Does it make any sense to integrate crypto into your business? Is it better to use a well-established third-party cryptocurrency or develop your own? Let’s get answers and examine three basic business use cases for independent crypto.
Means of Payment
Using your own cryptocurrency as a means of payment is the first and the very obvious use case that comes to mind. The big question popping up immediately is: should I develop an independent crypto or adopt a ready-made one such as bitcoin or ethereum?
You are free to go either way, but your own cryptocurrency will bring your business to a new level by:
· Representing your brand in the business world.
· Increasing credibility and loyalty, and motivation for your employees.
· Supporting the economics of your company.
· Modernizing your staff.
To be accepted by your employees and clients, your crypto should perform in a complex way, being a means of payment, a store of value, and maybe be used as company shares. As a means of payment, it will ensure fast and traceable global payments with reduced transaction costs.
Store of Value
While bitcoin is fighting to become the first cryptocurrency used as a store of value, you can make your crypto a store of value on a local scale, inside your company. It starts with understanding two basic things:
1) To become a store of value, your crypto must maintain a similar (or increasing) level of purchasing power with time. That is natural, as no one is interested in holding an asset that cheapens continuously.
2) An ability to store value is usually assessed through analysis of qualitative and quantitative aspects of your asset, which means building a working economy for your crypto starts with choosing a reasonable total supply and level of emission (the quantitative aspect). To make your clients and staff interested in saving your cryptocurrency, you must not only make it easy-to-use and affordable (the qualitative aspect) but also ensure that it retains its purchasing power over time. The supply increase rate must be predetermined and steady so that people don’t jump in and out all the time, rocking the boat.
We are not claiming you must try to make your crypto a global store of value like gold – that’s barely possible for obvious reasons. However, you have everything to make your crypto a store of value at a regional scale – inside your company. That makes a lot of sense, as the fact of having an own store of value itself will highlight your brand among many others, making it more visible and attracting modern, fresh, ready-to-innovate and thinking outside the box people!
Wondering how to increase the KPI of your company? Profit sharing will help! That is one of the most welcomed business practices that will
· increase your credibility and loyalty among employees;
· provide extra motivation;
· modernize your staff;
Let your employees be a coherent whole, and the KPI of your company will increase significantly. After all, is there anything better than being a necessary cog in a successful and smoothly operating business mechanism that pays for efforts?!
People will love to be your shareholders. Equally important – they will realize that the success of the company they work for depends on their personal performance and that they will earn more if perform better. Moreover, at a certain stage,they will start to equalize the success of the company with their personal success!
Another advantage – your staff will be more creative and open to developing and accepting non-standard, breakthrough solutions. Feeling the empathy, your workers will become less prone to dismissal.
It is Never Too Late to Bring Crypto to Your Business and Life
Although there are some potential concerns like price volatility that may lead to the reduction in the generated revenue at a certain point in time, we have no doubts in the bright future of crypto as a solution for both large and small businesses. That is why we recommend you to start researching the opportunity of further digitalization of your business – including but not limited to cryptocurrency integration – as a way to get ahead in a highly competitive fiat economy.
Developing your cryptocurrency is simple, even when you don’t have the necessary knowledge and experience. We at https://reaproject.io/ have simplified the development process to only a few lines that you should fill before ordering your crypto. Use the contact below if you have any questions.