Cryptocurrency has become a major discussion point amongst business leaders, entrepreneurs, and start-up businesses. This article looks at how entrepreneurs are using crypto, why they may be choosing to go down this route, and what the stumbling blocks may be for those US entrepreneurs who aren’t using crypto.
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There has been research undertaken showing that over a third of American entrepreneurs have adopted cryptocurrencies. The trend is growing, and expectations are that many more will adopt and use crypto soon.
The cryptos being used vary between the business using them, and it ranges from the use of the big and established cryptos, such as Bitcoin and Ethereum, to those who attempt to establish and use their own version of NFTs. However, the mainstay of crypto use amongst American small to medium businesses has been Bitcoin. The advice in this regard is to ensure that you have all the relevant comparisons and individual currency values and exchange rates and the US$ exchange rates. The kind of information shown at okx.com will enable any business to enter and engage in crypto from an informed position. The site shows the daily exchange rates, ongoing performances, and the comparative values of all the major cryptocurrencies. It is this type of data and information that determines which of the cryptos entrepreneurs are using or investing in.
Once a company has aligned itself with the specific cryptocurrency that they intend to use, they need to decide what they intend to use it for. Is it for customers to buy their products or do they want it as a protection from banking fees and economic crises in the geographic areas they are based in? Generally, the American companies that use crypto are doing so to access the new and emerging market of the huge number of customers and potential customers who now accept and utilize these currencies. It also allows them to join the ranks of the super innovative, such as Tesla, which has fully accepted Bitcoin, and holds a reasonable amount of the currency.
There is also a huge number of businesses that use crypto on social media and in interactions with clients and customers, as rewards, gifts, and vouchers. Discounts for paying in crypto to avoid banking fees, or increased speed of transactions, as well as anonymity, are all part of the reasons that customers will prefer to use crypto and what US entrepreneurs are known to offer.
Will This Continue?
The trend towards crypto by small to medium-sized businesses and entrepreneurial businesses of all sizes is simply the beginning. There has been a concerted and continued institutional and industrial adaptation of cryptocurrency across the US, covering all sectors and all sized businesses. Lastly, as long as crypto, NFT, and blockchain-based technology keep providing growth opportunities, it is clear that they will remain an essential component of the entrepreneurial sector across the globe and within the metaverse.
The moral of the story is that if you’re a small business in the US, and you’re not using crypto, you need to ask yourself why. There are arguably many opportunities to go in this direction. It is, after all, the current trend.