Filling your digital wallet: Using cryptocurrency to benefit your business
There’s no getting around it, cryptocurrency is changing the face of business as we know it. From the perspective of any business that’s been going for some time, it could appear to be a passing thing, but with the rise of bitcoin and the technology being developed to accommodate this, it’s a bandwagon that we are foolish not to jump on. But while there are numerous risks associated with any business, from outsourcing certain processes to embracing technology that may prove to be a fad, cryptocurrency needs to be a part of any business infrastructure. Why is this, and how can we get it on board?
The Reduced Fees
One of the major benefits is a financial one. Bitcoin being a peer-to-peer network means that the middleman, aka the banks, is eradicated. As transactions are processed through a centralized network, it gives you the opportunity to process payments quickly, cuts down on excessive banking charges, not to mention the fact that it’s all done with one currency, meaning that your reach is much further. If you deal in one currency, and you find the hassle of exchanges inhibiting, cryptocurrency could prove to be a deal breaker for you.
Implementing It Into Your Business
This is where it can get tricky. While cryptocurrency is on the increase, and there is a diverse range of cryptocurrency, this doesn’t mean that all of your suppliers and clients will operate with this in mind. It can mean a lot of bartering and debating to get them onside. There are many factors at play to implement it within the business, but also raising the necessary currency. There are processes like bitcoin mining, which can prove to be quite an expense on any young business, because of the very simple reason that technology needs to be top of the range for any profit to accumulate through the process of bitcoin mining. This may mean that you will have to diversify your financial team, and account for someone to exclusively work in the process of bitcoin mining.
But the process itself requires some background knowledge of coding, which can prove to be difficult to acquire if you don’t have the workers. In addition to this, if you encounter the specific problem, even in a legal sense, where an employee has got into an altercation while traveling for business, and the finest truck accident lawyers available need to be paid for, it’s unlikely that they would accept cryptocurrency. And this is part of the concern for any business, because cryptocurrency is, to an extent, an unregulated currency, external clients won’t touch it at the moment.
How Cryptocurrency Can Improve Your Business
It’s not just the financial aspects that prove intriguing, but its surge in popularity means that there will be more users seeking out businesses that use cryptocurrency. From a business perspective, the benefits of finding new customers a part of an untapped market it can be very exciting. It is part and parcel of any business to find a gap in the market, and while marketing efforts usually need to go into overdrive, if utilizing an alternative currency gains you an insight into other untapped markets, it’s a fantastic bridging device. And from the perspective of promotion, it’s a great way to gain publicity. As cryptocurrency like bitcoin makes the news, even on a local level, there are reports on businesses taking these payments, which links into the fundamental tenets of building a small business outwards: you need to start locally!
As businesses require everything to be working in tandem, especially at the outset, when there are issues in terms of late payments, cryptocurrency is invaluable. As the third-party is eradicated, the money goes straight into the recipient’s account. Granted, it goes into the wallet, which can then be converted into your local currency. But when there are issues with the supply chain, and you’ve got to do a lot of juggling to make sure that customers are happy, as well as your employees, eradicating the third party is a massive help. And when it comes to transactions, because there are no charges, they cannot be reversed.
Is It The Way Forward?
With every passing day, more businesses are embracing cryptocurrency. And for all of its positives, they can be issues in terms of fit being deregulated, cybersecurity problems, not to mention the fact that bitcoin is a limited currency. There’s only what is out there, no more can be made. In this respect, diversifying your efforts to embrace other forms of cryptocurrency, while can be a short-term headache; it can help you garner publicity to be a more pioneering business. It’s also beneficial for your business mindset, because if you started diversifying now, as troublesome as it can be, it will become second nature to you further down the line, and as you gather publicity, but also deal in numerous cryptocurrencies, you can diversify your efforts and reap the benefits. Cryptocurrency is the currency of the future, but there are still areas where people are tentative to jump on board. This means the combined effort of working with these people, but also highlighting the positives from their point of view. Because it’s an unregulated currency, people can feel tentative due to its precariousness. But for any business to blaze a trail, they’ve got to go down uncharted roots.
So many people are tentative in terms of taking the cryptocurrency plunge, but what you can do in the meantime is make a small investment. Because startups need a quick windfall, investing in “digital gold” like bitcoin can result in a quick surge in profit. As it’s easy to use, cryptocurrency is the perfect starting point. At the time of writing, one bitcoin is in excess of $8,000. As a windfall is concerned, this will benefit a small business as with every investment, there are ups and downs. In the meantime, to ensure that your business makes significant traction, it’s about doing your due diligence and ensuring the cryptocurrency is the right method for you.