Lately, “Blockchain” keeps popping up as a new buzzword, but why does it matter? Simply, Blockchain is the technology that allows secure and direct transactions between parties. It’s the backbone of the most popular digital currency, Bitcoin.
Bitcoin’s value recently hit an all-time high and continues to be accepted around the world by more than 100,000 merchants. More and more businesses are now accepting Bitcoin and other Blockchain currencies for their security improvements and reduced transaction fees over traditional currencies.
Entering this market for yourself or your small business requires a few steps:
- Inform yourself – Spend time learning what Bitcoin is (and isn’t) along with how to secure your funds and transactions.
- Choose your wallet – There are several wallet options available across desktop/mobile platforms as well as those with the physical security of a USB device to enable a transaction.
- Get Bitcoin – Bitcoin may be purchased through a variety of worldwide exchanges or at Bitcoin ATMs.
- Spend Bitcoin – Merchants that accept Bitcoin can be found online and locally.
For additional information, EVAN recommends reading the article, “Blockchain Defined: 5 Myths or Facts?” from Trenegy Inc., which explains Blockchain and Bitcoin in plain English. The article also dispels some myths that are circling regarding the importance of this unique currency exchange, providing a much-needed reality check.
Are your favorite retailers already accepting Bitcoin? Would you welcome it as an accepted currency in your own business?
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