The Internet of Things (IoT) is the current focus for many entrepreneurs and small business owners. However, the Internet of Money, a.k.a. cryptocurrency and the bitcoin ecosystem, is steadily gaining interest among companies that see it as a way to grow their businesses.
Your business can benefit from the increased interest in cryptocurrency due to social networks and millennials adopting this technology. First, it is important to provide some of the key terms and what they mean in case you are unfamiliar.
Cryptocurrency is a digital currency. No financial institution or formal banking structure controls it, because it is decentralized. Cryptocurrency can be used between countries. There is no need to exchange one currency for another. It is anonymous and provides a quick, easy way to complete transactions. For those concerned about security, it is also highly secure thanks to the distributed ledger that verifies and records each transfer of cryptocurrency known as blockchain.
Bitcoin is a type of cryptocurrency just like Dogecoin and others all used for the same purpose. There are at least 600 different actively traded cryptocurrencies now in use. Ethereum, Ripple, Litecoin, Dash and Monero are some of the other types of cryptocurrency most commonly used.
Now that you have the basics about cryptocurrency, here are some ways to use it to grow your business:
A unique way to call attention to your inclusion of cryptocurrency in your business is to create your own digital branded version. This is totally different than, say, trying to print your own paper money because that is not allowed within a centralized money system. However, with digital currency, it’s completely possible and recommended.
The best approach is to go to your community and build that up first, including your social media followers and customers. Start to share with them your plans to create a branded cryptocurrency, including how it would benefit them to use it. The idea that it would have your name on it could also appeal to those that already trust your brand and are interested in being the first to try something new amongst their social circles.
And, you don’t necessarily have to be a tech expert to create it, either. That’s because cryptocurrency is open source and uses code that is available online. Of course, you may want to get a cryptocurrency developer to help ensure that your branded digital currency works.
Like traditional stock markets, you can buy and trade cryptocurrency to enhance the investment you make and potentially fund your business growth. Additional platforms are appearing that make this opportunity more accessible, especially to the novice cryptocurrency investor out there. Coinbase is one example of a platform that allows you to make these kinds of investments. Then there are other asset management and investor platforms and forums to guide the development and management of cryptocurrency investment strategies.
A next level business opportunity related to this is to become a bitcoin broker. You’ll be able to help others buy and trade cryptocurrency while you make extra money by assisting on each transaction.
More online retailers, including big brands, are adding cryptocurrency as a payment acceptance method on their sites. This includes Microsoft, Overstock and others. Then you can expand your customer base and reach those that may not want to use credit cards or have a bank account. The more payment options that you offer, the better chance you have to attract and retain more customers