8: Josh Friedeman ON: How to Integrate Bitcoin Into Your Business

In this podcast episode, Scott chats with Josh Friedeman and discusses the potential benefits of incorporating Bitcoin into businesses. They explore the concept of Bitcoin as a scarce and secure form of money, its potential as a tool to attract forward-thinking employees, and its use as a payment method to eliminate credit card fees. They also discuss Bitcoin's role as pristine collateral for loans, its potential as a balance sheet asset, and strategies for businesses to integrate Bitcoin. The conversation emphasizes the importance of understanding Bitcoin's potential in the current economic climate and its potential game-changing advantage for businesses. Josh Friedeman has been a Bitcoiner since 2021. While many have the misfortune of buying "altcoins" in hopes of making millions (only to find themselves holding the bags of insiders and institutions), Josh was fortunate enough to run across Bitcoin-only educators first. The more he learned, the more he wanted to contribute. He has hosted a podcast since 2019 (Life as Leadership). He knew the podcasting landscape, but there were already hundreds (thousands?) of Bitcoin-related podcasts out there. Josh wanted to add signal rather than noise. He noticed that few people were talking about how business owners were using Bitcoin. With that in mind, he launched The Business Bitcoinization Show, the first show (to Josh's knowledge) focused specifically on how to use Bitcoin for business growth. While his efforts increasingly focus on Bitcoin, Josh's day job consists of coaching and consulting business owners to help them grow their businesses - particularly in the areas of leaders, sales, and marketing. What We Discuss: (00:03:39) Meet Josh Friedeman, his Bitcoin podcast and business, and his personal journey of understanding Bitcoin. (00:08:19) Bitcoin as a scarce form of money that preserves purchasing power over time, highlighting its decentralization and security compared to fiat currencies. (00:11:33) Discussion on the scarcity of Bitcoin and its relevance in the current high inflation environment. (00:13:46) Explanation of ETFs and their significance in providing exposure to Bitcoin without the need to directly own and custody it. (00:23:38) The concept of fair money and the potential game-changing applications of Bitcoin for businesses. (00:27:16) The benefits and challenges involved in businesses offering Bitcoin as compensation to employees and accepting Bitcoin as payment from customers. (00:37:03) How Bitcoin can be used as collateral for loans, providing easy access to fiat currency without going through banks. (00:38:21) The potential for businesses to use Bitcoin as an asset on their balance sheets, comparing it to owning rare and valuable property. (00:43:43) Encouragement for business owners to consider becoming the first in their community to accept Bitcoin, highlighting the potential benefits for their business in the future. (00:47:09) Three strategies for businesses to incorporate Bitcoin, including mining, using companies that handle the technical details, and selling Bitcoin through a voucher system. (00:48:08) How businesses can offer discounts to incentivize customers to pay with Bitcoin and suggests using Bitcoin ATMs or voucher systems to make it easier for customers to acquire Bitcoin. (00:49:17) The importance of attending Bitcoin meetups to connect with potential customers and explore business opportunities within the Bitcoin community. Episode Resources: Business Bitcoinization | Website Business Bitcoinization | Podcast Josh Friedeman | Twitter