With so many trends in the business world, sometimes it is difficult to assess which of those will give you a competitive advantage and which will just turn out to be a fad.
For many businesses, especially small ones and startups, making this distinction can be a question of survival since both passing on an opportunity and making a wrong investment can cause financial problems. But again, if you keep doing what everyone else is doing, you will neither conquer your competition nor grow to your full capacity.
Yes, that’s all fine, but why cryptocurrencies? you may ask – let’s explore this topic together.
Keep up With the Times
For starters, cryptocurrencies do not fall under the category of fads. With bitcoin on the market for 10 years now, it is quite clear that it is not going anywhere.
Big companies around the world have started accepting bitcoin and other cryptocurrencies as a payment method so this should be a wake-up call for many businesses out there looking to make it in the business arena.
Paper money and coins are not going to disappear any time soon, but keeping up with the trends can make all the difference one day. Until that time, try to learn as much as you can about cryptocurrencies and how to make the most of them so when the time comes, you’ll be quicker than others to reap all the benefits.
Decrease the Time for Transactions
Internet banking is, without a doubt, much faster than traditional banking, but can this speed be challenged? Since the money goes through a financial institution, in this case, the bank, many procedures need to take place. No matter the part of the world, bureaucracy is painfully slow, just in different degrees and at most times, businesses could use the money sooner than later.
This is where cryptocurrencies come to play: the transaction is almost instantaneous and it is right away ready for you to directly pay your suppliers or trade it to fiat currency and pay then. In addition to that, nobody is stopping you from acquiring bitcoin mining equipment and earning bitcoins on your own to increase your budget.
So, with bitcoin transactions, you would find it easier to manage your business budget because you would have the money at your disposal shortly after a customer has paid for an item or a service.
Eliminating the Fees
Banks have become an inseparable part of our lives and we have gotten so used to them as a mediator when we send money to a relative, receive our salaries, pay the bills, purchase things, etc. As a mediator, a bank will always do its best to protect its interest and of course, charge for its services. It seemed as though the only way to do business was to go through a bank and give them a cut of your hard-earned money.
However, that is no longer true since cryptocurrencies boast being decentralized. This means there is no bank or financial institution to take a percentage of your transaction – you are in fact, eliminating the middleman.
Naturally, you need to be careful when it comes to the choice of the wallet provider and the market on which you might exchange those coins because there is a lot of people who would take advantage of you by charging you sky-high fees. In that case, your task is to gather as much information as you can to make an optimal decision.
Increase the Security of Transactions
One of the main reasons businesses and people, in general, are slow to embrace cryptocurrencies is because they fear change. Instead of demystifying cryptocurrency mining, trading, transferring, etc. by reading about it, they deem it all a scam and an uncertain thing to get involved with. But what they don’t know is that cryptocurrency transaction details are incredibly secure owing to cryptography encryption.
In simple terms, cryptography methods rely on advanced mathematical codes to store and transmit data values in a secure format. This is what ensures that the data or transactions reach only the person they were intended for, as if the transfer took place in person, from one hand to another. Of course, you need to be mindful where you keep the coins but the transfer itself is very much secure so we again go back to the topic of choosing the wallet provider wisely after meticulous research.
Expand Your Customers Base
By introducing cryptocurrency as a payment method, you will be attracting a wider audience. Younger generations, digital nomads, cryptocurrency miners or simply people who find it easier and faster would be more than happy to get the option to pay for services and products via crypto coins.
As mentioned at the beginning, a number of companies have started accepting cryptocurrencies, most commonly bitcoin as a payment method so your business will not be the first. This means you have from whom to learn the ropes and with whom to collaborate.
From buying digital products and clothes to paying for a cup of coffee at their favorite café, your customers see the benefits of using cryptocurrencies and if you want to cater to their needs, you need to introduce them as well.
Having in mind that bitcoin has been around for a decade now, it is safe to say that the business world is moving towards making it an obligatory part of that system. Regardless of your niche, your instinct for your business’s survival should be strong and your spirit adventurous if you wish to make it in the big bad world of business.
This is why this is the best time to hop on the train and take advantage of all the benefits that come with cryptocurrencies. And since the world around us changes at an extraordinary pace, we may yet be surprised by new applications for cryptocurrencies in the years to come.
Derek Lotts is a Sydney based writer and researcher, a regular contributor at Smooth Decorator blog. He writes about décor, gardening, recycling, ecology, and business. He thinks all of these topics fall under the self-improvement category. He believes in the power of sharing ideas and communicating via the internet to achieve betterment.