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Get Ready to Accept Bitcoin Payments for Your Events

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Visual Summary of the EventTechBrief.com article, "Get Ready to Accept Bitcoin Payments for Your Events." To read the full article visit: http://bit.ly/1nNwyN8 or to recieve the newsletter directly to your e-mail, subscribe at: http://bit.ly/1vyqdEW

Published in: Economy & Finance, Technology
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Get Ready to Accept Bitcoin Payments for Your Events

  1. 1. Get Ready to Accept Bitcoin Payments for your Events Article by Michelle Bruno EventTechBrief.com
  2. 2. Alan Meckler believes that by 2016, one hundred percent of trade shows and conferences will accept bitcoins as payment for attendee registrations, booth space rentals, and other services. As an Internet media pioneer and the current Chairman and CEO of MecklerMedia (the organizer of the Inside Bitcoins global series of conferences and expos), he is either very biased in his opinion or on the cusp of something big.
  3. 3. Bitcoin is an open-source, peer-to-peer software platform that facilitates the exchange of digital currency (known as bitcoins). There is no bank or other intermediary required to transact payments in bitcoins. The transactions are low cost, highly secure, irreversible, globally accessible, and extremely transparent. The value of a bitcoin fluctuates daily and prices are reported by a number of sources including Google, Yahoo, Bing, and Bloomberg.
  4. 4. Meckler is no stranger to Internet-based businesses and events. In the 1990s, he developed the Internet World and Virtual Reality World conferences bolstered by the print publications of the same name. In the same decade, as CEO of Mecklermedia, he created MecklerWeb, an “Internet-based corporate communication and marketing system” and acquired a number of websites focused on technology content.
  5. 5. The mechanics for event organizers to accept bitcoin are simple, Meckler explains. Third-party merchant services companies—similar to those that accept credit card payments—can be utilized to set up bitcoin payments. “It doesn’t take much to set it up and there is very little risk. If you don’t want to hold on to [the bitcoin], you can sell it,” he adds.
  6. 6. The potential for bitcoin payments for events (and all businesses) is enormous, Meckler believes. “I think it’s going to be huge in a number of ways not just as a currency, but as a peer-to-peer software. It’s safer than any other transaction method because the buyer and the seller have no middleman. You can also plot through the block chain and it’s almost impossible to have fraud,” he explains. BUYER SELLER No middleman
  7. 7. For Inside Bitcoins, ten to fifteen percent of registrants have paid in the online currency, as well as some exhibitors. Because bitcoins can be traded, i.e. bought and sold just like stocks, Meckler’s company can sell any portion of the bitcoins they receive at any time. Whatever amount it retains can be used to pay for show services from companies that accept such payments—and more and more companies are doing do every day, Meckler says.
  8. 8. While there is a downside to accepting bitcoin—the value fluctuates, there is a chance that governments will legislate against them, and the concept is still in the experimental stages—there are signs that the “cryptocurrency” is gaining traction. While there is a downside to accepting bitcoin—the value fluctuates, there is a chance that governments will legislate against them, and the concept is still in the experimental stages—there are signs that the “cryptocurrency” is gaining traction.
  9. 9. Accepting bitcoins as payment requires a different mindset than a typical event organizer has. For example, MecklerMedia is currently holding about 300 bitcoins. With the average price paid at around $200 each, one bitcoin is worth approximately $400 in today’s market. “It’s like buying a stock. You have to say to yourself, ‘am I a long-term holder or do I cash in now.’ In five years, bitcoin will either be worthless or worth about $100,000 per bitcoin. I’m not betting the ranch." - Alan Meckler
  10. 10. As in the past, Meckler believes he is in the early stages of a huge business opportunity for event organizers and businesses. “I was early in the Internet space and I can remember in 1995 that the last thing someone would do is give out their Social Security Number or send money over Internet. I don’t have to tell you where we are today. History doesn’t necessarily repeat itself, but it rhymes. This is the closest thing to the beginnings of the Internet that I’ve ever seen.”
  11. 11. Read the full article: http://bit.ly/1nNwyN8 Subscribe to the newsletter: http://bit.ly/1vyqdEW

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