How can a small business owner like you benefit from cryptocurrencies? Think about it: digital currencies are not regulated, making them a significantly risky investment. Still, it’s difficult to ignore the growth in the value of bitcoin, which has gained massive mainstream attention. But all the attention begs the questions: why should any business owner get into the cryptocurrency market, and how? Let’s dive deeper.
Cryptocurrency for Small Business
Just like any new technology and evolving trend, blockchain has a loyal following of skeptics; people who are just waiting to see if the interest around the technology is merely a fad. Unsurprisingly, the overwhelming interest when cryptocurrencies hit an all-time high is still visible today as the market makes a few healthy corrections. Many people only know about Bitcoin (BTC), and perhaps Ethereum (ETH), mainly from Revain reviews, which you can read about here.
There are many other cryptocurrencies, which small business can leverage to grow. A common misconception is that bitcoin and other cryptocurrencies are only for investing. But, most people are unaware of the day-to-day transactions and use cases of crypto. We look at some of the ways small businesses can get into cryptocurrency below.
Eight Ways Small Businesses Can Get into Cryptocurrency.
Small businesses have a lot more options for getting involved in cryptocurrency than individuals do.
- Accept Cryptocurrency Transactions
Using cryptocurrencies for payments is one of the obvious use cases for small businesses. If you sell a product or a service, there are several points of sale option to accept crypto payments. For example, PundiX can accept bitcoin and other cryptocurrencies, and convert the payments automatically into traditional currency. Thereby, the business owner remains secure from the price volatility that has been a reason for concern.
- Acquire or Merge with a Cryptocurrency or Blockchain Company
Established businesses that are serious about getting into blockchain and cryptocurrency markets can look to acquire or merge with a developing startup. Above all, most blockchain-startups can benefit from already existing operations. And small businesses can benefit immensely from such an emerging market. For example, a real estate company can merge with a startup developing blockchain technology for real estate listings.
- Create a Cryptocurrency Product or Service
Small businesses with extra funds to invest can develop a cryptocurrency product or services. For example, a company can create a cryptocurrency and blockchain news outlet or an online specialization course. Maybe even provide financial and investment services to people who want to get into cryptocurrencies. Offering new products, such as a point of sale service for cryptocurrency payments or merchandise like t-shirts are other ideas for small businesses.
- Customer Loyalty Program
Blockchain and cryptocurrencies are changing loyalty programs. Cryptocurrencies offer unique advantages compared to loyalty points. These loyalty tokens can be traded on an exchange for real currency, which adds tremendous value, while providing flexibility to the customer. Also, since tokens and cryptocurrencies are receiving hype, this will create a perceived value to the consumers, which will keep them coming back.
- Join a consortium
Established sectors, such as the finance and banking industries, are already adopting blockchain technology. This integration is due to the inherent benefits that a firm can enjoy from blockchain infrastructure. To investigate the technology further, banks, insurance companies, tech firms, and more, have joined consortiums to promote further development of blockchain. For example, the National Bank of Canada and JP Morgan, are working on the Quorum blockchain project for debt issuance transactions. Besides, joining a consortium will take a small business to the next level.
- Launch a New Token
Contrary to what people think, ICOs are not dead. Initial coin offerings (ICOs) primarily work as crowdfunding campaigns, which allow small businesses to raise capital. Small companies use ICO funding to develop new markets and promote investment. Moreover, companies can create digital currencies in this manner. Clients can then use the currencies for purchasing their products and services.
- Pay Employee Salaries in Cryptocurrencies
Receiving a salary in cryptocurrencies is already a reality for many small business workers. As bitcoin prices become more stable, and liquidity increases in the market, this is becoming a common occurrence. Besides, blockchain-based startups pay their employees using cryptocurrencies. If employees themselves are users, they’ll be more open to accepting getting paid in bitcoin.
- Start a Cryptocurrency or Blockchain Project
Following Bitcoin’s success, there have been several projects which have emerged to try and solve many problems. Most of these projects launch on Ethereum (ETH) while some have built their blockchain from the start like Bitcoin (BTC). You can check out reviews on these projects from Revain, here. Starting a project is an option for small businesses in any sector. Many cryptocurrency and blockchain projects are coming up from multiple industries, from finance, delivery services, healthcare, to waste management. All these projects are working on solving a problem or developing a real-world application for the technology.
Small businesses can start using cryptocurrencies because of the many benefits they offer. These companies can benefit from reduced transaction costs, real-time payments, fraud protection, global access, and increasing conversion rates.