Bitcoin was the first cryptocurrency and it arrived in 2009. Since then the cryptocurrency has proved that it has really staying power. It can also be argued that it is a breakthrough in financial technology. Through judicious use of blockchain technology it is possible for any entrepreneur to gain a foothold in their desired market.
Here are 5 ways in which cryptocurrency can help entrepreneurs in 2018:
- Generate Capital
Every entrepreneur needs start-up capital to get their business off the ground. This used to mean generating a business plan and chasing potential investors. Assuming your business did well the investors get their funds back with interest.
But this isn’t necessary with cryptocurrency. All you need to do is offer tokens to anyone. They purchase these tokens and gain access to your software applications; or whatever product you are offering.
You get the money you need to start your business.
Unlike traditional lending the return is not through profit sharing. Instead the investors gamble that your cryptocurrency tokens will go up in value; making them a significant sum of money.
There are many examples of this successfully working; in fact some of the biggest casinos in the industry have started accepting ethereum which is a relatively new cryptocurrency.
- Exchanging Funds
Instead of needing to invest in complex financial solutions to allow your business to send and receive money you can use your cryptocurrency.
This avoids the need for expensive charges and a third party involvement. Financial transactions can be settled instantly; all you need is for the other part to be prepared to accept your cryptocurrency.
- Future Prospects
Every entrepreneur must start small but look to the future and what they could become. Unfortunately growing in a competitive marketplace usually requires a great deal of funds.
This is no longer necessary. As well as using a cryptocurrency to generate funds it can be used as an investment vessel. People no longer need to monitor and invest in the stock exchange. They can choose your company and monitor its growth.Indeed you can even invest in yourself, effectively building your own cash reserves for the future!
- Blockchain Technology
This technology is strongly linked to cryptocurrencies. However, this is not its only application. You can use blockchain technology to leverage an audience across the globe. There is no longer a reliance on banks and central institutions.
You can target those who do not have bank accounts and give them access to your business through cryptocurrency. The result is a quick growth in your business as you reach into one of the few remaining untapped markets.
- Sharing Advice
Some of the most famous entrepreneurs are already using blockchain technology. BY utilizing it to build your company you can link with businesses like Facebook, Slack and even WhatsApp.
Not only will you instantly be more recognizable and reputable to thousands of potential customers. You will also be able to share in the knowledge and advice of the entrepreneurs that have gone before you!