There can be no doubt that crypto is one of the most popular and influential industries in the world now. Its sudden rise is even more remarkable considering it’s only a decade old – at most.
This has led to a polarizing reaction from businesses, politicians, and the public at large as the world grapples with this new and exciting technology. Of course, amongst all the noise, hype, and FUD, it is difficult to grasp whether crypto is worth examining from a business perspective.
Type crypto into Google, and you will be inundated with people hyping it up as the opportunity of a lifetime and an equally loud horde of naysayers dismissing it as a gimmick or even a pyramid scheme.
As with most things, the truth lies in the middle.
Crypto is an incredibly diverse industry, rich with opportunity and revolutionary ideas. However, it is also fast-changing, and you must be prepared to research before diving in headfirst.
This is what you need to know about whether your business should get involved with crypto or not:
Learn the basics first
Crypto can be enormously overwhelming if you don’t know where to start, so it is wise, to begin with, the basics.
Unless you understand the foundations of the technology, you will find it impossible to decipher between the genuine opportunity and the mistake waiting to happen.
This may involve you taking a short online course on blockchain, NFTs, Defi, and other elements of the crypto ecosystem. This will help you understand the fundamental differences between Bitcoin and Ethereum, which you can purchase from okx.com.
Once you have grasped the fundamentals of crypto, you can then decide whether there is an opportunity for your business within the industry.
There are many commercial benefits of crypto
Despite what crypto cynics might have you believe, there are tremendous commercial benefits within the industry for all kinds of businesses, so long as you have a strong understanding of the various projects and you have a long-term vision for how this tech might change society.
For example, NFTs suffer much criticism for being a volatile industry, but this ignores the fact that it is an incredibly young industry containing assets no one knows the value of and that NFTs could change the face of global commerce.
One reason (relevant here) is that NFTs allow businesses to build a community of equals. Customers or fans can own limited edition collectibles, assist with corporate decisions and essentially supercharge your existing community of customers.
Have a clear idea of what you want to get out of it
Of course, the problem with many commercial opportunities is that people jump straight into them without considering why they are doing it.
It is not good enough to hurry into crypto to get rich, for this will end in failure. Instead, you need to have a clear goal in mind.
Perhaps you want to increase the engagement of your brand’s community, or you want to accept payment in bitcoin. Whatever the case, make sure this end goal is in mind before you get involved with crypto.