Bitcoin is hot. So, should investors selling property wholesale make an effort to accept bitcoin, or is it another major pitfall to avoid?
The bitcoin buzz seems to be growing, just as the virtual currency is skyrocketing in value. So what are the actual pros and cons of trading this digital currency for those wholesale houses? Is it essential or should we avoid it?
There are actually many benefits to incorporating bitcoins into the business of those wholesale properties.
This includes:
Make it easy for more people to buy and invest with you
Taking advantage of the dramatic increase in the price of bitcoin
Increased press, brand visibility and viral spread.
Attention from tech-savvy investors and buyers
Of course, many wholesale CEOs are finding out what Bitcoin is all about. Unfortunately, much of this is in the form of negative media surrounding the recent Silk Road closure, the arrest of Charlie Shrem, and the mega-million dollar bitcoin seizure.
On the bright side, those who have followed this news will know that all of this has little to do with the use of bitcoins and everything to do with illegal activities that are being bought and sold. In fact, the fact that the government supposedly sells the digital currencies it stole makes Bitcoin legitimate.
It is becoming very easy to accept bitcoin, and more and more companies in various industries are adopting it. Right now there is an incredible window of opportunity to ride on the coattails of the coin and press to take it. For many, it could be their best marketing move of the year and really help take their business to the next level. Of course, this will not be an open door or opportunity for long. We’re talking weeks and months before the novelty wears off and everyone is doing it.
However, there are some critical considerations to keep in mind. Many may prefer to spend and accept bitcoins for privacy. However, while Bitcoin Magazine reports that 90% of the existing ones are accumulating, there is the possibility of big fluctuations.
Over the past year, this has worked in favor of bitcoin owners and miners. Coins that were worth a few or a few hundred dollars a year ago are currently trading for hundreds and tens of thousands of dollars. Due to the limited number of people holding them, there is a lot of control in a few hands.
So recognize the value of using them in real estate wholesale, but think about the consequences of having too much virtual money.