Marketing Bitcoin can seem to be an easy or exciting way to generate new interest in your business or service, but there are a few drawbacks to consider. Similar to investing, many only want to see the upside potential while ignoring the downside risks.
Utilizing Bitcoin in your businesses marketing campaign can work the same way, and this article will go over a few of the drawbacks to consider before executing a marketing campaign around the digital currency.
One of the main concerns people have with utilizing Bitcoin as a store of value or method of transacting is the volatility in price.
With traditional currencies such as the U.S. Dollar, even though the value of a dollar of the Forex market is changing, the purchasing power of the dollar doesn’t noticeably fluctuate.
Until a time comes where the store of value is stable, it could be a hindrance to the rate of acceptance.
Lack of Acceptability
Another issue you will like face with marketing Bitcoin is the lack of wide acceptance at this point in time.
Offering Bitcoin can draw in customers who prefer to use it.
While some businesses do accept Bitcoin, it isn’t widely used and accepted right now. With that brings the difficulties of attracting new customers singularly on the idea of your business accepting Bitcoin. On the other hand, offering Bitcoin is a way to draw in customers who prefer to use it.
This can certainly benefit your business over time as Bitcoin grows in popularity, but to notice a gigantic increase in traffic due to the marketing of Bitcoin may be ambitious.
Another difficulty you may find when marketing Bitcoin is the technology needed to utilize this method of payment. To transact Bitcoin, the user most likely needs a cellular device that can access a Bitcoin wallet. Without a cell phone, it is nearly impossible to transact using Bitcoin.
That being said, technology can become an obstacle to your market efforts. Certainly as time goes on this will become more accepted, but right now you may see limited results due to this.
The last difficulty in marketing Bitcoin is trust. Trust in a currency is certainly no easy feat and this will take time. Building trust will in turn make marketing Bitcoin easier, but until trust in the asset is gained, marketing Bitcoin can prove difficult.
Marketing Bitcoin Doesn’t Have to be Hard
While these are some difficulties you may face when marketing Bitcoin, know that all of these can be overcome.
As Bitcoin and the related technologies continue to become accepted, its potential grows. This progress can afford your business the ability to market and profit off of Bitcoin. Patience is key in this situation. By understanding your surroundings, these difficulties can be mere pit stops on the road to success.
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Potential Difficulties Marketing Bitcoin | EWR Digital – Houston, TX