Bitcoin : A Business Starts Adapting Bitcoin Essay

1930 Words Nov 24th, 2014 8 Pages
Once a business starts adapting Bitcoin, like any other form of accepting money, the entity must make sure to be educated on the matter and informed. Some major points that make Bitcoin different are its irreversibility (no check backs), non-anonymity of transactions, fraud protection, low transaction fees, and the ability to require confirmations from multiple users. Using applications such as CoinBase, a merchant can make accepting Bitcoin and turning it into USD instantaneous to avoid the changes in regards to Bitcoin value. It is also imperative to point out that although Bitcoin is not directly controlled by the government, tax laws still apply when using it for business purposes. And finally, once the business makes the decision to start using Bitcoin, the most important thing to do is post your business to sites such as usebitcoins.info as illustrated above in the world map. This helps attract users looking for a place to spend their money in support.
Distributors that offer their goods to this niche community of Bitcoin users can tap into a fervid and loyal customer base. “An estimated 80,000 businesses already accept Bitcoin today”.8 OkCupid, WordPress, Reddit, Namecheap, Expedia, and many others have already come to this conclusion. Another notable website that accepts BitCoin, Overstock.com is probably the biggest retailer that accepts Bitcoin. Zynga, Paypal, eBay, Tesla, also add to the list of notable names. As the virtual currency expands and becomes more…

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