Bitcoin is hot. So should investors wholesaling properties be scrambling to accept bitcoins or perhaps is it another major pitfall to stay away from?
The buzz about bitcoins seems to only be growing, just as the virtual currency is rocketing in value. So what are the actual pros and cons of dealing in this digital currency for those wholesaling houses? Is MENA crypto news must have or even must avoid?
There are in fact many benefits of incorporating bitcoins into business for those wholesaling properties.
· Making it a lot easier for more individuals to buy from and invest with you
· Cashing in on the dramatic increase in bitcoin price
· Increased press, viral spread and brand visibility
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· Attention from tech savvy investors and buyers
Needless to say many wholesaling CEOs are just discovering what bitcoin is about. Unfortunately, a lot of this’s in the form of negative press surrounding the latest shut down of Silk Road, arrest of Charlie Shrem and mega million dollar bitcoin seizure.
On the bright side, those that have followed this news is going to be aware that this all had little to do with using bitcoins, and everything to do with the illegal activities being bought and sold. In reality, the fact that the federal government is reportedly selling the digital coins it swiped makes bitcoin legitimate.
It is becoming extremely simple to accept bitcoin, and more and more small businesses in many industries are adopting it. Right now there is an amazing window of opportunity for riding on the coattails of the currency and press by taking it. For most, it might be their best marketing move of the year, and truly help to launch their businesses to the next level. Obviously this will not be a door or even opportunity wide open for long time. We are talking months and weeks before the novelty wears off and everyone is doing it.
There are several critical considerations to take into account though. Many may prefer spending and accepting bitcoins for privacy. Nevertheless, while Bitcoin Magazine reports 90 % of those in existence are being hoarded, there’s the possibility for big fluctuations.
Over the last year this has worked in the favor of bitcoin owners and miners. Coins that were worth just some, or few hundred dollars a year ago are now trading for tens and hundreds of thousands of dollars. As a result of limited number of people holding them there’s a great deal of influence in a couple of hands.
So recognize the importance of using them in wholesaling properties, but think about the consequences of holding way too much in virtual money.
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