The Bitcoin Revolution: It's for Marketers Too

Bitcoin has been taking the world by storm, popping up time and time again in the news. And though it's been on our radars so far as something financiers and even the police force should be concerned about (see "Silk Road Shutdown"), not as much has been said about how small businesses and marketers can leverage the trend.

Who's Using Bitcoins and Why?

San Diego's Conscious Cookery uses its ability to accept Bitcoins as a differentiating factor, setting it apart as a cutting edge small business on the forefront of technological change (even if they are just selling organic grains, rice, and beans). They even encourage consumers to pay with Bitcoins through special promotions, such as 15% orders completed through Bitcoin payment, as seen below.

It's not just the marketing appeal that is drawing in small businesses though. Accepting Bitcoins allows small businesses to reduce their costs, as it requires no start-up fee (unlike major credit cards) and charges lower transaction fees (about 1% vs. 3%). This all adds up to small businesses making more profit from each transaction.

Furthermore, Bitcoins allow small businesses to become international through e-commerce, as Bitcoins are an international currency, unattached to any government. It's not that e-commerce was impossible for small businesses before, but Bitcoins better enable it.

How can you join the Bitcoin revolution?

Small businesses can easily get in on the action with tutorials explaining how to implement Bitcoin as a payment method and consumers can jump on spending their Bitcoins by leveraging sites such as SpendBitcoins  and the Bitcoin Yellow Pages that share business that accept Bitcoins.

Will you jump on board?

Do you think accepting Bitcoins as a payment method is something worth jumping on? How do you think marketers can best leverage this cutting-edge currency or do you think the marketing appeal will die off quickly as Bitcoins become widespread?