Odds are you have a friend or relative who owns some bitcoin. They tell you it is the money the whole world is going to use one day. You might be skeptical, and with good reason — basically nobody accepts it for real goods and services yet. But that is changing. Business owners are seizing the opportunity to position their businesses for huge windfalls in the coming months and years.
You have heard stories about this or that guy who got some bitcoin early and now they are retired, living on some island smoking piña coladas. Yeah, well, even if that guy isn’t you, there are 8 reasons why you should consider accepting bitcoin at your business, even if you think you missed the boat or that bitcoin is totally stupid.
1. Attract new repeat customers, and retain them.
You are in business to make money, right? Right. And what could be better for business than attracting a group of people obsessed with spending money? I mean, look, these bitcoin people just won’t shut up about this or that place that takes bitcoin. They will all tell their bitcoin friends that your place started taking bitcoin, too. Then they will go there. And buy stuff. And they will be so freaking happy about it because you let them do their bitcoin thing. That happy feeling will have them returning again and again, often bringing with them the other weirdos who want to spend their digital cash at your store. I say let em do it.
2. Your new customers will be wealthier.
Not only will you attract new customers, but generally bitcoin people are wealthier and spend more than the average Joe. They are techies with high paying tech jobs sipping expensive lattes and dreaming of their next gaudy sports car. Okay, so you have to put up with a little more of the eccentric types. So what? They have extra dough to spend and your store is their new favorite place to spend it. So what is wrong with that?
3. Free advertising.
Not just word-of-mouth stuff. That will happen, too. I am talking about newspaper articles! Your local paper is going to be all up in your grill asking you about what you sell and where people can find you. It is basically the best kind of press you can get, and you could not even buy that kind of advertising. It is the kind of bonus you can only get from doing something truly interesting. And you are truly interesting, aren’t you?
4. That $2 cup of coffee could become a $2000 wristwatch in a few years.
Hey, if everyone else can dream, why can’t you? No, seriously, bitcoin has been the best performing asset like 3 years out of the last 5. And not like, “Hey Coke beat Pepsi this year,” but like, “Holy mother of God, Billy, where did you put that $1 of bitcoin Uncle Eric gave you last Christmas?!” You think this bitcoin craze is a big, stupid bubble? Tulip Mania? Maybe you are right (you’re not). But even if it is a bubble (it isn’t), think about this: How many people do you personally know who have some amount of Bitcoin? You can probably count them all on one hand. So check it — If only about 1% of the population has some, how can we be even close to a bubble? If I were you, I would accept bitcoins from whoever wants to give them to me. Early adopters get the biggest rewards.
5. Positive feelings associated with your store’s image and brand.
You know those people? The ones who shop at “this” store or buy “that” brand because that one time they saw a commercial where the fisherman saved the injured whale? Yeah, well… these people are good for business. You can score easy points by being “that place” people like this choose over the alternative. They might not even BE bitcoiners! They just like that YOU are. And that is enough for them. They will spend more time in your store and more money buying your merchandise because they get a warm feeling inside from supporting someone who is doing something cool and futuristic or something.
6. Cash is king (if you know what I mean).
Not gonna go into too much detail on this one. Those of you who have cash businesses get it.
7. Your business will adapt to changes in spending habits faster.
Think of taking bitcoin as flexing your business muscle. By taking on a challenge and learning something new, you are practicing strength training for when the big challenges come your way. How are you going to adapt then? Bite off something small like taking bitcoin today, and you will be able to handle the virtual reality people when it is their turn to modernize the shopping experience. But hey, look at you. You took bitcoin way back in the analog days!
8. When the dollar crumbles, your business is already prepared.
You might think this one is tongue-in-cheek, but um… Yeah look at every other government currency ever. They always go to zero eventually. Maybe having some bitcoin then will be your saving grace. I mean, remember Mr. Robot? People were all using bitcoin to trade when credit cards and banks stopped working. Not saying that future is around the corner, but doesn’t it always feel good to be prepared?
You now have something to think about. When you are ready to take the plunge into accepting cryptocurrencies, you won’t find a better app than Anypay. It takes about 5 minutes to set up, it costs nothing, and it might actually be really good for your business.