Successful Bitcoin Marketing often results from innovative businesses simply accepting payments to open up new niches. Many businesses have had great fortunes with using Bitcoin, which further strengthens the economy by giving more uses for the cryptocurrency. The almost non-existent fees and the inability to reverse transactions is a huge selling point for business, where traditional payment methods (like credit cards) could leave the business with losses.
Here are some of the businesses that have had great success with accepting Bitcoin as a payment method.
Bees Brothers was a business set up by three brothers that were learning about bees through farming honey. Over time, they ended up with more honey than they knew what to do with, and started to sell it locally. This eventually led to accepting Bitcoin for online purchases, being that it has no fees and is a very safe method for accepting payments (with no charge-backs), and their business exploded from there.
It is really safe to say that Bitcoin is what made their business as successful as it is today, and they, in turn, helped strengthen Bitcoin by accepting it. It is a win-win for everyone.
Overstock was the first major retailer to start accepting Bitcoin for purchases. Soon after starting to accept Bitcoin, Overstock’s CEO, Patrick Byrne, reported that they had sales of over $1.6 million that utilized the cryptocurrency. Further, sales since this period appear to be averaging around $200-300k a month.
A great benefit of using Overstock is that they are not dumping coins back on the market as soon as they get them. Instead, they are holding coins for the long-term, to help boost the price of them and to help reduce the amount of price dumping that would otherwise be present.
Expedia is a major site for booking travel, and they have recently started accepting Bitcoin as a payment method. They tout over 290,000 bookable properties. As of yet, airline tickets and car rentals are not able to be paid via Bitcoin, but they have stated that they are working on it.
It is not clear exactly how much the acceptance of Bitcoin has affected Expedia, but they stated that they did estimates based on Overstock’s size and their results and came up with their own estimates as to what they should expect. Expedia further stated that they have been meeting and exceeding those estimates, leading to great things for the company (and Bitcoin).
Dell is a major computer company that pretty much everyone should already be familiar with. Their acceptance of Bitcoin was a sign that it was going to make it mainstream, or at least gain more attention from those that otherwise are uncomfortable with the idea of cryptocurrencies.
It’s hard to say exactly how their business accepting the coins is going to affect them, but it is important to take into consideration the fact that their clients largely include computer experts and other knowledgeable people. In other words, it’s hard to go wrong with accepting Bitcoin as a technology company.
As of yet, no information has been released as to what effects the move to accepting Bitcoin has had on Dell, though it is safe to assume it is going to at least be helpful. Even if the sales for the business don’t increase, every sale that happens through Bitcoin means less money is lost due to fees and fraud.
Why Bitcoin is Useful for Businesses
When it comes down to it, Bitcoin offers the same benefits to all businesses that accept them. They offer reliable payments (that can’t be reversed or be found to be fraudulent), low fees (the acceptor pays absolutely nothing on their end) and quick transfers (there is no waiting for days or weeks to get the funds in).
All of these help boost business productivity, increase the profit and help secure the business overall. On top of this, all funds that are taken in are held by the businesses themselves, rather than having to wait for a third party to release (or not release) them.
As more and more businesses jump on board with Bitcoin, it will help push others to get in on it as well. This benefits the entire community, by increasing the number of suppliers and consumers that are utilizing the currency, which in turn gives more uses and helps create more liquidity.
For a lot of businesses, the effects of Bitcoin acceptance still have not been seen. As the economy around it grows, however, this will change and great things will happen.