How Embracing Crypto Can Help Business
When the internet was young, there were rare exceptions of companies and individuals who thought such an invention could benefit their business. Time makes fools of us all, but history does not need to repeat itself with crypto. Cryptocurrencies may not be something fresh, but their implementations and fusions with various business opportunities are where companies who lead the charge have much to gain! And each business is ripe with chance.
1. A wider audience
The first advantage of embracing crypto into any business is the potential of a wider audience, meaning more customers. Without crypto, potential customers and companies who wish to sell are restricted by market regulations, political sciences, exchange rates, banking institutions, and other factors, preventing a smooth and seamless trading interaction. But cryptocurrencies bypass all of that and allow for a seamless experience.
By accepting crypto as a valid payment option, a company is opening up to, potentially, every crypto user on the globe. For example, in his article, author Kane Pepi lists all the best crypto casinos in the UK that accept Bitcoin, Ethereum, and similar crypto, and they are from every corner of the globe. When we rule out restrictions, new markets open, and crypto is ideal in that aspect.
Crypto has universal value, is exchangeable without a central monetary organization, and has low transfer fees and fast transfer times while being available to anyone in the world. As a currency, it is the ideal currency of the future, and companies that enable payments for their goods and services in crypto can tap into a far greater market share.
2. New shopping options
Let’s say a customer wishes to pay for your product or service, but the exchange rate is heavily not in their favor. Or their payment options are not supported by your financial institution. The broad field of online retail can be lumped with a common denominator, and that is end payment. This is why cryptocurrencies are an excellent solution because they level the playing field. Each online reseller that implements crypto can accept payment from any customer in the world.
Customers from China, Tanzania, Madagascar, the US, or Congo are all equal in the eyes of crypto, for its universal value means universal acceptance. We can see a rise in crypto gambling sites, as they’ve accepted crypto as a universal form of payment, and each online retailer can follow in their footsteps.
Crypto also eliminates conversion fees and long transaction waiting times, as one Bitcoin, for example, has universal value and flows through the crypto blockchain, free from various financial institutions. If you are an online reseller who has accepted any form of cryptocurrencies as a valid form of payment, then you’ll enjoy a wider customer base, as a result, enabling your business to grow in new directions.
3. Financial opportunities
Investments and hedge funds already know borders and aim to redistribute capital anywhere in the world. Greenfield investments, rising economies, local booming industries, and newly discovered niches are just some investment opportunities for businesses that wish to multiply their capital. And crypto is the next big step for investments, domestic or abroad.
Investment companies always search for new capital, as a fresh infusion opens up new possibilities. Ideas are popping off left and right, but without proper funding, they will be left to wither. Crypto has immense potential in the investment industry, as its value can be quite big, it’s easily exchangeable for currencies, and it can flow unobstructed by traditional means. It is also easy to verify cryptocurrency owners, as all data is encrypted in the blockchain and read-only, where each crypto has a clearly defined owner.
Potential investors from any country can thus easily transfer their funds into new projects, pool them together, and invest substantial amounts into projects, stocks, development, or individuals.
4. Game development
Game development is notoriously long, expensive, difficult, and unpredictable. For a good game to come out, two to five years must pass, which is an incredibly long period in the gaming industry. Game development expenses pile up and skyrocket as development mounts and potential hits a hurdle. That’s when cryptocurrencies come in, and the rise of crypto gaming is a good indicator of how the collaboration between the two can flourish.
By implementing crypto into their games, gaming companies can change how their games work and get new ways of funding for their projects. Crypto is closely associated with NFTs, which can be easily integrated into any game. Just about any game aspect can be made into an NFT, from in-game items to avatars, plots of virtual land, and more. Those NFTs can then have value, allowing gamers to trade them online. Game developers gain exposure, a dedicated fanbase, a new micro-economy, and more ways to fund their games, ensuring longevity.
And that’s just NFTs, as crypto can also transform games into a play-to-earn model. The prospect of earning money while playing games sounds enticing to many gamers, and game developers can still make entries into this emerging market. By changing the concept of buying to play into playing to earn, crypto transforms the traditional paradigm of paying for games into being paid for games.
While the free-to-play genre (or F2P games) is nothing new, crypto has elevated it to the next step by allowing the freemium model to reward gamers with real cryptocurrencies while playing their favorite games. The marketing and development potential for advertising such a game is limitless, and the exposure gained for any game developer is invaluable.
As time goes on, more and more options will emerge, and innovative new ways for crypto adaptation will occur. Innovation is a constant, and crypto is at the tip of it. By adopting crypto into their business models, companies will change in new ways and into new shapes bringing a breath of fresh air to the industry. People love something new and exciting, so crypto is the perfect match made in heaven. Whatever the future may hold for many industries, it will for sure send ripples through our lifestyles.
