Cryptocurrency is not a new thing in the startup world. A lot of startups have raised capital using ICOs. Many accept cryptocurrencies as valid payment methods. However, the recent boom in cryptocurrency investments – and the fall that came soon after – created doubt on the market.
While cryptocurrency was originally designed as a way to commit transactions, many still see cryptocurrencies as investment instruments. Fortunately, many big companies and startups are starting to welcome cryptocurrency for different reasons. Should you?
Cheaper and Faster
As a way to process transactions, cryptocurrency is not only faster than centralized systems, but also more affordable. Transactions are processed among peers inside the blockchain network, which means there is no need to wait for middlemen; there is no need to pay a fee to them either.
Bitcoin may still be the most popular cryptocurrency on the market, but more companies now accept other cryptos, and currencies like Litecoin and Dash are just as popular and widely accepted. Overstock, for instance, began accepting Ethereum and Dash soon after they started accepting Bitcoin.
As a way to reach more potential customers, cryptocurrencies are also fantastic. By accepting cryptos and coins on your ecommerce site or offline outlets, you are expanding your reach to customers who are familiar with cryptos and blockchain.
Support from Mainstream Players
Another reason why you should consider welcoming cryptocurrency is the growing support from mainstream players and large corporations. PayPal was among the first to accept Bitcoin as a payment method, and you can expect more payment gateways to support cryptocurrencies too.
Shopify is another big name that accepts cryptocurrencies early. If you run an ecommerce site on Shopify’s platform, you can accept crypto payments natively, all while benefiting from the little to no transaction fee and fast transaction processing.
Support from mainstream players means cryptocurrency will continue to be very reliable and highly usable. We are hearing talks about Facebook developing its own blockchain-based payment system, so expect to see more big changes transforming the market in the near future.
A Way to Raise Funds
As mentioned before, it is not uncommon for startups and new ventures to use ICOs and coins (or tokens) to raise funds and increase their valuation. While ICOs were, at one point, seen as a minefield due to the increasing number of scams, you can safely run your own ICO today.
More investors are returning to (and investing in) the cryptocurrency market. Coins.live, an easy to use cryptocurrency tracker, lets you access hundreds of cryptos on the market, ICOs from some of the best ventures right now, and other investment instruments to utilize.
If you do decide to launch your own ICO, you can use Coins.live to keep track of your crypto’s price in real-time. You can have better control over your investments too, plus you can make split-second decisions more accurately thanks to the wealth of information available to you.
A Bigger Community
There is also the fact that the blockchain community is growing rapidly and being part of the community pays. Many startups are using blockchain as the underlying technology behind their inventions. You can connect with the best players in the industry by becoming a part of the community.
Accepting cryptocurrency as a startup is a big move, which means it is a move that will generate a lot of exposure. The added exposure is a nice bonus for joining the crypto bandwagon. Besides, you have plenty of benefits to gain from accepting cryptos and coins – as reviewed in this article. If you are looking for a way to strengthen your business, increase your customer base, and embrace the future as a startup, welcoming cryptocurrency is the perfect way to do so.