Right now, the cryptocurrency world is being rocked by a series of intense ups and downs that have seriously shaken the confidence of some investors and business analysts. However, volatility is nothing new to the crypto industry and most crypto experts are relatively unconcerned by the market’s current dips and instead argue that crypto is here to stay.
Regardless of the industry you operate in, if you are focused on having a tech-forward, digitally aware company, you have likely considered how you can incorporate crypto into your business. Just like IoT and AI, most companies of a certain size have started to invest in crypto solutions and opportunities in order to stay ahead of the times.
If you are new to the world of cryptocurrencies, you may be unsure of where to start. Depending on where you get your news, you may have heard that crypto is a pyramid scheme or scam, a risky investment or the future of all financial transactions.
The industry is so varied and large that, depending on the crypto, it can be all those things at once. Keep reading to learn how you can use crypto to transform your business.
What can crypto do for your business?
First things first, it is important to find out what crypto can actually do for your business and to understand both the opportunities and challenges which incorporating crypto poses. One of the main factors is that incorporating crypto can elevate the entire profile of your company, be used for marketing, and draw the attention of elite, tech-focused clients.
On top of that, using crypto can enable your company to gain access to new capital pools which more traditional investment forms cannot, and give you access to real-time, accurate revenue sharing with a degree of accuracy which traditional currency cannot attain.
Crypto Payments
One of the primary ways that companies can incorporate crypto prices is by allowing crypto payments. There are essentially two different ways for companies to do this, they can either incorporate crypto-enabled payment processing or they can actually hold cryptocurrencies on the company balance sheets.
There are pros and cons to each method and not every method will work for every company – or industry. A company can best come to the decision of how to incorporate crypto by first considering what crypto will do for the company, whether incorporating crypto will help the company achieve any specific milestones, and what measurements or KPIs will be used during the rollout process to determine if the transition is the right decision for the company at this time.
Crypto Test Case – Online Casino Industry
One industry which has successfully incorporated crypto is the online deposit casino industry. The online gambling and betting industry has exploded in popularity in recent years and there are now hundreds of online platforms all vying for the attention of a certain subset of users.
One great way for online casinos to get noticed by tech-forward, digitally aware users is to incorporate crypto payment options into their payment methods. Many gamblers also prefer to use crypto because it gives them more privacy and security over their sensitive financial and personal information.
Ireland has become the tech hub of the EMEA region, so it is hardly surprising that crypto has caught on in the Emerald Isle. There are now many different online casinos with crypto payment options, here in Ireland which attract users through their crypto payment processing, which is oftentimes more secure and private than other, more traditional forms of deposit and withdrawal.
Developing a path forward
The world of crypto is a large, complex and confusing world that many millions of people have both lost and made fortunes in. This means that any incorporation of crypto into a company plan should be done with significant planning and awareness of what is at stake (essentially, baby steps).
Companies considering taking the next step towards crypto should develop a road map for the rollout and consider the strategy, objectives, in-house and out-sourced partners, and implementation steps they will be using or incorporating as part of the process. The more planning the better, as the introduction of such a volatile and complex technology should be thoroughly planned and understood prior to rollout.
It can be difficult running a company that is trying to keep up with tech trends and stay on top of what is new in the digital world while also avoiding the pitfalls. Making plans and strategies should help to smooth the road forward and get you over the speed bumps.
