What a Wider Acceptance of Cryptocurrency Means for Your Business Model
In a single year, the value of cryptocurrencies has shot through the roof. With Ethereum and Bitcoin experiencing 750% and 600% growth, respectively, we see the reality of wider cryptocurrency acceptance on the market right now.
So what does this mean for your business model?
Whether you’re developing a new business plan now or are looking to reinvigorate an existing business in the wake of COVID-19, considering cryptocurrencies can lead to valuable opportunities. Explore how the crypto market has grown to understand how your business can or should change to accommodate this growth.
The Growth of Cryptocurrency
Discussion and speculation surrounding cryptocurrencies have been prevalent in the decade since they’ve emerged. From “Techno King” Elon Musk’s support of these virtual currencies to Warren Buffet’s suspicion of them, the experts have had a lot to say about the future of digital finance.
But the reality is that crypto is on an upward path, one that is unlikely to drop off despite the historic volatility of currencies like Bitcoin. In fact, recent events have helped drive cryptocurrency adoption into the future. Facing a global pandemic that complicated world trade and altered currency values, millions saw the importance of a currency that can be transferred across borders with security but without fees.
Now, crypto is powering everything from eCommerce to agriculture, disrupting former business patterns with benefits like loyalty rewards and supply change transparency. These benefits can transform your own business model, but there can be drawbacks as well. When planning an effective business in the age of widespread crypto adoption, considering all the details is necessary for success.
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What Crypto Trends Mean for You
First, it is important to understand cryptocurrency as an investment opportunity as well as an opportunity to enhance the functions of your business model. You can integrate cryptocurrency acceptance in your digital transactions or develop blockchain functions for financial management that allows for more secure processes. The many uses of crypto in business mean you can find an application with a variety of business models.
For example, accepting cryptocurrency in eCommerce transactions allows you to eliminate transaction service fees. While most credit card companies and processors take a percentage of a transaction, crypto removes the middle man, which in turn saves you money or allows you to pass on savings to your customers. But integrating these payment types can come with technical barriers. If your business model isn’t built to accommodate tech platforms, you could run into IT problems.
Cryptocurrency also allows businesses to expand into larger markets. One small electronics company claimed its adoption of this choice led to a $300,000 increase in sales through trade with 40 countries. With problems in the supply chain rampant with the economic downturn caused by COVID-19, this market boost could be exceptionally valuable to your business model.
Then, there is the investment aspect of crypto. With the 600% increase in Bitcoin of late, many businesses that already owned coins saw massive asset growth. By diversifying your holdings and accepting crypto from customers, you can build a portfolio of assets that have exceptional value. In turn, you can pocket the returns to pay down business debt consolidation plans and free yourself from the obligations that come with starting a business. Build for crypto, and let crypto boost your business.
Finally, cryptocurrencies themselves represent a booming industry ripe with opportunity for a niche service or product. Crypto wallets and exchange services allow customers to easily invest in the platform, boosting crypto accessibility and furthering its adoption. Applications are on the market that can help you manage cash flow and assets, but the rising crypto industry means that there are still plenty of niches to be filled in supporting other businesses in their digital endeavors.
No matter the avenue of your crypto approach, you can implement these valuable resources into your business model to expand value and opportunity. First, address the technical needs of your business, then explore what products and services you can offer to enhance the value of your venture with digital currencies. The wider acceptance of cryptocurrency means opportunities abound, regardless of your industry.
Improving Your Business Model with Cryptocurrency
As companies and investors flock to the cryptocurrency market in light of its recent growth, businesses of all kinds stand to gain from building services around or accommodating peer-to-peer currency. Not only does crypto make a compelling alternative in countries where currency values are on the decline, but it also provides new niches for lucrative opportunities.
Whether you decide to integrate crypto acceptance in a digital storefront or build a business that piggybacks on the market with products like crypto ATMs, you can create a business model that is bursting with potential. The broader acceptance of cryptocurrency in business can mean whatever you want it to mean.
Explore your opportunities, then put a plan in place that capitalizes on the investment potential and usefulness of crypto.
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