Why our media company likes to accept Bitcoin and other cryptocurrencies: Bitcoin is efficient, permissionless and there is a limited supply of Bitcoin.
Bitcoin is a decentralized digital currency that is not controlled by a controlling authority such as a central bank. Transactions on the Bitcoin network are verified through cryptography using nodes (redistribution points) while simultaneously being recorded on a public distributed ledger. This distributed ledger is called a blockchain.
Simply put, Bitcoin is not controlled by a central bank or government authority and because it is a peer-to-peer system, intermediaries are removed from the transaction, saving fees, and time for both parties.
Created in 2008 in a paper authored by the moniker of Satoshi Nakamoto,the cryptocurrency community has taken the technology to fantastic levels of user-friendliness that makes it simple for anyone to hop into.
Why Our Media Company Likes Bitcoin
Longhouse Media leverages the internet and technology to grow businesses and brands. We employ tools such as websites, Facebook advertising, social media management, video production, photography and graphic design to help businesses gain new customers.
So why do we accept payment in Bitcoin, Ethereum and other cryptocurrencies? We have been in love with the potential of the blockchain since we first learned about it in 2016. Like many, we heard about it in between 2010-2012 but when we truly fell down the rabbit hole was 2016, around the time Ethereum was being introduced. Here are three reasons we like Bitcoin as a payment method at our media firm:
- Bitcoin is efficient
- Bitcoin is permissionless
- There is a limited supply of Bitcoin
Allow me to go into detail on these below.
Bitcoin is efficient:
The latest developments in Bitcoin in particular the expansion of the ‘lightning network’ have made the system fast and easy to use. Most payments can be sent and received in seconds. Fast and easy are two key reasons Longhouse Media likes Bitcoin as a payment method for websites we design, videos we produce or sales funnels we craft.
Another primary efficiency is the elimination of intermediaries such as Paypal, Stripe, banks and other middlemen who all take a minimum of a 2% fee from any given transaction. We choose to pass this savings onto the client.
Bitcoin is permissionless:
Especially at the starting stages of our company, banks would put holds on our deposits that in one case took 6 days to resolve; leaving us to pay our bills out of pocket! If a bank receives a deposit that they deem suspicious, you as a business owner are at their mercy. Since Bitcoin does not answer to a central authority, you can be assured that you will have access to the money [that you may need] right away.
There is a limited supply of Bitcoin:
Bitcoin is scarce, only 21 million Bitcoins will be created. Ever. This makes Bitcoin scarce; unlike fiat currency (such as the USD or CAD) which can be printed on demand by government authorities [devaluing everyone’s money].
With most western countries hundreds of billions of dollars in debt, will these countries have to print
money at the detriment of their citizens? Some cryptocurrencies such as Bitcoin are a hedge to this possibility.
One apprehension some have about Bitcoin is ‘is Bitcoin truly scarce? There are so many other cryptocurrencies now..’ Which is very true and definitely something to consider. What impresses us about Bitcoin is the number of users and development community behind the project.
With this said, Bitcoin is only valuable as money if people are willing to accept it in exchange of goods and services; Longhouse Media definitely is!
If you are interested in purchasing Bitcoin or paying us in Bitcoin, you can start by signing up on BitBuy.ca with our referral link You will receive $20 for doing so!
Alternatively, if you are not a Canadian resident feel free to use our Coinbase referral code and receive $10 free when you deposit your first $100.
We would love your opinion on cryptocurrencies we should accept as payment. Comment your suggestions below!
About Our Media Company, Longhouse Media
Longhouse Media is a Canadian business located in Vancouver, British Columbia that serves new, growing and established businesses. Longhouse provides customers with synergistic digital solutions that add value to businesses and personal brands. They keep up to date on the latest technology and growth strategies so you can focus on running your business! Some of the services Longhouse offers are: websites, digital advertising on platforms such as Facebook and Google AdWords, social media management, video production and graphic design.
About Keenan Beavis
Keenan Beavis is a Growth Consultant with Longhouse Media. Longhouse’s services include websites, digital marketing, social media management, videography and graphic design. Past projects of Keenan’s include, a YouTube channel where he was awarded for being the 27th most viewed YouTuber in Canada and a chain of online niche clothing stores under the banner of ‘JK Design Team’. Realizing his aptitude for developing businesses online, Keenan decided to help others grow their businesses and personal brands through technology by founding the business consulting company, Longhouse.
Longhouse can be found online at: www.longhouse.co