Are Cryptocurrencies Worth Integrating into Your Business
- 14 Aug 2019
Different Levels of StabilityCryptocurrencies come and go all the time. That’s a major part of their market, and an important consideration to keep in mind if you want to get actively involved with them. It should go without saying that if you want to support cryptocurrencies, you should only go for those that have been around for long enough to prove that they’re a stable option for the current market.
Of course, we don’t mean to just limit yourself to Bitcoin and accept nothing else. But don’t go crazy integrating every single new cryptocurrency that pops up on the market, no matter how attractive it may seem.
The Underlying ServiceEvery cryptocurrency is based on something different under the hood. That’s what makes them so interesting to people with strong tech inclinations, and it’s also something that you’ll need to understand on a fundamental level. Whenever you’re choosing to adopt a new cryptocurrency, you should partly base your decision on what kind of service it provides on the backend.
For example, some cryptocurrencies provide rendering services, while others share general computing power. Some of those may be more relevant to your business than others. There might also be some legal implications to some of those services. A good tax lawyer for cryptocurrencies like Bitcoin is pretty much mandatory if you’re going to explore the market in more detail. Otherwise, you’re putting yourself at a huge liability risk, especially if you’re dabbling with less stable currencies as we described above.
Adoption RatesLast but not least, remember that the main point of integrating cryptocurrencies into your business is to give customers more options. To that end, you should pay attention to how much each currency you’re considering is actually being used at the moment. It’s easy to verify the adoption rates for the different coins on the market, and you should keep track of ones that are coming up and might be interesting in the near future. But for the most part, make sure that you’re not wasting your time and effort on something that would be interesting to a maximum of 5 people over the course of a month.
Above all, keep yourself as informed as possible. With a market as dynamic as this one, drastic changes can happen literally overnight. You have to be prepared and stay on top of current events if you don’t want to get swept away. Whether you like it or not, you’re going to have to spend some of your free time reading up on current developments on the crypto market.