Cryptocurrencies may get a lot of attention from financial analysts and the technically-minded, but that doesn’t mean they’re niche curiosities. At this stage in their development, they’ve done more than just get some mainstream attention: they’ve also demonstrated many practical uses, and that’s a compelling reason to consider working them into your company.
That probably seems too abstract, though, as you want to know what you stand to gain. Why should you bother putting your time towards learning about cryptocurrencies? How can your company — or even your industry in general — benefit from Bitcoin and its brethren? In this post, we’re going to set out a succinct explanation featuring a few key points, so let’s begin:
They can help you sell to new customers
There are plenty of people out there who prefer to avoid conventional payment systems. Some dislike fiat currencies for whatever reason, or simply want to keep their personal details away from payment gateways, and these things are becoming more common as privacy concerns and worries about currency regulation become more prevalent.
So how do you sell to those people? You start accepting cryptocurrency payments. Not only are there plugins and apps that can add this kind of functionality to most store systems, but there are also sales foundations that provide it natively (the classic example being Shopify which gave its ecommerce framework support for Bitcoin way back in 2013).
They can give you new investment options
No, I’m not talking about making business investments in specific cryptocurrencies to profit from their changes in value (though you can do that if you’re so inclined): I’m talking about creating cryptocurrencies to use for ICOs (initial coin offerings). If a business wants to attract new investment, it can set up a company coin to serve as an investment token with suitable scarcity.
I’m also talking about getting investments in cryptocurrency payments, since — as with finding new customers — there are sure to be people out there who would like to invest in you but don’t want to get involved with regular payment systems.
They can guard against transaction fraud
Transaction fraud (well, payment fraud in general) can be a huge problem for businesses in almost all industries. In one case, payment details can be stolen and used without permission. In another, someone can use routed accounts and labyrinthian verification to ‘pay’ for a purchase and receive it before the chain collapses and the payment is discovered to be illegitimate. This can waste your company’s time and money, and generally be very frustrating.
Cryptocurrency payments are a lot more secure, though, due to the nature of blockchain networks. Payments must be properly verified from the outset — and while that can slow things down relative to conventional payments, it’s surely worth it to keep payments in check.
We’ve just looked at a few key points here, so this piece is far from exhaustive, but these points alone should be enough to convince you that there’s real-world value in accepting cryptocurrency payments. Whether you switch to a system that allows them natively or find a plugin to add that functionality, it’s a good time to take action.