Crypto Use-Cases: Bitcoin Payouts for Businesses
As it stands, most people think of Bitcoin and other blockchain-based currencies as new alternative investment options. Steve down the road tells everyone how lucky he is to have been an “early investor” and now he’s driving his dream car because he sold at the right time.
While Steve was lucky, he doesn’t have the whole idea.
Bitcoin might be a popular, albeit rather risky, alternative asset to add to your portfolio, but the use cases go a little further than financial padding.
The ‘crypto’ part of cryptocurrency usually takes a backseat to the ‘currency’ part and that leaves us with something which has an intrinsic value over and above its price tag. Buying and trading Bitcoin is only one of the use-cases cryptocurrencies have.
As Bitcoin gains more attention, we see more adoption of digital currencies into everyday life. There are now stores which accept crypto and ATMs which allow you to buy Bitcoin for cash and we are hearing people who do not have stories like Steve talk more and more about it. The more it is accepted, we will start to see it implemented into financial norms in practical ways more often. One of the most interesting ways Bitcoin could be put to use would be as a method of being payout for a service, an achievement, or a reward.
As a merchant, there is a benefit to accepting cryptocurrency payments: It is convenient, instant, secure, and requires no bank charges or fees to receive. If you deal in a company where you pay your customers out, cryptocurrency is a worthwhile consideration.
How can I use Bitcoin to payout?
Companies which have payout services would benefit from offering their customers alternative methods of receiving funds. This could be in the case of a refund, or in a business where paying out is a major component in the business model. These are often seen in fields where a freelancer needs payment, such as advertising, or in an industry where paying customers are paid out such as in gambling and gaming.
A company focused on providing advertising services to international clients often look to publishers from other parts of the world and those publishers need payment for their work. Offering them the choice to be paid in Bitcoin or cryptocurrency streamlines the process of payment as well as opening up areas where international payments are difficult.
Online gambling, in particular, is an industry which has the potential to work very well with cryptocurrency. They both enjoy privacy and anonymity and offer services beyond the border. If you can offer gambling customers the opportunity to receive Bitcoin rather than local currencies when they win, you open up your market.
Using a well developed and secure platform gives you new ways to attract new customers.
Gaming, whether online or not, often is competitive and usually has a winner or winning team. If you own a business which specialises in games which offer monetary rewards to the winners, then you’re not stuck with only awarding cash prizes. Being able to bring a payment in digital currency, it explores brand new options and attracts intrigue to your game and your platform. It also means that it’s not a pain to pay your winner if they are in a different country or have a different banking system.
Pay using Bitcoin and other cryptocurrencies
The option to make payouts in cryptocurrency doesn’t need to be a difficult process. Instead of spending valuable time and resources into building the infrastructure to allow cryptocurrency payout, it is worth considering a platform which can integrate digital currencies payments for you.
Coindirect Business provides easy integration for simple and safe Bitcoin payouts. With their simple plug-and-play solution, you can pay your customers easily and quickly without worrying about bank fees or major delays.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.