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BITCOIN for Business

using BITCOIN will improve your small business

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BITCOIN for Business

  1. 1. Bitcoin for Business
  2. 2. What is Bitcoin? • Bitcoin accounts are online • Digital money not something you can hold in your hand It’s value is kept in an account or “wallet” • The term “CRYTPOCURRENCY” is used to describe Bitcoin; it is a medium of exchange using computer algorithms (or cryptography) to pay for and receive transactions from customer to merchant, or person to person.
  3. 3. How to Set up a Bitcoin Account • Program software can be installed from • available for Windows, Mac, and Linux • Set up your own BITCOIN WALLET • Looks similar to a bank account, but you’re not connected to any bank you’re connected to the bitcoin network • Your bitcoin wallet is the money you have in a file on your computer, Protected by a complex password you will set up with at least 12 characters
  4. 4. Create a Bitcoin Wallet • On your smartphone -- use in daily transactions with your unique QR code • On your computer – online payments
  5. 5. How to Get Bitcoin • Accept Bitcoin as a form of payment to your bitcoin wallet • Buy them by “Mining” • Buy them from a bitcoin exchange with a bank account or Paypal
  6. 6. My bitcoin wallet --- this is how it will look
  7. 7. CoinDesk Website for checking bitcoin trading values
  8. 8. A FEW THINGS ABOUT A BITCOIN TRANSACTION . . . . . • Nobody logs on to a bank or credit card account. • There may be a small transfer fee but no interest rates incurred. • No banks were holding the money for a couple of days. Transfer is immediate. • There are no bank holidays. Transactions are 24/7 • No tax authority saw the transaction or the money, but this has been under scrutiny, most recently by the state of New Jersey. • No one knows about the transaction except the two accounts making the transaction. • The Transaction is anonymous. • Only encrypted digital signatures are used.
  9. 9. Benefits for Small Business • Your accounts as well as the customer’s accounts are anonymous • No social security #s, no personal financial information to be hacked • Not tied to banks or credit cards • transactions are irreversible and secure • Responsibility for fraud protection is not responsibility of the merchant • Alternative for online ordering and payments
  10. 10. Good News • Put a sign in the window! • Purchase a point-of-sale terminal • Several different companies offer terminals • Coinkite -- example • Keeps track or your transactions
  11. 11. News …
  12. 12. Bad News • The value is unstable • Could be regulated by governments and taxed • Transactions can be slow – about 10 minutes • If everyone in the world used bitcoin, the current version couldn’t handle that number of transactions • MtGox, the main trading entity, could be hacked (and already has been) • Bitcoin’s anonymity allows untraceable illegal transactions
  13. 13. Who is accepting bitcoins as payment? • Wordpress to set up your •, Amazon, Home Depot, CVS, Kmart, Sears • Space travel with Richard Branson • Ok Cupid dating site • United Way for Donations • More & more & more •