Digital currency and Bitcoin: Entrepreneurial opportunities galore
Entrepreneurs are always on the lookout for ways to better serve customers and generate more business.
Today old-line industries are being displaced with new, innovative models that weren’t possible or even imagined years ago.
Today we see Uber replacing taxis. We see Airbnb replacing hotel stays.
We know how Amazon has made book delivery instantaneous in contrast to ordering a book and waiting weeks to get it from a traditional bookstore.
Now we have the digital answer to government-issued monetary currencies.
The most prominent is Bitcoin. It is a way to process transactions in real-time, around the world, at little or no cost compared to traditional banking service charges. It is safe and anonymous. That is a pretty good combination, and it makes sense to look into what it can do.
What Bitcoin can do
I’m still a rank amateur in using Bitcoin, but I am very impressed with what it can do and is doing.
Recently, I had a chance to interview entrepreneur Doug Scribner. He and his partners have a venture called WatchMyBit.com where they allow content producers like professional speakers, authors, coaches and other thought leaders to sell videos they have produced.
For prices like 12 cents, 48 cents or other very reasonable amounts, they allow people to purchase these videos with Bitcoin. Because the price level can be so inexpensive, it creates a bigger demand, and potentially the number of people purchasing the videos can be much larger.
Of course, pricing can be whatever the seller chooses it to be.
Scribner went on to show how Bitcoin can be used to purchase common items like Starbucks and Amazon items —- at significant discounts. This was not possible a few years ago, and now it is being used regularly for that.
Bitcoin and digital currencies are changing the way we interact with others. This technology will be very good for relationship marketing as it brings people closer together and removes many of the barriers to working together and facilitating commerce.
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