Bitcoin Brings New Business to Grand Rapids

By Mayra Monroy on February 10th, 2015 / Comments

The concept of Bitcoin has forged the way to a new digital currency and the possibility for businesses in the Grand Rapids area to expand in a positive way.

Often compared to services such as Google Wallet or Apple Pay, Bitcoin is fundamentally different in several ways. Bitcoin is a digital currency that differs from your average debit/credit card or cash transaction. Businesses that use Bitcoin benefit from the variety of services that are offered from the free service. For starters, Bitcoin’s fees are less than what a business is charged for credit or debit card purchases that customers make.

“These fees can come in several different forms, ranging from 2% plus per transaction, or outrageous prices like $2.50 per swipe for charges under $5, that’s a 50% transaction fee,” said Nigel Morford, founder of N & P Bitcoin Consulting LLC in Grand Rapids. “Bitcoin is free. It’s free to use, and free to setup, and transaction fees are a fraction of what traditional companies charge today, usually a few cents per transaction, or less than 1%.”

Bitcoin offers beneficial services to not only cut costs but also create greater security, faster transaction speeds and overall a greater convenience. With military grade encryption, transactions happen instantly and can be done on any device, mobile or not. Guaranteed protection of your funds is something that Bitcoin promises to every business it sets itself up with.

N & P Bitcoin Consulting, founded in April of 2014, has a mission to help businesses in the Grand Rapids community integrate Bitcoin into their transactions while also informing the public about the use of Bitcoin.

“Bitcoin went through a very rough time at the beginning of 2014 and unfortunately a lot of bad information was put out,” said Morford. “We are providing people with the ability to use, understand, access and sell Bitcoin.”

As a concept, Bitcoin broke ground in 2009, with a turbulent few years to follow under its belt. With a rough start and swirling false rumors, big name businesses are beginning to join the Bitcoin movement. Companies such as PayPal, Microsoft, Dish and Dell, among others are beginning to accept the digital currency. Currently in Michigan, approximately 80 companies are using Bitcoin, mostly in the Detroit and Ann Arbor area.

N & P Consulting has created new ways to trade Bitcoin. The process of buying Bitcoins can be a process that can be anywhere from four to seven days. N & P thinks you shouldn’t have to wait that long.

“When you need access to your money, we believe that you should have access whenever you want,” said Morford. “We provide businesses and users with a place to instantly and securely buy and sell Bitcoin. Our ATM is [one of few] Bitcoin ATMs in Michigan.”

Morford and his team at N & P are focusing on not only integrating Bitcoin into Grand Rapids business life, but also breaking the misconceptions surrounding the currency.

“Bitcoin is used by a very wide variety of people across the world,” explains Morford. “Bitcoin is accepted by over 85,000 businesses worldwide, most of which started accepting in 2014. We are providing businesses with the ability to access these untapped markets groups.”

N & P offers a variety of services to businesses interested in expanding into the Bitcoin sphere. From the actual help of integrating the currency into your businesses to also offering legal and accounting consulting, N & P make it their mission to benefit every company that is interested in Bitcoin.

Expansion is a part of the plan, with hopes of opening office space for those wanting to buy or sell Bitcoin. N & P also offers free Bitcoin consultation and installation for nonprofit charities in the area. Big plans are in store for Morford and his team as Bitcoin continues to forge the way to a new way of business transactions and a new way of life.

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About the Author

Mayra Monroy

Mayra Monroy

Mayra Monroy is studying communication and journalism at Aquinas College. A Texas native, she enjoys studying communication culture and the arts in West Michigan. She currently resides in Grand Rapids and works as a editor-in-chief for Aquinas’ collegiate student newspaper and a freelance journalist.