Coinbase Commerce at:(https://commerce.coinbase.com/). Coinbase is one of the most highly respected Cryptocurrency exchanges and they are located in the U.S. They offer an easy solution which allows you to accept payments made with Bitcoin, Litecoin, Ethereum or Bitcoin Cash, on your website. This service was just recently introduced.
I am such a firm believer in the future of Crypto, that I immediately implemented the Coinbase Commerce payment gateway on my company’s online branding website at https://Domains90210.com. Being a Crypto evangelist, I significantly reduced prices, on most of our brands, and even offer customers an additional 30% discount if they pay with crypto!
My motivation is, in part, due to the fact that we recently launched a blockchain project named Honest at https://HonestToken.com. We will be rewarding people for their honesty and good deeds with Honest Tokens. The other part of the equation is that I really want to do everything I can to encourage the adoption and use of Cryptocurrency. Quite frankly, I would far prefer to receive cryptocurrency, over fiat currency, for payment, in light of my long term enthusiasm. I’m ready to offer very substantial discounts to support this.
I would encourage you to read up on the subjects of “Blockchain Technology” and “Cryptocurrency.” I would suggest you attend Blockchain conferences and meetups, and to confer with people who are already familiar with this space. I would be only too pleased to speak with you directly to see how I can be of assistance. My email address is provided below.
History has proven, by the time it is commonly understood that businesses need to accept and implement new and transformational technologies, it is usually too late. Being an early adopter and gaining that first mover advantage can give you and your team real head start. It may take time to reap any rewards, and some might question your sanity, but always remember, there’s a fine line between genius and insanity… It’s up to you to erase that line.