Bitcoin is hot. So should investors who are wholesale real estate shrink to accept bitcoins, or is it another big pitfall to avoid?
The buzz about bitcoins seems to only grow, as does the virtual currency shooting in value. So what are the real advantages and disadvantages of trading in this digital currency for these wholesalers? Is it a must have or should be avoided?
In fact, there are many benefits to incorporating bitcoins into the business for these wholesalers.
· Make it easier for more individuals to buy from and invest with you
· Deposits on the dramatic rise in bitcoin price
· Increased press, brand visibility and viral spread
· Attention from technically savvy investors and buyers
Of course, many wholesalers managing the CEO are discovering just what bitcoin is all about. Unfortunately, much of this is in the form of negative media surrounding the recent shutdown of Silk Road, the arrest of Charlie Shrem and the mega-million-dollar seizure.
On the bright side, those who have been following this news will be aware that all this had little to do with using bitcoins and everything to do with the illegal activities that were bought and sold. In fact, the fact that the government sells the digital coins, the sweep, bitcoin is legitimate.
It is becoming very easy to accept bitcoin and more and more companies in various industries are adopting it. Right now, there is a fantastic window with options to run on the currency's coattails and tap by taking it. For many, it may be their best marketing move of the year and really help start their business to the next level. Of course, this will not be a door or opportunity open long. We talk for weeks and months before the news goes off and everyone does.
However, there are some critical considerations to keep in mind. Many may prefer to use and accept bitcoins for privacy. Although Bitcoin Magazine reports that 90% of those in existence are withheld, however, there is the potential for large fluctuations.
Over the past year, this has worked in favor of bitcoin owners and miners. Coins worth just a few or a few hundred dollars a year ago are currently trading for hundreds and tens of thousands of dollars. Due to the limited number of people holding them, there is a lot of control in a few hands.
So, recognize the value of using them in wholesalers, but think about the consequences of holding too much in virtual money.