5 Reasons Why You Should Have Your Own Cryptocurrency?
As more and more blockchain projects are coming up with innovative solutions to complex business problems, cryptocurrencies are becoming increasingly popular and according to Coin Market Cap, currently, there are over 1400 cryptocurrencies exchanging hands on popular Crypto exchanges.
Of all the cryptocurrencies in circulation, there are already over 40 cryptocurrencies with a Market Cap of over $1 billion. Interesting, isn’t it?
As more and more businesses and startups are already developing their own token and Blockchain projects with Dapps in particular taking over, one may wonder what are the benefits of having their own cryptocurrency — is it necessary or worth it? If you’re a business or a startup, here are 5 reasons why you should be looking forward to having your own Cryptocurrency.
- Financial flexibility — Cryptocurrencies are digital currencies, they cannot be monitored, tracked, or controlled by any financial institution such as central banks. This means you have more financial flexibility as you can develop your currency according to your business requirements.
The functionality of the currency can be defined and you can develop it to cater to specific business activities. For example, Burger King in Russia developed their own token which their customers can use to purchase burgers. Moreover, if you have a business online which involves international transactions having your own cryptocurrency can save you a lot of hassles and unnecessary expenditures. Also, it helps you reach out to customers irrespective of their geographical location.
2. Branding your business — Having your own cryptocurrency definitely adds to your brand value. This is evident with the growing trends, as even the giants like Microsoft have developed their own cryptocurrency. Catching up with the trends, having your own cryptocurrency gives you that much needed edge over your competitors as your customers begin to see you as a business organization that is futuristic and technologically advanced. No doubt having your own digital currency also enhances the trust of your customers in your business.
With your own token you’re able to provide your customers with more options in terms of payments and as cryptocurrencies are getting popular it will definitely help your business broaden its appeal and reach out to a diverse range of customers.
3. Public or Crowdfunding for a project — Whether you’re in need of a small initial funding to give shape to your business ideas or you want to run a crowdfunding campaign to support a profit or non-profit project — there’s nothing better than having your own cryptocurrency for raising funds. Typically, it requires a lot of paperwork, clearances etc. to actually raise funds for a business venture.
Developing your own token you can easily reach out to more and more investors who would be interested in your project. Most importantly you don’t have to share the ownership of your project with your investors.
By launching an ICO (Initial Coin offering) you can raise funds for your startup or a particular business venture. Also, ICOs are one of the smartest and easy ways to help you kickstart your business which is still in ideation stage for lack of adequate funding.
4.Security and Savings — While cryptocurrencies are far more secure when it comes to making transactions having a dedicated token exclusively for your business saves you some significant dollars as well. As keeping track of transactions is easy you don’t spend extra just for recording and tracking of transactions which you would otherwise. This adds up to the savings that you would make at the end of the year. Moreover, if your business relies on international transactions you save on unnecessary taxes and transaction fees each time you make a transaction.
While banks charge you a certain percentage for every international transaction you make be it sending money or receiving with your own cryptocurrency you don’t have to pay that percentage to any financial institution.
5.The currency of the future — The pace at which the blockchain technology is evolving, there’s no doubt that soon cryptocurrencies will become mainstream.
The advantages one has with cryptocurrencies is already making it a preferred choice. While fiat currencies are tracked and monitored by the government more investors and customers are getting interested in projects that allow them to participate in business activities which aren’t controlled by any authority. The anonymity that is offered by cryptocurrencies is also what makes it lucrative for many.
The demand and use of cryptocurrencies are rising and the trends show that it is not ending soon. Your cryptocurrency also brings to you a host of opportunities to benefit by leveraging it for your business development.
It is said that what lasts is not what resists time but what adapts itself to time by adopting the changes. Most of the new businesses are developing their own cryptocurrencies and that is to stay at par with the technological developments of our time. On top of that they also enjoy the benefits one can have with their own crypto token. The best part is developing your own cryptocurrency and launching an ICO is not that difficult either.