There are a number of ways that startups can take advantage of the popularity of cryptocurrency to boost trade. Neither method is correct or really the only approach.
Here we take a look at some options for startups who want to grow their business on the blockchain or provide services that support its wider application.
Provide a service to help other businesses implement blockchain
One approach to using cryptocurrencies to grow a business is to provide consulting services that help other businesses to successfully implement blockchain technologies. While there are different coins involved in cryptocurrency, companies can decide which blockchain technology is the most suitable to use.
The idea behind using blockchain is to make transactions easier, simpler, and weaker. It’s easier to go global rather than national – another benefit that can grow the business faster than you expect, leading to growth.
Acceptance of cryptocurrency for transactions
Most businesses are still stuck on the credit card and debit card model, costing the gatekeepers 1-3%.
Giving customers the option of paying with crypto has several advantages:
- Customers have more choices
- They can use the crypto profits to finance their purchases
- Buying digital goods with bitcoins or altcoins has inner meaning
- Lower commission structure
- The possibility of offering a crypto discount (for example, when paying in cash)
Older businesses can instantly look modern by accepting cryptocurrency. There are coin exchanges to quickly convert coins purchased through a transactional business into local currency through wire transfer.
Also read: What is XRP and why has it attracted investors?
Trade or invest cryptocurrency
For adventurous CEOs, especially those with a long-term interest in cryptocurrency, investing or just trading different coins is very appealing. While this should never be viewed in the same way as cash due to price fluctuations in the crypto market, for investment purposes that is another question.
Some investors like the idea of buying in a downturn. Others prefer to pick up and arrive altcoins which generate a big buzz and their price is gaining ground. Catching a wave and jumping when it hits a permanent plateau or peak can be a big return on your business investment.
Rather than having excess retained earnings and earning less than 1% per annum, deploying cash that is not needed for working capital or for future investment projects makes a lot of sense to CFOs and managers. CEO.
Create a recruitment service for cryptocurrency specialists
While the recruitment of programmers and other jobs associated with the cryptocurrency boom have not gone unnoticed, most recruiting companies and jobs cannot benefit from this phenomenon.
Building a website that only finds job postings for jobs relevant to working with crypto technology allows employers to find the most suitable recruits. The range of jobs that crypto covers exceeds what people think.
Only a few of the job titles include:
- Full stack developer
- Blockchain support technology engineer or developer
- Business strategists with a background in crypto
- Authors of technologies or crypto-currencies
Creation of a trading platform
Trading platforms can be created using blockchain technologies. They are particularly useful for allowing a diverse group of organizations or individuals to trade assets that are generally not readily available in the same system.
Using blockchain, a level of transparency allows you to trade parts of an asset and leave others alone in the same way that happens with derivative contacts in the financial world.
Such platforms can bring together teams of people from diverse backgrounds who complement each other naturally, but who do not usually work in partnership.
For startups interested in the cryptocurrency craze, it’s an exciting time. The only question is: which direction do they want to go?