In today’s age, the word ‘cryptocurrency’ is one that’s largely heard of, yet people are still left feeling uncertain and confused about what they are and the benefits that they possess. While they’re now largely used on a commercial basis, with the likes of Bet King offering new online, innovative casino games incorporating Bitcoin, businesses have also taken note on the digital currency movement and are beginning to implement them into their practices – but how, exactly? We have all of your questions answered right here.
Paying Their EmployeesParticularly for businesses operating on a global scale, using cryptocurrencies to pay their employees overseas as opposed to standard currencies prove to be heavily beneficial. This way, companies are able to provide employees all over the world with Bitcoin payments, reducing the need to pay unnecessary cross-border remittent fees that would have to be payed due to exchange rates. However, since cryptocurrencies such as Bitcoin are used universally across numerous countries, unlike other countries, these fees are no longer a problem, making financial management much easier.
CrowdfundingWhere there’s a Bitcoin, there’s a blockchain, and it’s this technology that has proved to be very efficient within business, making several daily processes easier. Crowdfunding platforms have been widely used by businesses all over the world, particularly for start-ups looking to get their ideas off the ground, or even for established organisations to shout louder about upcoming campaigns that they’re planning to launch. Furthermore, a slightly riskier yet equally as successful method of crowdfunding is with ICO’s (Initial Coin Offerings), as blockchain companies issue cryptocurrencies or other digital tokens via ICO’s, allowing them to raise capital.
Wealth ManagementManaging finance in business is never straight-forward, and many small businesses in particular struggle to fund highly-qualified financial managers to do it for them. Luckily though, cryptocurrencies are able to make wealth management seamless, and is undeniably one of the most popular uses of digital currencies in businesses at the moment. Cryptocurrencies are giving businesses the opportunity to manage their wealth without having to worry about any boundaries, as companies such as SwissBorg are providing businesses with democratic ecosystems that will allow you to manage a portfolio of crypto assets. Therefore, this type of technology is making the management of finance much simpler for organisations across the globe, making it worth the investment.
Generating Engagement Via Digital PublishingWhile we expect cryptocurrencies to be widely used in the financial services industry, publishing organizations have also seen the huge potential that digital currencies possess. Recently, digital publishers and advertisers alike are trying to find an effective method in order to increase the relevancy of the content that they’re publishing, and cryptocurrencies seem to provide just that. A new method that’s possible due to the use of cryptocurrencies is a pay-per-article system, where advertisers pay for valuable ad real estate just above a relevant article, which the target audience is consuming on a particular publishing site. With cryptocurrencies, the technology is able to fuel engagement, allowing both the publishers to gain tokens, as well as the audience by interacting with the content – it’s a win-win! There are clearly numerous uses for cryptocurrencies not only around the world, but across industries as well. Ultimately, cryptocurrencies are allowing businesses to boost their overall performance externally, as well as internally, allowing them to not just advertise better, but manage finances too.