Five ways local businesses can break into cryptocurrency

If you’ve been watching the financial or business news in the last few years, it’s likely that you will have heard of cryptocurrency. Led by the likes of Bitcoin, cryptocurrency is an umbrella term for digital money completely sourced via computer hardware and the internet. It’s emerging as a lucrative way for everyday people to invest physical money in a new, exciting stock. Many businesses across Exeter, as well as entrepreneurs, are already getting into crypto in a big way.

But isn’t cryptocurrency risky? How could it benefit Exeter businesses in the long run? Furthermore, what are some great ways for local businesses to really break into the crypto game? Here are five scenarios and ideas to start things off.

Research the market

With cryptocurrency still being such an unknown entity to many people, it’s only natural that many businesses are reluctant to really get into wide adoption. However, there are plenty of great ways to break into crypto, and this means researching the market, and available currencies, in plenty of detail.

By researching the market now, as well as analysing who is most likely to want to pay with crypto, Exeter businesses could really get ahead of the game. Bitcoin and the like are far from going mainstream as they are decentralised, and the UK law remains shaky on where things will stand in future - however, the future seems to be bright. Therefore, you can do much worse than start researching crypto before it becomes mainstream.

Start accepting crypto

Many businesses avoid accepting crypto because its value can dip and spike regularly. However, this is largely thanks to the fact that people are so unsure of how to value it. It is understandable why many bigger brands choose to avoid crypto altogether. However, by accepting payments, you will potentially be reaching out to a lucrative audience of people. It's an audience which is growing by the day.

By accepting crypto, you may also be putting yourself ahead of the pack. Bitcoin will not overtake the pound any time soon but if reports are worth believing it will only be a matter of time before digital money goes fully mainstream. 

Create your own crypto

Possible? Yes. Tricky? Definitely. Many businesses are making waves by actively creating and accepting their own cryptocurrencies for exclusive trading. It's a great marketing opportunity, and while it may carry a lot of risks, it might also help to push your business ahead of the pack. 

Designing your own currency is going to take a lot of time and effort. If you want to start getting this deep into digital money, make sure you do plenty of research, and to work with experienced miners who can help you achieve your goals.

Investing in crypto start-ups

If you’re intrigued in the Exeter start-up scene and run a larger business, you may be interested to see if there are any small crypto-based organisations in the local area. While you don’t have to invest in the currency yourself, you could put serious money behind a small crypto brand that has room to grow.

Therefore by investing in cryptocurrencies you could still benefit, and profit, once digital currencies become more accepted. However, it means there will be less detriment to your business in the short term. This could be a good low-risk option for many firms who aren’t sure whether or not to ride the waves of crypto markets just yet.

Personally invest in the currency

If you are intrigued by cryptocurrency but don’t want to potentially risk your business’ profits, you can always test the water with your own personal accounts. All you need to do is set up a simple digital wallet and head to online exchanges to get started. It is easier than ever to start investing in digital money, and you could even automate your investing. You could look into the top 10 crypto trading robots and set them up to invest on your behalf, for example.

Invest personally and judge the markets. If you are noticing that you are getting good returns from your personal investments, it may be worth taking the plunge with your business.

Conclusion

The fact is that businesses in Exeter and beyond are going to be missing out on a lot of interest from a lucrative audience if they don’t invest in crypto. The reasons for wanting to stay out of Bitcoin are understandable in some ways, however, there are plenty of great ways for businesses to gradually test the water. Why not take a look at some crypto success stories for inspiration?