Are you a new business owner or did you start a side hustle? Are you financially struggling?
Maybe it’s time to look to cryptocurrencies to save your business. You may be wondering, “what are cryptocurrencies and how can they save my business?”
Cryptocurrency is highly encrypted digital money that uses the blockchain network to secure transactions. – Charlene Rhinehart
They have some unique prospects and potentials that can revitalize your business and give you that much needed life line that you’ve been looking for.
And yes, that statement still holds true despite the recent bitcoin correction.
It is true that cryptocurrencies got over hyped. But then, what new technology has not had that? 3D printing was huge until it wasn’t. Virtual reality was all everybody could talk about until they didn’t. Heck, flying cars have been just around the corner since the 1980s.
The difference is, though, that blockchain already works. We don’t need some big new technology or some new insight in order for it to become the next big thing. All the pieces are already in place and all the big companies are already investing in it.
So let’s talk about how you can use it to save your company.
You Can Invest In It
This is the obvious one. After the recent correction, bitcoin is once again starting to grow. And though it might not grow as quickly as it did before the boom, chances are it will still give you better returns than most stock markets.
Don’t invest what you can’t afford to lose. Don’t be so afraid of losing that you never invest. – Charlene Rhinehart
And sure, there’s a lot of volatility. But you can compensate for that by taking a wide range of different products and making sure they aren’t too strongly correlated. In that way, even if a few zig, others will zag, and as they’ve been making astronomical gains over the last few years, you’re going to make good returns.
Offer Cryptocurrency Payment Options
The more payment options you offer, the more people can buy your products.
And though in the west that won’t make that much of a difference as most of us already have access to several different strategies, that’s not necessarily the case everywhere.
There are, for example, plenty of people who still don’t have access to a credit card. That means that however much they like what you’ve offer, they simply can’t buy it if that’s the only choice they have. Similarly, not all countries can use Paypal.
So, by offering cryptocurrencies you’re widening your market significantly – something that’s interesting particularly if you’re offering online products or services.
Create Your Own Cryptocurrency
Okay, if you’re a one man operation, this might not work. But the moment you have some spare computing power as well as a group of people who trust you, you can consider creating a cryptocurrency.
This is particulary interesting if you need or offer other services as well. For example, there are companies that are offering computing power or cloud storage using blockchain. The way this works is that the blockchain network you create is used to store or process information for you, using those computers which are logged in, creating new currency. This can significantly drop the costs of information storage or computer processing capacity.
Alternatively, you can use your cryptocurrency to offer users the opportunity to create contracts with you or with each other. There are huge advantages to this kind of contract, as they’re decentralized and can even be made smart.
Mine It
Alternatively, if you’ve got a lot of spare computer capacity that’s not being used, why not mine one of the existing cryptocurrencies? In case you’re not familiar with this idea, cryptocurrencies exist on the basis that computers solve difficult mathematical problems. When they do so successfully, then the owner of that computer receives a little bit of cash. The more powerful your computer is, the more money you can make.
And sure, if you don’t have a supercomputer this probably won’t make you rich. But if your computers aren’t being used for anything else, then it’s free money.
And why would you turn that down?
Last words
And really, that’s just the tip of the iceberg. You see, cryptocurrencies are only a small part of the blockchain revolution that we’re seeing right now. Yes, they’re potentially a very profitable part of it, but there are a lot more applications down the road.
And by getting involved in cryptocurrencies now, you’re going to make it far easier to become a part of all those other opportunities as they present themselves.
Because the truth is, this sector is going up. But if you haven’t gotten onto the elevator by the time it goes beyond the ground floor, then you’re going to have to run up a lot of stairs in order to still get on board that quickly rising box.
So better to do it now, don’t you think? Especially seeing as doing so has the chance to save your business and make you wealthy.
And this financial freedom will give you another boost of courage you need to live the life of your dreams. – Charlene Rhinehart
About the Author
Jessica Fender, pro writer and fintech analyst at Online Writers Rating, a platform for the customers, who want to find the best writing companies on the web. I am passionate about the folk music and Dutch contemporary art.