Crypto Series

Grow Your Business with Cryptocurrency

A cryptocurrency is an online form of payment that can be traded for goods or services, just like fiat money (government-issued currency).

There are many companies who have created their own tokens which can be traded for their own goods and services, so there are certainly a lot of cryptocurrencies out there — nearly 7,000 according to CoinMarketCap.com, a market research website!

According to Investopedia.com, the “crypto” in cryptocurrency refers to “complicated cryptography which allows for the creation and processing of digital currencies and their transactions across decentralized systems.”

Cryptocurrencies are usually developed by teams who build in various mechanisms for issuance, usually depending on that decentralized system.

Cryptocurrencies work by using something called blockchain, which is a decentralized technology that is spread across a great many different computers and records and manages transactions.

It’s very secure because it’s not all in one central location, and once a transaction is chained, it’s recorded for posterity.

Entrepreneurs have begun to utilize cryptocurrency to further their business and increase profits. In fact, since cryptocurrencies are both investment opportunities and new financial instruments, there has never been a better time to get started!

Are you ready to dive into the exciting and profitable world of cryptocurrency and blockchain?

Here are some ways you can grow your business:

Create your own cryptocurrency as a brand booster:

One way to draw attention to your business’ use of cryptocurrency is to make your own digital branded version.

Your best approach is to build up your community first, including your customers and social media followers. Share your plans with them about creating your branded cryptocurrency, including how this will benefit them.

You don’t even have to be a technology expert to do this, though you probably will want to hire a cryptocurrency developer to make sure your digital currency works properly.

Buy and trade cryptocurrency:

Just like the traditional stock markets, you can buy and trade cryptocurrencies to potentially fund your business growth.

There are even new platforms that can make this opportunity more accessible, especially to the novice investor.

Coinbase is one example of such a platform. And then there are other investor and asset manager platforms and forums to guide your investment strategies.

Another opportunity is to become a Bitcoin broker, helping others buy and trade cryptocurrencies and making extra money by assisting their transactions.

Use cryptocurrency apps to offer additional payment acceptance methods:

More and more online retailers are adding cryptocurrencies as a payment option. That even includes Microsoft and Overstock.

You can expand your customer base and reach people who may not have a bank account or may not want to use a credit card online.

Remember: the more payment options you can provide, the better your chances of attracting and retaining new customers.

BitPay is one example of a payment service provider that allows you to accept cryptocurrency as a payment option.

Encourage its use through social media: If you want to see an example of using cryptocurrency to accept payments through a social media platform, look at the messenger app, Kik.

They operate in a way that’s similar to what Facebook does with traditional currency. But Kik can work across countries instead of trying to deal with all those different currencies.

This is becoming a popular way for millennials to use digital currency — and other demographics are starting to catch on.

Kik also realizes that there are other ways to encourage your users to earn cryptocurrency, ways that will keep them engaged with your platform. You can have them watch ads, host a fantastic group chat, build a great bot, or even create a fun sticker.

There are a lot of different ways that a consumer could come in and earn value and then spend it. And how that makes money for you is that you create a new cryptocurrency, but only a certain amount of it.

Then set aside some for your own use. So, if you can get more and more people trading in that cryptocurrency, its value will grow.

Add a side business related to Bitcoin:

There are many new applications relating to Bitcoin and other cryptocurrencies. A lot of them don’t take a lot of your time, making them good side businesses.

For example, you might think about Bitcoin Teller Machines (BTM), which work like an ATM, only with Bitcoins.

Examples include Skyhook and BitAccess. Another option is a Bitcoin vending machine business, which lets people get items from your machines using Bitcoins instead of cash or credit cards.

Bitcoin mining:

Here’s another way to grow your business, although it may require a good bit of capital output to start with.

Adding Bitcoin mining to your service roster is a lucrative way to expand your business.

Miners, those participating in this process, are usually rewarded for the use of their computers by receiving newly minted coins or transaction fees paid by other members of the network — or both.

Although mining has become more competitive, there are still considerable opportunities for a business.

Bitcoin franchises:

Cryptocurrency franchises that can expand your business include NewsBTC, Coingala, and Coin Telegraph.

Fund another business:

Many high-risk industries are not being served by traditional banking systems. You can become an “angel investor” and help another business get its start with your cryptocurrency investment platform.

Your business can then reap a sizeable reward. Just be careful where you invest your currency.

Offer a digital wallet — and the security to protect it:

With Bitcoin transactions on the rise, there’s an increasing need for a secure wallet to store those coins. By developing or partnering with a tech company that can offer security for those digital wallets, you can reap even more profitable rewards.

Improve applications with blockchain:

You can even move beyond a focus on cryptocurrencies and seek out applications, including those within the financial environment.

Leveraging this technology can deliver profitable outcomes and help grow your business both directly and indirectly.

Examples: improved payroll or payment processing or more secure contracts and data storage.

To your success!

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Entrepreneur, Learner, Writer, and Digital Marketer. Get Smarter Every Thursday → https://www.getrevue.co/profile/thesmarthustlernl

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