If you’re one of those people who pays attention to chatter about cryptocurrencies, you may have heard quite a few opinions and analyses about Bitcoin’s recent “halving” and how it could affect the price. Periodic “halvings” have an impact on the number of bitcoins that owners of computing power, or “miners,” can generate for solving a block. It was generally thought that the most recent halving, from 12.5 bitcoins per block to 6.25 bitcoins per block, would have a positive impact on the price.
That does not appear to have been the case. Trading saw a bit of a drop in Bitcoin’s price instead. What happened, and what’s the use of having Bitcoin at all if it can’t make you rich?
One of the more unique uses for Bitcoin: Use it to accept tips by adding your own QR code to this shirt. Image credit The Veroshi Store
It may be a clue that Bitcoiners used to get excited about buying alpaca wool socks with Bitcoin. It wasn’t a get rich quick scheme. It was just a prototype for a new form of digital money called cryptocurrencies where you didn’t have to verify your bank account or even provide your real name in order to use it. Satoshi Nakomoto’s original whitepaper called it “a peer-to-peer electronic cash system” in the title.
And now? Most Bitcoiners just use the slang term “hodl” when discussing Bitcoin. Speed and cheap transactions were the original selling points for Bitcoin, but do not exist anymore. Bitcoin forks like Bitcoin Cash and Bitcoin SV claim to be the original Bitcoin because they’re easier and cheaper to send. Many of the OG Bitcoin adopters have jumped to other coins or abandoned ship because they think the Bitcoin community has become too much like Wall Street.
What does this mean for you if you are thinking of incorporating cryptocurrencies and/or blockchain into your business somehow? You may have some luck with making it, “Bitcoin and…” so that you have the name recognition of Bitcoin. Bitcoin and Blockchain. Bitcoin and Ethereum and XRP. Bitcoin and a few stablecoins (which are coins that are supposed to have not much volatility). Bitcoin and these other cryptocurrencies that rank high on Coinmarketcap when you sort by market cap. Bitcoin and your favorite themed cryptocurrencies, like Musicoin or Europecoin. People can pay invoices using Bitcoin, or they can use another cryptocurrency if they’d rather save on transaction fees.
The setup doesn’t have to be hard. For my writing services, I accept seventeen cryptocurrencies using the appropriate wallets and the Nomiddleman Crypto Payments for Woocommerce plugin. “Nomiddleman” is exactly what it sounds like: No third party and no extra fees for processing payments. I promise, no virtue signal intended. This plugin was just ridiculously easy to configure. If you’d rather have the payment processor, BitPay is the top one, but will charge customers an additional fee for paying with Bitcoin. Coinpayments is also a good one if you want the numerous cryptocurrency options.
As important: Use cryptocurrencies for your business expenses whenever possible. Overstock has had some luck with giving its employees the option to receive part or all of their paychecks in Bitcoin. Egifter has gift cards for your business travel needs, office supplies, hardware, and even the option for buying gift cards for promotional use – all with multiple cryptocurrencies as payment options. This saves you the hassle and exchange fees of converting your cryptocurrencies directly into your country’s fiat currency.
Don’t get this “halving” thing? Don’t worry about it. It’s not slashing your cryptocurrency earnings in half. That’s yours to hodl, sell on an exchange, or use to buy a pair of alpaca socks. It just affects the rewards that miners can earn. You can just focus on incorporating it into your business however you like.