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Using Cryptocurrencies to Improve your Business Model

Using Cryptocurrencies to Improve your Business Model

There is a lot to think about as a business owner. You need to track your products, manage employees, and configure marketing strategies to drum up clientele. All of these actions are normal considerations business owners must take into account as part of their strategy.

However, there is another factor that more business owners are starting to consider – innovations in their business tech. Blockchain technology has brought new efficiency to the market. Here’s how you can use cryptocurrencies to improve your business model.

Start Taking Crypto Payments

One of the easiest and best ways to improve your business model is to begin taking cryptocurrency payments. Today there are a variety of crypto payment processors at your disposal. Firms like Stripe provide an easy way for businesses to integrate crypto payments into their existing PoS network.

These systems allow vendors to choose whether to take their payments in crypto or to have them converted to fiat currency when they are paid. This flexibility enables vendors to avoid volatility. In the past, Bitcoin’s volatility limited its use as a peer-to-peer electronic cash system.

Vendors were not keen on the prospect of their payments dwindling before the transactions were fully confirmed. The integration of the Lightning Network has helped Bitcoin reclaim its rightful spot as a daily use cryptocurrency. You also have stablecoins as another option to prevent stability.

These unique digital assets derive their value from other assets such as fiat currency. The META1 Coin gets its value from a basket of gold-related assets. This approach provides it with self-appreciating capabilities as its value rises alongside the value of gold. This strategy improves on the traditional fiat pegged stablecoin standard.

International Payments

Another major reason to incorporate cryptocurrencies into your business is more efficient international payments. Currently, your business is paying up to 7% in processing fees for international payments. These fees are a combination of regulators, verification systems, and banks all taking their cut.

Cryptocurrencies eliminate the need for these parties as the technology enables direct P2P commerce. As such, you pay far less than using a payment processor like PayPal. Additionally, you gain the advantage of accepting payments from across the globe. For example, the META1 Coin has a fiat onramp that empowers users to seamlessly enter the market using +50 fiat currencies in +150 countries.

New Markets

You can also use cryptocurrencies to create entirely new markets. For example, there has been a rise in file storage and data sharing cryptocurrencies. These protocols have taken your personal data that was once used by centralized networks like Facebook and put you back in control over it. This data is extremely valuable and can even be traded for other cryptocurrencies directly on some networks.

There are already new markets emerging monthly thanks to the introduction of cryptocurrencies. You can use cryptocurrencies to create new products which then enable you to provide a market for trading these services. You can trade items like storage, bandwidth, and personal data using these assets.

Logistics

There are a ton of advantages gained from the use of blockchain networks in the logistics sector. Logistics is a term used to describe any business involved in shipping products globally. This multi-billion dollar market suffers from a variety of inefficiencies that blockchain technology can improve.

For example, you could utilize an IoT (Internet of Things) powered blockchain to improve your product trackability and fight fraud. These systems leverage smart devices to provide a net of sensors that can track all the details of your product from the manufacturer to the consumer. Smart items provide logistic firms with the ability to track a diverse amount of data including validity, authenticity, temperature, geolocation, and much more.

The IoT ecosystem continues to grow rapidly. To qualify as a “smart” device, a product simply needs to have a sensor and the ability to communicate data to the internet. Today, there are smart devices across your home. From your phone to your thermostat, smart items provide more control and monitoring capabilities.

Add Value

Integrating cryptocurrencies can help you to add value to your business. There are a variety of ways to accomplish this task. You can create a utility token that enables users to interact with the features and services of your platform.

Since it’s a blockchain asset, your business enjoys the full trackability of these services in real-time. YOu can then use this data to create custom rewards programs. This strategy will entice users to participate more in the network.

Crypto ATMs

One of the simplest ways to add value to your location is to place a Bitcoin ATM inside. Bitcoin ATMs continue to see rising popularity. These devices provide people with a streamlined and familiar way to access the decentralized economy. Additionally, crypto ATMs provide another layer of privacy when compared to centralized exchanges. As such, privacy-focused investors will seek these devices out.

Host a Crowdfunding Campaign

One of the best ways to take your business to the next level is to host a blockchain-based crowdfunding event. There is a variety of ways to accomplish this task. You could host an ICO (Initial Coin Offering).

These events are like IPOs but cost much less. You can even host an IEO, which is an initial exchange offering. IEOs have the added benefit of lower costs and instant access to secondary markets.

It’s time to Get Decentralized

There are now more reasons than ever to introduce cryptocurrencies into your business model. The market is full of ways to accomplish this task and profit from doing so. The main thing to remember is that the crypto market is just getting warmed up and by placing yourself at the forefront of adoption, you are doing your part to create a more fair and robust economy for all.

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