7 Ways Your Business Can Take Advantage of Cryptocurrency
Cryptocurrency has been around since 2009, and this tech innovation's growing popularity is undeniable. Around 2017, cryptocurrency cemented itself as the future of finance, fundamentally changing the way cash works and how we transact with each other.
Cryptocurrency is shaking up the business scene. While many don't know what it is, some have already implemented this new currency in their company. If you have heard of cryptocurrency but have not utilized it, perhaps it's time to learn how it can help your business.
7 Ways Your Business Can Take Advantage of Cryptocurrency
1. Increase brand exposure
If you're looking for more brand exposure or letting others know about your product or service, cryptocurrency may be an excellent avenue to explore with little cost. This puts your website on the map and drives traffic to it, further increasing your exposure.
You may even see increased sales after integrating this technology into your business strategy. It can also help expand your customer base by reaching out to new demographics unaware of your brand. You get to include audiences worldwide, especially those who can't use traditional payment methods due to the lack of access in their regions.
2. Provide an efficient payment method
One of the most significant benefits of payments through bitcoin is it lets your business make transactions faster than with traditional methods like credit cards. Credit card payments can take anywhere from 24 hours to several days before being posted as received by the merchant. This may even depend on where you are and the location of the person you're transacting with.
Cryptocurrency payment methods use encryption techniques to control the generation of currency units and verify the transfer of funds. This all operates independently of a central bank. Your transactions are processed instantly without any intermediary between you and your customer.
3. Protect consumer privacy
Privacy concerns have increased dramatically over the last few years, especially regarding online purchases. When you use a credit card or make an online payment via fund transfers, you risk putting your personal information up for grabs for malicious companies who want to sell them without your consent.
With cryptocurrency, you won't have to worry about this risk since all transactions are encrypted and recorded on a distributed ledger, known as the blockchain. This ensures that nobody else can access your personal information unless they have access to your private key. The cryptography of this payment method makes it nearly impossible for someone to break into your account and steal your money.
4. Prevent scam transactions
Credit card fraud costs merchants a lot because thieves use stolen cards to buy goods and services at stores where they're not authorized to shop. Merchants often have difficulties verifying these transactions as there's no way to identify whether the person presenting it is the account's owner.
However, cryptocurrency payment methods allow you to conduct business without worrying about chargebacks or fraudulent transactions. This is especially helpful for online stores and businesses selling expensive products such as jewelry and other luxury items. With crypto, customers can't return items without a receipt and will have no choice but to pay upfront for what they want to buy.
5. Lower transactions fees
Accepting credit and debit cards requires a high processing fee for every transaction made through your website or storefront. These fees can eat your profits, especially if you deal with thousands of monthly transactions. However, cryptocurrencies like Bitcoin can help your business eliminate or significantly reduce these fees.
This is because coins don't require third-party intermediaries to process payments on their behalf---all transactions are peer-to-peer exchanges. Instead of paying banks their high fees, you pay miners to verify transactions on the blockchain network.
6. Use blockchain technology for supply chains and logistics
When it comes to supply chains, many steps must be taken to ensure products arrive at the right place at the right time. Working blockchain allows you to track the supply chain of your products all around the globe in seconds rather than days or weeks.
Information is recorded and publicly accessed in a working blockchain, making verifying it easier. Every step of the process leaves an indelible record that no one can alter or erase without being detected by other users. You can monitor the shipments of your products from the factory to the warehouse, giving you ample time to prepare for it.
Not only does it let you reduce costs for inventory management, but it also prevents counterfeit goods from entering the system or getting refund requests due to late deliveries.
7. Utilize tokens for incentives and rewards
Incentivizing customers by giving them something valuable for their loyalty is nothing new. However, there's no reason why this reward system has to be tied to traditional fiat currencies.
You can offer discounts or special offers in exchange for cryptocurrency payment methods, allowing you to take advantage of all the other possibilities this technology provides. For example, Centbee offers spendable Honey Rewards usable as Bitcoin SV to active wallet users in conjunction with the Bitcoin SV Hackathon Competition.
Go for Crypto in Your Business
Cryptocurrency is here to stay, and it's becoming more popular as people discover its many benefits. If you're looking to get your business involved in cryptocurrency, start by learning more about the technology.
There's a lot to learn, but your first step should be acquiring a basic understanding of cryptocurrency before going further. Once you've got the hang of it, it's time to explore some ways you can use cryptocurrency to grow your business.