3 Ways to Own Bitcoins

Bitcoin has earned a lot of attention in the news over the last year due to its growth in value, most recently peaking at $5,013 for a single bitcoin on September 1, 2017. While there has been some debate among economists about what the future of bitcoin holds, many people around the world continue to have an interest in owning the cryptocurrency. If you are among those who want to secure a bitcoin for yourself, you can do so in the following three ways.

1. Make a purchase. While the price of a single bitcoin was originally 8 cents, the current value is over $4,000. People who would like to purchase a bitcoin at this price can do so through one of many different digital asset exchanges hosted online. Some of the most popular digital asset exchanges include Coinbase, itBit, Blockstream, and Bitnet.

2. Mine bitcoins. There are only a certain number of bitcoins that will ever be available to own, and in order to bring new bitcoin into existence, people must mine them via the online bitcoin network. Around 74 percent of all bitcoins have already been mined, and the process to uncover the remaining currency involves the use of well-equipped computers and software to solve complex math problems. Individuals who are interested in mining bitcoin must invest in faster-than-average hardware to be competitive with other miners, or they can work as a part of a group through online mining pools, which allow individuals to combine the power of multiple computers to mine bitcoin.

3. Accept bitcoin payments. For entrepreneurial individuals, one of the easiest ways to secure a bitcoin for oneself is by selling products or services and adding bitcoin as an acceptable payment method. Major companies such as Expedia, Tesla, and Amazon already enable payment through bitcoin, and accepting the cryptocurrency has the benefit of lower transaction fees, a higher degree of fraud prevention, and no risk of chargebacks.

How Blockchain Can Benefit Small Businesses

The digital age and the ongoing growth of technology have made owning and running a business easier for entrepreneurs, with tools such as cloud technology, mobile applications, and social media helping companies to save money and reach a greater number of potential consumers. Another type of technology that is changing the way that small businesses operate is blockchain, a type of digital ledger that allows users to conduct transactions in a secure manner without the need for regulation by a private third party. Entrepreneurs should be aware of the following three ways in which the use of blockchain technology can benefit small businesses.

• Fewer fees. Any small business owner who accepts credit or debit cards knows that the fees associated with this form of payment can negatively impact their cash flow. Conversely, most transactions conducted via blockchain have fees of less than 1 percent, owing to the fact that no middleman is involved in the transaction. Fewer fees means more money stays in the pockets of business owners.
• Easy international payments. Since the Internet makes it easier for businesses of all sizes to sell their products to people living anywhere in the world, companies that wish to operate internationally must find an efficient method of accepting global payments. Blockchain’s decentralized nature allows it to function like a global currency, allowing businesses and their customers to complete international transactions in a way that is faster, more secure, and less expensive than traditional methods.
• No disputes. In spite of the fact that the cryptocurrencies supported by blockchain are digital, they function more like cash. A transaction conducted on blockchain is final, and charges completed through this method cannot be disputed by customers the way that credit or debit purchases can. Payments made via blockchain technology are also available to business owners much more quickly than those made through traditional methods because they do not need to undergo a clearing processes like those conducted by banks.