There are a lot of ways to apply modern technology in your business, from social media marketing, to in-house accounting software, and so on. As business leaders consider tech advancement today however, they should also bear in mind the buzzword of the decade so far: cryptocurrency.
Now, we haven’t reached a point at which crypto is as ubiquitous as social media in modern business. But here, we’ll take a look at different ways you can take advantage of crypto in order to help out your business and its customers, as well as keep up with the competition.
Pay Salaries with Cryptocurrency
More employees are making the decision to ask for their salaries in crypto coins as opposed to traditional currency. And it’s in some respects a simpler idea than you might expect. As a business owner, you can decide to freeze the rate and use the current market value of the digital coin for conversion. You should also remind interested employees that cryptocurrency is taxable in most countries, and any gains in the U.S. count as capital gains, so that they can plan accordingly. But in the end, paying salaries in crypto is almost surprisingly straightforward.
Granted, there is some risk here for both employer and employee. But if both parties are interested, this is certainly one way you could look to incorporate crypto into your business model. However, if you’re not yet ready, look into more stable platform like Forex Trading.
Raise Capital with an ICO
An initial coin offering (ICO) is becoming a trendy way for startups to raise money. Instead of having investors buy equity directly from the business, they instead buy a unique crypto token that financially supports that business in hopes that the business (or project) will do well, and the token will rise in value.
Generally, investors look for a white paper that explains the company’s plans for the funds, how long the ICO will go on, and who is behind the company and projects. So long as you can supply this information though, an ICO is a great way to get investors interested in your company and put your name on the map.
Use Cryptocurrency for New Memberships
There is also the possibility of using crypto as a new form of membership for consumers. This is not something we’ve seen in any large-scale way in business just yet, but it is a concept that sports fan tokens have already pioneered. Various professional sports events, organizations, and teams now allow fans to buy crypto tokens and, through those tokens, gain the right to participate in special deals, polls, and other team-related activities.
The concept could work quite similarly in the business world. Your company can sell its own crypto to consumers in lieu of a traditional membership option, using the coins as gateways to special offerings and the like. In theory, the coins would also rise in value as the business enjoyed more success, meaning that they could also function almost like ICO cryptos, working as small investments for customers.
Allow Cryptocurrency Payments
The simplest way to embrace cryptocurrency is simply to allow payments for your goods and/or services in the form of digital currency. This can be done for both online purchases using a crypto wallet and service provider, and with in-store purchases via well-known payment processing companies.
Letting clients pay with crypto allows for more flexibility, and can help your company built trust in the public’s eye (as well as with younger, more tech-forward demographics). We do recommend you consult or hire a financial advisor to oversee the operation, however, since the cryptocurrency market can be quite volatile, and you don’t want your current wallet to suddenly lose value overnight.
Reach International Audiences
Piggybacking on the previous idea, allowing payment with cryptocurrency allows you to access international markets and let people from other countries buy your products or services more easily as well. Crypto removes the obstacles of conversion rates or stubborn payment processing systems, and essentially make transactions more universally viable by nature.
Again, crypto is not so ubiquitous in business that it is essential just yet. But more and more business leaders are recognizing that taking steps like the ones outlined here can yield competitive advantages. We hope this has helped to clarify why that’s the case!