Have you thought about accepting cryptocurrency as a form of payment? Small and large companies alike are starting to make the transition, with brands like Overstock, Microsoft, Expedia, Newegg, and even Subway jumping on the bandwagon. Tech companies might see the advantages of having a more secure payment network, or might have leaders invested in the future of cryptocurrency—but there are also significant marketing benefits to reap by accepting cryptocurrency at your business.
The Basics of Cryptocurrency
In case you aren’t familiar, a cryptocurrency is a digital currency that normally relies on technology called the blockchain to record transactions in a secure, peer-to-peer ledger. While the technical details aren’t vital at this stage, it’s important for individuals to understand what it takes to begin accepting this form of digital currency.
Bitcoin is by far the most popular name in the crypto world, but there are also “altcoins,” which present viable alternatives with perks like lower volume, lower transactional costs, or unique features, such as SmartCash, Ethereum, and Litecoin. Once you’ve decided on a selection of currencies to accept, you can start accepting payments using one of several methods. Crypto wallets, which let you store cryptocurrency and process transactions, can be used fairly easily, or you can go through a third party service provider, especially if you wish to convert to fiat currencies automatically.
I recently spoke Blockchain advocate, Sarah Austin, who is a Forbes 30 Under 30, and a product marketing consultant to SAP, the $140 billion dollar software company. I tuned into her live broadcast from SAPPHIRE NOW, the conference attracting 30,000 attendees and customers with headliners such as Barack Obama, Charlize THeron, and opening keynote by SAP CEO Bill McDermott. Ausin, also an accomplished marketer whose marketing campaigns have been recognized by Wired Magazine, The New York Times, and Sundance Film Festival, shared five of her top tips in how to transition a new business’s marketing structure into the blockchain and cryptocurrency space. with a background in machine learning and artificial intelligence, recently co-authored an e-book with SAP Leonardo called “The Path To Digital Innovation.”