Cryptocurrency is more popular today than it ever has been, and experts are convinced that this popularity is only going to grow. Here in the US, 28% of adults currently own at least one form of digital asset, and a further 14% have suggested an intention to invest in the future.
Crypto has countless benefits both on an individual scale and for businesses. In fact, a report from early 2024 revealed that, at the time, more than 6,000 American businesses were already incorporating the most popular form of cryptocurrency, Bitcoin, in their day-to-day running. In this article, we’ll explore some of the main features of cryptocurrency that could provide considerable benefits to your business.
Volatility
In the context of cryptocurrency, volatility refers to the tendency of digital assets to rise or fall in value over time. The benefits this holds for investors are best seen in the oldest and most famous form of crypto, Bitcoin. At the time of writing, Bitcoin has a value of over $113,000. However, when it was first launched in 2009, this value did not even reach a single dollar. Time and popularity have seen the coin’s value surge.
When it comes to crypto incorporation into businesses, it is easy to see how this could have a positive impact. Any crypto funds that a business takes in have the ability to increase in value, which can lead to a high amount of profit.
However, just as crypto volatility means an asset can increase in value over time, so can it decrease. Businesses incorporating crypto will need to learn how to navigate market volatility and make use of the best crypto trading signals to aid in deciding whether or not to sell or keep a particular asset. The good news is that many of these trading signal platforms also offer both free and VIP services, and are directly linked to crypto exchange platforms.
Customer Attraction and Retention
Crypto is a highly popular asset, and there are many people who see it as the very future of finance itself. By allowing customers to make payments using cryptocurrency, your business will be appealing to whole new demographics that might not have paid attention before.
A lot of tech-savvy crypto enthusiasts actively look for businesses that accept crypto, and avoid ones that do not, and so by incorporating crypto into your businesses, you’ll be casting a wider net and appealing to a whole new cohort of customers.
Cheap and Efficient Transactions and Business Transparency
Crypto is decentralized. This means that it does not rely on the involvement of third-party institutions, such as banks, to operate. Instead, transactions made with cryptocurrency are encrypted and pass through a giant public ledger known as the blockchain. Everyone has access to the blockchain, though the encryption means that it is incredibly difficult for hackers to track specific transactions to a source. However, through incorporating crypto, businesses will be displaying a level of transparency to their current and prospective customers that they simply can’t provide any other way.
Because of crypto’s decentralized nature, transactions with cryptocurrency are made on a peer-to-peer basis. This means that transaction speeds are greatly increased as there are no third-party institutions interfering with payments. This also means that transactions tend to be significantly cheaper than alternative payment methods, as there is no other company or institution to pay. This proves that crypto can actually help businesses to save money.
On top of this, crypto is universal. Meaning that, unlike with traditional currency, no matter where in the world you use it, it remains the same. Businesses can greatly benefit from this if they regularly make overseas transactions, as not only will the transaction be processed quickly, but no parties will face high transaction fees.
Security
As mentioned, transactions made with cryptocurrency are encrypted, making them very hard for hackers to trace to a source. In the modern age, where hacks and data leaks are on the rise and regularly targeting businesses, using crypto can be an excellent shield against this kind of illegal activity.
Is Crypto Worth it For Your Business?
The world moves at an incredibly fast pace, and businesses that don’t seek out the potential that digital assets have risk being left behind. As humans, we have a tendency to be uncertain about things that are new and different, and crypto definitely falls into both of these categories. However, cryptocurrency isn’t a difficult asset to utilize once you know how it works, and there are countless guides out there that will help you incorporate crypto into your business plan.
Not only this, but crypto thrives on community. The majority of crypto investors want to see the assets excel, and so a simple search on forums or posts will bring countless individuals eager to help you find your feet when it comes to getting started with digital assets.
