Bitcoin is hot. So should investors wholesaling properties be scrambling to accept bitcoins or is it one major pitfall to stay away from?
The buzz about bitcoins appears to just be growing, just as the virtual currency is rocketing in value. So what are the true pros and cons of dealing in this digital currency for those wholesaling houses? Is it a must have or perhaps must stay away from?
There are actually a large amount of benefits of incorporating bitcoins into business for those wholesaling properties.
This specific includes:
· Making it a lot easier for more individuals to purchase from and invest with you
· Cashing in on the remarkable rise in bitcoin price
· Increased press, viral spread and brand visibility
· Attention from tech savvy investors and buyers
Naturally many wholesaling CEOs are discovering what bitcoin is all about. Unfortunately, much of this is in the form of negative press surrounding the recent shut down of Silk Road, arrest of Charlie Shrem and mega-million dollar bitcoin seizure.
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On the bright side, those that have followed this news will be mindful that this all had little to do with using bitcoins, and everything to do with the illegal activities being bought and sold. In truth, the fact that the federal government is reportedly selling the digital coins it swiped makes bitcoin legitimate.
It’s becoming extremely easy to accept bitcoin, and more and more businesses in different industries are adopting it. Right now there’s an amazing window of opportunity for riding on the coattails of the currency and press by taking it. For most, it could be their best marketing move of the year, and really help to launch their businesses to the next level. Not surprisingly this will not be a door or even opportunity receptive for long time. We are talking months and weeks before the novelty wears off and everybody is doing it.
There are several critical considerations to keep in mind though. Many may prefer spending and accepting bitcoins for privacy. But, while Bitcoin Magazine reports ninety % of all those in existence are being hoarded, there is the chance for big fluctuations.
Over the last year this has been effective in the favor of bitcoin owners and miners. Coins that were worth just a number, or perhaps few 100 dollars a year ago are now trading for tens and hundreds of a huge number of dollars. With the limited number of people holding them there is a lot of influence in a handful of hands.
So recognize the value of using them in wholesaling properties, but think about the consequences of holding an excessive amount of in virtual money.
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