23 Jul How cryptocurrency can lead to increased profits in your business
Who doesn’t like more money? How knowingenough about cryptocurrency can lead to increased profits in your business
A little on Crypto
Experts believe Cryptocurrency is the future of monetary trading
Cryptocurrency caught me by storm when I was asked the question: “do you know what Bitcoin is?” I can be sure that every US citizen was asked the same in 2017. We all were excited to see the rise of cryptocurrency, after all, it’s largest coin, Bitcoin, increased 1700% in value in just one year. Cryptocurrency is such a new phenomenon that we should take advantage of what it has to offer to a business. Experts believe it might be the future of currency and network trading, but the issue is that it is a very new way of doing business and that it hasn’t been around long enough to base ourselves on historical data (Blockgeeks). A market research can be very helpful in gathering information to make the right decisions.
Market research provides the information needed to take advantage of new opportunities
A thorough, professional market research on cryptocurrency is the backbone to opening up new doors in our businesses we never even thought about. If you may have been looking at ways to further expand your business or ways to improve it, market research will provide you with the information needed to you in order to begin using cryptocurrency to your advantage to your business.
Crypto in Business
Blockchain technology is seen to be as the new way of digital messaging
A market research on Cryptocurrency can be the first step in including blockchain technology in the working area. Blockchain is a technology that was introduced to the world at the same time as Bitcoin since all cryptocurrencies use Blockchain technology. Having Blockchain technology allows information only to be passed from one party to another, while preventing other parties to copy it. This meaning that we can safely send and receive money without any risk of it being stolen or lost. It is not only practical for currency transactions as blockchain is useful for any type of digital message, even just a single “hello”. Each “block” or digital message is unalterable. Market research on Cryptocurrency provides you with all you need to know about blockchain technology since it is the basis of Cryptocurrency and the technology it uses.
Blockchain Technology could help a business drastically with profits
Blockchain technology can help a business by replacing the need of a central bank. Blockchain technology does not have all the regulations and monitoring that comes with using a centralized bank. It can be a “virtual bank” where businesses can accept, deposit, and complete any kind of transactions without any restrictions. The market research provided by professional companies, such as Joorney Business Plans, will have all the information and data on Blockchain technology and the different ways it can be useful to our respective businesses.
Blockchain technology can help us make transactions more effective since it:
- Fast and completely secure
- Leads to savings by not needing a centralized bank
- It’s new technology is advanced and seems to begin to take over business world. (First transaction already accomplished) (Forbes)
The world likes to invest in future ICOs
Cryptocurrency also introduced us to a new way of funding our businesses thanks to the induction of the ICO (Initial Coin Offering). If you are looking to include blockchain technology within your business platform, you should be able to go public with your ICO. A thorough market research will help decide how and where to include blockchain technology as well as who and how to target to raise capital through it. Investors are more intrigued to put their money in companies with a future intent of an launching an ICO since they can opt out easier and they believe that these companies’ technology is the future of digital information. Market research will allow you to understand with ease this new technology, it’s benefits and how to use it adequately. (Startup Grind)
The Future of Crypto
We don’t know, but the market research will
Market research will also provide you with future data on the impact of the business if you decide to implement cryptocurrency and blockchain technology. It will give you futuristic data and analysis of financial records as well as performance analysis within your business with the new technology in place. It will also allow you to acknowledge the legal aspects behind using blockchain technology and how to ultimately launch your ICO. A market research will always come in handy, even more so in a situation where there is little historical information like this one.
- Myler, Larry. “How Blockchain Technology Can Help B2B Companies Become More Profitable.” Forbes, Forbes Magazine, 22 Jan. 2018, www.forbes.com/sites/larrymyler/2018/01/22/how-blockchain-technology-can-help-b2b-companies-become-more-profitable/
- Foreman, Rich. “Raising Capital through an ICO (Initial Coin Offering).” Startup Grind, Nov. 2017, www.startupgrind.com/blog/raising-capital-through-an-ico-initial-coin-offering/
- “What Is Cryptocurrency: Everything You Need To Know [Ultimate Guide].” Blockgeeks, blockgeeks.com/guides/what-is-cryptocurrency/