This post is provided by Jason Dirkham
When your business is doing well and you are looking ahead to the future, you will probably be thinking about options for growth. But before you can grow a business, you need to secure some funding, which is often easier said than done.
You could go down the usual route and try to secure a business loan, but there are other options to consider. A lot of business owners are turning to cryptocurrencies like Bitcoin to fund their business instead of relying on cash. But how can you fund your business with Bitcoin and is it a good idea?
Investing With Bitcoin
One way to raise funds through Bitcoin is to start investing. If your business is making a good profit, you could consider investing some of that in cryptocurrency. Well-timed trades can make you a big profit, and that extra money can then be used to fund your business expansion. However, the Bitcoin market is incredibly volatile and the risk is high, so this isn’t the safest choice. If you are not careful, you could lose all of your hard-earned profits.
Mining Bitcoin
Instead of investing in Bitcoin, you could try mining Bitcoin to raise some extra funds. Bitcoin is created by computers solving complex algorithms to ‘mine’ new coins. This requires a lot of computing power, but there are companies that will host your mining operation for you. If you want to make money from Bitcoin but you don’t want to take on the risk of trading it, you should read this and learn more about mining. It’s a great long term investment option that helps you generate more funds to pump into your business. You can then hold your Bitcoins and sell them when the value skyrockets.
Taking Bitcoin Payments
Many businesses have started taking payments in Bitcoin and you should too. A lot of people don’t realize that you can buy goods and services with Bitcoin and even pay for your marketing with it. Online influencers, for example, will often take payment in Bitcoin. So, if you allow your customers to buy with Bitcoin, you can then hold on to it and when the price is high, take advantage of the increased value and use it to expand the business.
Taking Bitcoin payments will also expand your customer base because they are becoming more popular as a mainstream payment option. People are increasingly concerned about safety online, which is why people are switching to Bitcoin instead of using their credit cards.
The way that business funding works has changed so much in the last decade. You no longer need to rely on the bank to fund your plans for growth and, in many cases, you will benefit from looking for alternative sources. For some businesses, Bitcoin is a great funding option that can help you push your business forward. However, it is a very volatile option for investors and the value shoots up and down quite a lot, so it’s important to manage your risks.
This post is provided by Jason Dirkham
