Bitcoin for Local Business
We value those things which bring about beautification of flourishing of local communities and believe sound money is an essential ingredient. Bitcoin is the hardest, soundest money humanity has ever had and since its inception has been transforming both local and global
What is Bitcoin?
Bitcoin launched in 2009 in response to the Great Recession of 2008. It was developed to be the first internet native money. On average, every 10 minutes, all global transactions in bitcoin are added to a decentralized, public, auditable record (a public ledger) that is not controlled by anyindividual, group of people, or institution. Its properties are also immune to manipulation from governments.
What is The Lightning Network?
The Lightning Network is a Layer 2 protocol built on top of the main bitcoin blockchain, similar to how VISA is built on top of the base layer of the US dollar. The bitcoin lightning network allows for smaller transactions to be made near-instantaneously and cheaply.
Why Bitcoin?
Bitcoin is a revolutionary new way to transact and store value. Unlike traditional financial networks, Bitcoin is peer-to-peer and able to operate without central authorities or trusted administrators. It is open and borderless, able to be sent from anyone anywhere in the world directly to anyone else anywhere in the world, permissionlessly and without the need to operate within normal banking hours.
Bitcoin allows for complete ownership—individuals, households, businesses, and institutions are able to maintain full control of their own finances and banking.
How Can Bitcoin Help My Business?
There are numerous benefits that companies unlockwhen adopting and accepting bitcoin, such as:
Join the Emerging Global Paradigm
Once upon a time, it was a pioneering action for a business to launch a website or provide support over email. Businesses today have a strategic opportunity to enter the emerging economy in a similar way. Even if few to none of your customers or clients are currently interested in transacting in bitcoin, your business can attract new kinds of customers or clients who are. Since bitcoin is a global monetary network, businesses can expand their customer and client base wherever their goods and services can be delivered.
Being an early adopter can boost local, regional, and even national brand awareness. Businesses can leverage local news outlets and social media for publicity. There are also websites that list businesses that have adopted a bitcoin standard, such as BTC Map.
Diversify the Business Balance Sheet
Including a scarce, self-sovereign asset with long-term appreciation in value allows businesses to better hedge against uncertain and volatile market conditions.
Enjoy Network Benefits Without Holding Bitcoin
Businesses who cannot hold or are not interested in holding bitcoin can still reap benefits from using the network. Services, such as Strike, allow businesses to utilize the bitcoin network for instant, cheap transactions while still operating in and accepting USD or other local currencies.
Reduce Transaction Fees and Eliminate Chargebacks
Credit card fees average 2–3% per transaction. When using the bitcoin network, transaction fees are determined by how quickly you want the transaction processed. This allows businesses more flexibility in determining the conditions of final settlement. The bitcoin Lightning network is ideal for smaller purchases and allows instant transactions for a fraction of a cent.
Furthermore, traditional finance comes with the risk of fraudulent chargebacks. With bitcoin, once a transaction is complete, it is irreversible, eliminating this issue and giving the merchant the ability to determine whether a customer claim is legitimate.
Self Custody and 24/7 Network Access
Bitcoin allows for true asset ownership. It is most secure when you self-custody your holdings rather than keeping them in the custody of a third party.
Having direct access to your money and not relying on banks and traditional banking hours allows significantly more flexibility. Payments can be made 24-hours a day, seven days a week.
Value Work and Bring About a Flourishing Community
Money is a tokenization of energy, capturing the value of our time and labor. As governments introduce more units of currency into the existing financial system, inflating the money supply, each existing unit is worth less as the purchasing power of the currency reduces over time. When money is devalued, our work is devalued, and when our work is devalued, our lives are devalued. Inflation is theft. It is a hidden tax that robs from the community. Businesses that opt into a bitcoin standard are opting into a moral monetary system that values work and life, playing a small but significant role in contributing to the long-term health and flourishing of their local communities.
Learn More About Bitcoin:
Web: casebitcoin.com
Book: The Bitcoin Standard by Saifedean Ammous
Podcast: The Mark Moss Show
Podcast: What Bitcoin Did with Peter McCormack
Resources for Business & Commerce
BTC Pay Server / btcpayserver.org
A self-hosted, open-source cryptocurrency payment processor.
CoinTracking / cointracking.info
Crypto tracking and tax reporting
Fortris / fortris.com
Helping businesses integrate digital assets into their daily operations
Ibex / poweredbyibex.io
Lightning Network enterprise solutions
Oshi App / oshiapp.com/business
Marketing and rewards platform
Strike / beta.strike.me
Send and recive, buy and sell, remittances, paycheck conversion
Unchained Capital / unchained.com
Custody and security solutions
Zaprite / zaprite.com
Invoicing for contractors and freelancers
This article and PDF were inspired by bitcoinforlocalbusiness.com