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Should Your Company Accept Bitcoin as Currency?

Cryptocurrency has certainly shaken up the investment world. It all started during the housing crisis of 2009. Americans began feeling as if the financial deck had, indeed, been stacked against them.

Government bailouts meant big bank payoffs only to learn that CEO’s were still skating away with millions in bonus money. The ‘Occupy’ protests were constant as many Americans were out on the street while watching a formerly manageable housing payment, suddenly out of reach. Meanwhile, those big banks, it seemed, were on easy street.

Enter Satashi Nakamoto and Bitcoin.

No one even knows if he’s an actual person, but Bitcoin is very real. Bitcoin is a transparent digital transaction with limited supply. Digital gold if you will, only more limited.

Since hitting the investment seen in 2009, Bitcoin has become more and more mainstream as an investment, especially with millennials. It’s possibly headed for the mainstream in the currency department as well.

When I noticed a client in Florida was accepting payment online…not with credit cards…but rather with Bitcoin, I took notice. Actually, they don’t accept credit cards, but only ACH transfers and Bitcoin.

Pretty cutting edge move that I found very interesting. Actually, I liked it.

The more I looked into it, the more I realized that more and more businesses are accepting Bitcoin as payment.

The Dallas Mavericks, Miami Dolphins and…spanning the globe…the Portuguese soccer club, Benfica are also accepting Bitcoin. Keeping with the international theme, Burger King in Venezuela and KFC in Canada also accept Bitcoin as payment. A 2020 survey revealed that 36 percent of small and midsize businesses in the US now take Bitcoin. A little more widespread than I initially thought.

Still a fairly cutting edge move, I suppose. Sure, it may limit your pool of eCommerce shoppers on one end of the spectrum. That’s very much a negative, but they do offer other options. Along that same line, it may create inconvenience for many others, not what any brand is looking for, right?

However, from a branding standpoint, it says a lot about you. It’s cutting edge…it embraces trends–both quite appealing to that 18-34 demo. Plus, it’s visionistic thinking.

Should you consider doing the same?

It’s a good question. The answer depends on your unique brand.

How important are those aforementioned aspects to your specific brand’s personality? Is your brand cutting edge or more traditional? Does your brand embrace all manner of trends? Is your current customer base requesting it? Is the 18-34 demo a big factor for future growth?

I don’t think there is any denying that bitcoin is here to stay. Especially with millenials, it is a emerging as a ‘store of value’ of wealth in much the way real estate and gold have been valued by previous generations.

So, depending on your answers, to those questions above, offering Bitcoin as a payment option may, indeed, be something to consider in the near future.

By Scott Trueblood, of BrandVision Marketing. BrandVision Marketing is a full-service marketing agency based in Knoxville, TN.

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