You’ve heard a lot about cryptocurrencies in the last few years. The thing is, as it’s still quite new (and quite frankly you probably don’t entirely understand what it’s all about) you’ve been holding back.
I get it.
New strange things like currencies with nobody in control can seem quite intimidating. At the same time, it’s about time you get past all that and invest. Because cryptocurrencies have the chance to save, grow and revitalize your business.
No, that’s not just hype.
There are a lot of things cryptocurrencies and the blockchain technology they’re based upon (which are not the same) can help your business. Let’s look at some of the biggest and most interesting ones here.
As an investment
Obviously, cryptocurrencies are interesting as an investment. On average the ten biggest currencies have grown dramatically. And sure, as we saw with the most recent bitcoin crash, there’s volatility in the market. But there are ways to protect yourself against that.
The best bet is to have a broad portfolio of different cryptocurrencies – preferably ones which have not been strongly correlated in the past. In this way, even if some go down or even disapear, that is largely offset by gains that you’re making in the other currencies that you’ve bought.
Of course, also don’t throw everything and the kitchensink at these currencies. They are likely to continue increasing in the next years, but there is always risk and their incredibly volatility means that if you park too much money in them there is a big chance you’ll have a heart attack before you actually manage to collect.
As way to exchange money
Exchanging money between different currencies can kick your company’s but. After all, the companies and banks that do the exchanging take some hefty cuts. If you’re offering services across borders that can cut into your profits.
Cryptocurrencies offer a way to circumvent this. If you do your homework there are ways to move into and out of cryptocurrencies cheaply and effectively. This can save you a huge amount of money in exchange rates and thereby give your profits a sizable boost.
Offer alternative payment options
People like different payment options. Some like credit cards, others like cash. And soon there will be a third group that prefers paying for everything using cryptocurrencies. Therefore, offering cryptocurrencies as an alternative payment option can be an effective way to broaden your customer base.
But really that’s just the tip of the iceberg. Because if you’ve been raised in the west and you work there you don’t realize how difficult it can be for some people in the less connected parts of the world to transfer money to other countries and to other people. Sometimes this is hugely expensive. Other times it is simply made impossible, as the money markets aren’t connected.
The thing is, these people need certain services as well and are willing to pay a premium for somebody that is willing to offer them.
Moving into these kinds of market can be a hugely profitable deal as the competition is low and the expectations for the quality are equally limited. That means you’re going to have a head start over companies who are waiting for more conventional access. And that can mean you end up with enough market share that you have an unsurmountable lead over whoever enters the markets later.
No government meddling
It doesn’t end there, either. Because in the types of countries I’m talking about governments are often not to be trusted, with many functioning as little more than organizations that enrich the people at the top of society. That means that if you park any serious assets in these countries, you’re always at risk that the local government will decide that they no longer belong to you.
With cryptocurrencies that’s no longer possible. Individuals can’t just come over and take your money, because it’s part of the blockchain. Similarly, blockchain technology offers the opportunities to create contracts which can’t simply be destroyed or ignored by the people you’re dealing with. This will offer you an extra layer of protection which would otherwise not be available to you.
In this way, you can make deals with people you otherwise might be afraid to work with.
The future is blockchain
And then there’s what will happen in the future. You see, the truth is cryptocurrencies might be all that everybody is talking about right now, but really it’s just a small part of what’s possible with blockchain technology. There are a lot of other applications.
These include:
- Managing contracts
- Distributing information
- Fundraising
- Healthcare
- Copyright protection
And so on.
Already we’re seeing some of these things coming online. That’s only going to accelerate as we get a better understanding of the possibilities that blockchain offers.
The more you work with cryptocurrencies and the better you come to understand the technology underpinning them, the better off you’re going to be when these new technologies hit. After all, you’ll have an understanding and an appreciation that other people who are late to the game simply won’t have.
In this way, when those revolutionary changes will start to manifest, you’ll be able to take full advantage. You might even dream up your own application which takes the world by storm. After all, the Google of blockchain probably still has to be born.
The future is here
So invest! Experiment! Read! And try out both cryptocurrencies and other blockchain options. Because the more you understand and the more you’ve done before the technology takes over a wide variety of services and opportunities, the better off you’ll be.
For even if crytpocurrencies are overhyped, you’ll still get the benefit of the incredible rate at which the currencies are growing. And if they’re not? Then your company will be at the cutting edge.
What is there not to love about that win win situation?
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