How to Use Cryptocurrencies & Bitcoin to Expand Your Business
Out of the box growth hacks to grow your business – 7 Ways You Can Use Cryptocurrencies and Bitcoin Ecosystem to Expand Your Business
We are quick to write off cryptocurrencies as soon as some negative news appears. However, statistics say that the global blockchain market is expected to grow by up to $57 million by 2025. This makes the cryptocurrency and the bitcoin ecosystem useful tools for growing a business. Many companies, even the giant such as Microsoft, have already recognized this advantage.
The digital currencies are gaining popularity not only because of their convenience but also because of the millennials and Generation Z who now make a huge part of the market and are more prone to adopting technological novelties than their precedents. So, if you are willing to embrace the change and make your business grow with the help of cryptocurrencies, here are the best ways to do it.
Buy and trade digital money
Similarly to the traditional stock market, the cryptocurrencies can be bought and sold to boost your investments and potentially make more money for your further business efforts. You can do this via cryptocurrency exchange platforms. These are specific websites that enable you to trade cryptocurrencies for digital or traditional currencies and to buy and sell them. There are many available platforms for doing that, but some of the best ones are Kraken, Bitfinex, Poloniex, Coinbase, Changelly, and Bitbuy. Of course, the trading fees in the blockchain environment are much lower than when you use traditional trading channels.
If you’re going to mine, make sure you take a bitcoin mining rig
Bitcoin mining may require some up-front investments but it is also the most effective way to grow your business using digital money. This process includes participating in a peer to peer distributed Bitcoin network, resulting in rewards such as transaction fees paid by a peer from the group or newly generated coins. However, because you are borrowing your hardware to the blockchain for transaction verifications, you will also need a powerful bitcoin mining rig which makes the entire process more effective. From this point on, though, you will have an established and secure secondary income flow.
Use cryptocurrencies to expand payment methods
One of the main reasons why cryptocurrencies have gained son numerous and loyal following is the simple fact they make online trading fast, streamlined and effortless. These are the exact qualities you should strive to build into your online trading platform. And not only that – currently, there are more than 40 million registered blockchain wallets. Expanding your acceptance methods with this versatile asset will definitely increase the appeal of your platform and allow blockchain users to make purchases without having to exchange their digital currency.
Raise the profile of your brand
The interesting thing about cryptocurrencies is that they are part money part protest against the traditional highly-centralized banking system. And as we already mentioned, being such allowed them access to one incredibly loyal follower base. Therefore, by adopting the cryptocurrencies, you will not only make a practical effort to make trading on your platform easier but also a political statement in favor of this egalitarian and decentralized monetary system. As a result, a large number of younger consumers will, by default, be more inclined to trade with you.
Lower the fraud risk
Credit cards are the pillar of the contemporary monetary system, and, in the foreseeable future, it is hard to imagine the world where they will no longer exist. However, it is hard to deny that, as useful and convenient as they are, credit cards are a playground for a countless number of fraud risks. So much so that some companies and even some countries have completely given up on international credit card payments. Talking into consideration that cryptocurrency transactions can’t be repudiated, they offer much stronger assurance in the validity of international transactions.
Find an easy way to fund another business
Clever entrepreneurs are always looking for new opportunities to expand their small empires with various side-projects, often in the role of an angel investor. If selected carefully these ancillary projects can create a powerful synergy and work to the benefit of both companies. To put it simply, cryptocurrencies are making this job considerably easier. Sure, third-party regulations and cumbersome bureaucracy have their purpose and make the financial world much safer. But sometimes (especially in the case of high-risk industries) you simply need more speed and agility and this is the area where cryptocurrencies excel.
Create your own cryptocurrency
In one of the previous sections, we have covered the benefits of participating in peer to peer Bitcoin and creating a system that effectively allows you to create money. This idea, however, should not be observed as the final solution but rather the first step on the road to creating your own cryptocurrency. Although this task requires a lot of hard work and third-party input, the rewards you get in terms of opportunities for business growth are unparalleled. But, even if we put aside all the associated benefits, having a branded cryptocurrency is simply an excellent way to bind your follower base closer together.
We hope these few considerations gave you some general idea of how cryptocurrencies can be used to help your business grow. Ever since Bitcoin was created back in 2009, the entire bitcoin market was accompanied by a healthy dose of skepticism and doubt. The truth, however, is that adopting this alternate monetary system doesn’t mean replacing the traditional financial channels.
The strength of a business poised to grow lies in its versatility and ability to quickly adapt to ongoing trends. Opening up this digital vertical can only help this cause.