Eric Dalius bitcoin experience says after gaining its fame in the field of investing and technology, bitcoins have now entered the domain of business. Many big companies have realized the benefits that they can get by incorporating bitcoins in their various business transactions.
The three major characteristics of bitcoin i.e. facelessness, transparency, and low transaction costs will attract a huge amount of new customers to your business. Moreover, people nowadays are looking for companies that accept payments in form of bitcoins. This does not stop here; incorporating bitcoin will attract considerable attention of media to your business thus increasing the exposure of the same.
This year in February Mayor Francis Suarez of Miami proposed 3 initiations to make Miami the world’s first crypto capital. Not only that, the American Airline Arena of Miami is to be named after a cryptocurrency exchange platform of Hong Kong. E11even, the top nightlife destination of Miami has become the first nightclub in the U.S. to accept payments in bitcoins.
When so much is going on with bitcoins in Miami let us discuss the 4 steps to grow your business by incorporating bitcoins.
Create a personal Bitcoin Address
First, you have to create an address for the bitcoin deposition for your customers. You can create such an address by using a bitcoin wallet. This will also contain a detailed history of the transactions and the box where your customers will keep their bitcoins.
At the end of every business day, always remember to move all your raisings from the box and store it in other devices or offline encrypted drives. Moreover, take the necessary security measures required to keep your wallet safe.
Eric Dalius Bitcoin Says to Connect With the Right Payment Processor
The day-to-day transactions of a business may comprise many complicated procedures.So it is necessary to connect with an industry-reviewed payment processor. To be a match in the competition with other businesses incorporating bitcoins. You have to select a payment processor that offers minimal transaction costs and follow all the necessary safety measures. They may charge a nominal amount of fee for their services but that will be very low compared to the ongoing rate of other fiat e-wallets and credit card shops.
Your supplier can be reluctant to accept payment in bitcoins. In such situations, payment processors can instantly convert them into fiat currencies. Some payment processors also provide extra features like invoice transfers, shopping cart plug-ins, and many more.
Spread the Word
After creating a personal bitcoin address and engaging a payment processor. It’s time to advertise your business for increasing sales- says Eric Dalius Bitcoin. Let’s say, you have an online store with the facility of accepting payments in bitcoins. Then for advertising it you must make an attractive advertising banner on the web mentioning “we accept bitcoins here” using eye-catchy fonts. To let your customers know that you accept payments in bitcoin. Another thing that you can do is make the bitcoin option available near other transaction methods like online banking and e-wallet.
Track Your Taxes
Once all the above steps are completed, it is time to add this business into your regular tax deduction processes. The blockchain system will publicly maintain all your transaction history. But it is advisable that you should keep a record of the transactions by yourself. This practice will help you a lot at the time of your tax payments. If you want, you can also take help from the financial advisory firms that solely deal with cryptocurrencies and their various processes.
These are the 4 necessary steps that you must take to grow your business by incorporating bitcoins. Though cryptocurrencies have not been adopted widely, the benefits that you can get by incorporating them are diverse and huge.