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10 ways to integrate bitcoin into your business

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Bitcoin is a virtual currency that has been steadily gaining interest, and it’s easy to see why. Bitcoin can be obtained through a number of ways – mining for bitcoin or buying it from one of the many exchanges out there – and it can be used to purchase merchandise as well as transfer funds from one person to another. The benefits of bitcoin are great, but you’ll need to make sure your business is able to handle accepting bitcoin as a form of payment before you integrate the virtual currency into your company.

10 different methods you can use in order to integrate bitcoin into your business

There’s a lot of overlap between business and bitcoin, as well as between business and the use of other digital currencies. Bitcoin is rapidly growing in popularity, and there are clearly a lot of benefits to owning bitcoin as an investment as well as using it as a form of payment. The Bitcoin Profit app is a great way to get your feet wet with bitcoin. Bitcoin may be best suited for smaller businesses, but even if you’re operating on an enterprise-scale – or just want to transfer funds across borders – you understand that there are benefits to using bitcoin that will influence your business.

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  1. Create an online store:

Online stores can either use bitcoins for purchases or just integrate the bitcoin payment system into their current setup. If you’re already operating an online store, it only makes sense to include the bitcoin payment system as well.

  1. Keep your bitcoins in cold storage:

Cold storage refers to keeping your bitcoins secure in a device that is not connected to the Internet. Cold storage ensures that none of your assets is accessible by hackers or corrupt individuals but can also be used as an investment opportunity for those who want to invest in bitcoin without having their assets online all of the time.

  1. Accept bitcoins as payment for goods and services:

If you sell goods or services, allowing people to pay using bitcoins is a viable option for increasing the scope of your business. Allowing people to pay using bitcoin can give you an excellent reputation among those who already operate businesses. If you’re looking to build a niche market, accepting bitcoins as payment is a great way to expand your clientele.

  1. Accept bitcoins as payment for investments:

If you’re running a hedge fund or planning on crowdfunding one of your projects through an open-source platform, accepting bitcoins could be the way to go. Bitcoin is still largely unstable, but fiat currencies are also subject to market shifts. If you can accept bitcoins as payment for investments, you’re significantly reducing the risk of losing money.

  1. Use your bitcoins to pay employees:

While it’s not a viable option for paying workers overseas, you could set up a microtransaction system that allows you to pay employees and other contractors in bitcoin. This would likely involve integrating the bitcoin system into your payroll software, but it’s possible.

  1. Buy stocks and bonds

Anytime there’s a transaction, there’s somewhat of an opportunity for using bitcoin as part of the process. Thus, you could invest in stocks and bonds, and if the company you’re investing in accepts payment in bitcoin, that certainly broadens your opportunities.

  1. Use the blockchain

The blockchain is a public ledger that provides an easy way to see how many bitcoins are held by all of the users out there and what transactions they’re making. Using this process can help you stay safe from hackers and other corrupt individuals.

  1. Invest in bitcoin companies

You can also invest directly in bitcoin companies instead of trying to get bitcoins yourself. This would require more research on your part, but it might pay dividends if one of these companies has a successful IPO or achieves massive growth through some other means.

  1. Integrate bitcoin into social media

You can use social media to bring awareness to various bitcoin companies you want to invest in, as well as post content that discusses the benefits of using bitcoin.

  1. Promote bitcoin through your company

You can promote the virtues of the virtual currency with advertisements you run through your company. It would take more investment on your part, but if you’re interested in promoting bitcoins, this is an option worth considering.

Future of bitcoin

Bitcoin is more than just a global currency – it’s also a way of exchanging information. You can’t use bitcoin to prove that you have an asset, but you could certainly use it for global money transfers that are faster and safer than any other method of transferring funds. While bitcoin is years away from mainstream adoption, it’s still gaining popularity, so the future is bright for bitcoin as well as any company that makes the decision to integrate bitcoin into their business model.

conclusion

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As stated at the beginning of this post, the best methods depend on you and your company as a whole, as well as what you hope to achieve by integrating bitcoin. Bitcoin is certainly a good investment, but if you’re planning to use the virtual currency for payment matters specifically, you’ll need to make sure your business is able to handle this at some point down the road. With more people using bitcoin for their transactions due to its many advantages, businesses will have more of an incentive to get involved with bitcoins themselves.

Bitcoin

Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

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Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

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Here’s a summary of the BTC transactions:

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

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At time of writing, BTC is down nearly 7.14% on the day to $52,557.

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Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?

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  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside at $3,600.
  • Previous support at $3,950 is currently tested as resistance.

Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.

Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600

ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.

ETH/USD 4-hour chart: ETH reacts back to previous lows

On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.

Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.

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Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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