It’s ready, get set and go for crypto-currencies
Cryptocurrencies have been around for a few years now and they have already changed how many people invest and save. The next step in the evolution of these currencies will probably be their acceptance as payment by smaller, more traditional businesses.
Small companies will have to start taking notice of cryptocurrencies as they become increasingly mainstream and take their place as a normal payment method alongside phone apps, credit cards and good old fashioned cash.
Their acceptance could also help your firm appeal to new sections of the market and signal a forward thinking culture. It will take time and effort to adopt the digital currencies, but it’s the only way to keep up.
What are they?
Cryptocurrencies were in part a reaction to the global financial crisis. They are a currency like any other, meaning that they represent value and can be used to store or transfer it. The difference from traditional currencies comes from the fact that there’s no governmental institution behind cryptocurrency.
Those who wants to buy dash or other cryptocurrencies are actually investing in the tech company that keeps track of all the transactions made with this currency. Despite their fluctuations in value, their advocates see them as a hedge against inflation and other global political changes which affect the value of fiat money.
No transaction fees
Making a purchase with any traditional currency comes with additional and usually hidden fees. This is the case when you pay using a credit card or when you use some sort of an online payment method. Some companies do their best to hide such fees, which can lead to an unpleasant surprise of being charged more than you’ve planned.
When you use cryptocurrency there are no intermediaries and therefore no fees, hidden or otherwise. This can be used quite effectively for marketing purposes because a small business can guarantee to the customers that they always know what they are being charged for.
A younger demographic
Cryptocurrencies are made for customers that are familiar with modern technology and the ways it can be applied in the market. These are usually younger customers, with a higher education and more money to spend. If that’s who your company is targeting, allowing them to pay for your services using digital currencies is the thing that can finally draw them in.
This doesn’t mean that you can’t teach your customers about the advantages of using digital currencies and thus find customers that aren’t yet familiar with them, but are ready to expand their financial practices. This takes more time and effort, but it can be done.
Privacy
One of the reasons cryptocurrencies have found so many users in such a short period of time comes from the fact that privacy is very much a part of the political conversation in the recent years.
Digital currencies offer alternative, safe and private way to shop online and this advantage could become important in future marketing efforts because the ability to protect one’s identity may become ever more important as more of our lives move online.
Cryptocurrencies are going to find their way to small business one way or another. Taking the initiative and advertising your small company as a place that uses this payment method could put you on the cutting edge and attract new and wealthy customers.
Amelia Atkins is an author at Smooth Decorator and a fresh architecture student. The love for architecture and design runs in her family and she knew what she wanted to do from a very young age. You can often find her with a notepad in hand, just looking at the clouds, dreaming about the next skyscraper.
