5 WAYS AFRICAN BUSINESSES CAN START ACCEPTING BITCOINS TODAY
1. If you have an e-commerce store, you can integrate bitcoin payments into your store, like I did for the Minku online store. It seems to be particularly successful for stores that sell electronics.
2. If you are in the hospitality industry, chances are, up to 1% of the international guests walking through your hotel or restaurant door would be able to pay using bitcoin, if you indicated that your business accepts it (there is a bitcoin payment mobile app to facilitate this). They would feel a part of a cool club (one of few that have actually spent their bitcoins in Africa) and if your service is good, they will more likely be repeat customers than clients who pay with conventional means.
3. If you are designing a good app and are scared to monetize, you can ask for bitcoin payments or donations instead. It is a viable alternative to the ‘download app for free’ propositions.
4. If you are a musician that performs internationally, you can make bitcoin payment an option for ticket sales on your web site. You can also work with your record company to sell downloads of your music directly on your web site, in exchange for bitcoins. There are many people eager to discover good, new African music besides Fela, and they would be even more excited to try your music if they can pay for it with bitcoins.
5. If you offer digital or SaaS services like web hosting, online photo editing, web theme libraries, image libraries and so on (and more and more international companies need Africa-centered stock content for their PR and marketing), Bitcoin was originally created with people like you in mind, and you can integrate it as one of your payment options.
You DO need to declare all your bitcoin income and pay taxes on it like any other income.
Kunmi is the founder of Minku, a fine leather goods company that has been listed in Forbes.