How will cryptocurrency impact your business?

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The cryptocurrency (crypto) market has exploded and evolved dramatically over the past few years. As this market is expanding, more and more businesses are starting to look into the benefits of introducing and using some form of cryptocurrency in their establishments, therefore, rending the demand for cryptocurrency training as high. With cryptocurrencies growing in value and trading at more than $23,000 in 2021, this represents the perfect breeding grounds for crypto use and acceptance in all kinds of business models, from public to private. While cryptocurrency has been known for its somewhat volatile trajectory in the market, the trend of crypto has also maintained consistent gains over time. This has given rise to the spread and acceptance of crypto into all kinds of previously untouched places in the market.

There is a lot of information to absorb, as there are a range of cryptocurrencies available – including Bitcoin, Ethereum, Litecoin and Cardano – each with individual values and rules. Often referred to as a “peer-to-peer currency”, crypto changes the ways we as individuals and businesses bank and conduct our business transactions. This means that all kinds of cost-saving and business growth opportunities can emerge for companies that take a thoughtful cryptocurrency approach. There’s everything from trading seamlessly between new and complicated industries to mitigating risks inherent in global trade.

Below are five ways businesses can use cryptocurrencies to accelerate their progress, and how it may impact them:

  1. Increase reach:
    Companies can increase their revenue while expanding into new global markets. Cryptocurrency allows you to trade worldwide without giving up a portion of your profit or overpricing your goods, as using cryptocurrency, such as Bitcoin, is a convenient and seamless way to perform a transaction. Accepting cryptocurrencies opens up your business to a whole new market, which is bound to positively impact your reputation, sales, and bottom line.
  2. Simplify cross-border transactions:
    Cryptocurrencies also facilitate commerce, both domestically and internationally. Many of the barriers and limitations of international business are removed with crypto, and receiving payments in other currencies is simplified. Cryptocurrencies make it possible to trade internationally without having to part with a chunk of your profit or overpricing your product.
  3. Protect customer privacy:
    The issue of cyber-security remains one of the biggest downfalls of digitalisation. The fact that a cryptocurrency is self-protected from government control is the main reason for its success. Digital currencies can protect themselves from bank failures, hyperinflation, and other economic crises because they are not linked to any money or regulated.

    Blockchain is currently one of the most reliable data security technologies available.Blockchain technology could potentially limit the impact of this erosion of privacy. Bitcoin and other blockchain-based digital currencies have demonstrated that trusted and transparent computing is possible using a peer-to-peer decentralised network and a public ledger. Blockchain systems use asymmetric cryptography to secure transactions between users. In these systems, each user has a public and private key. These keys are random strings of numbers and are cryptographically related, where it’s mathematically impossible for a user to guess another user’s private key from their public key, ensuring customer privacy protection.

  4. Reduce transaction costs:
    Cryptocurrency is quite advantageous because it drastically increases payment processing capacity. While many financial services providers charge fees to process payments, cryptos can save customers and businesses money by avoiding these high costs. When there is no intermediary and businesses deal directly with the customer, the cost of the transaction is extremely low. For example, small businesses, which are highly sensitive to small cost differences, can use this to adjust their product prices and compete more favorably.
  5. Easier payroll option: Having to handle payroll for a team of employees who live in many different parts of the globe can be a massive hassle if you’re a global business, or a remote team employer. Making cross-border transactions is not near as much of a burden as the fees for changing the currency. With cryptocurrency, instant transactions across borders with minimal-to-no fees are now a reality. Cutting out banks saves both the employer and employee money and can be a big win-win for the workforce.

Seminar: Cryptocurrency and Blockchain at LCT

With all this mind, there is a unique opportunity for businesses to adapt their trading models and introduce cryptocurrency. At LCT, we offer a Seminar on Cryptocurrency and Blockchain where participants will acquire an understanding of the ways in which cryptocurrency and blockchain technology will and will not impact both their own businesses. This seminar places an emphasis on interrogating the suitability of blockchain technology to products, services, processes, and business models of relevance to participants.

For more information about this online seminar, click here.

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