The new and exciting world of cryptocurrencies has opened up many new opportunities for entrepreneurs to explore. Folks are now able to leverage blockchain and cryptocurrencies to both simplify their day-to-day business operations and open up new revenue streams. One can only let their mind frolic beyond the confines of the proverbial box and you may find yourself creating the next Paypal, or Crypto Kitties.
Suppose you have a great new idea, it could change the game for a lot of people but like many entrepreneurs, capital is an issue. Not really a problem, with blockchain you have the ability to raise capital with just a whitepaper and an idea. Ethereum did it, Neo did it, Ark did it, the ICO (Initial Coin Offering) could the new IPO, except you have access to global investors. ICO projects have been known to raise their target amount within hours, all you need do is issue a token. If the token is a tradable exchange and goes up in value, you’re looking at high liquidity for your project.
Perhaps one of the most practical uses for cryptocurrencies is the shifting of value from one place to another. So suppose you’ve scored a deal with an international client and you’ve produced the goods and it’s paid up time. You want your money delivered to you as soon as possible because a bird in the hand is better than two in the bush or something. Now traditional banking could cost your client more, take days to clear, and well, you’re getting taxed, buddy. Accept the value in a digital currency and you have your funds within minutes (a few hours, tops) with minimal fees paid by the client and no risk of the transaction being reversed. Everybody wins.
If you’d bought a R1,000 worth of ripple back in November, you would have made off with about 30k at the end of December when it’s price leaped beyond 3 US Dollars.
If you can stomach a little risk (you’re an entrepreneur, of course, you can) you can use cryptocurrencies to maximise the funds coming into your business for future projects as the market usually experiences serious jumps in value. Research is required before choosing the coins you’d like to place your bet on.