Blockchain is the new technology that will revolutionize businesses. Soon, people will change their behavior and will spend even more on online shopping. This means cryptocurrency will have an important role in all this process and all stakeholders should stay alert. If you are interested in investing in cryptocurrency or you own an online, this article is for you.
Find out next about the do’s and don’ts of cryptocurrency, what are the things you should pay attention to and what you must avoid.
Getting over all the comments about these digital tokens, you should know how to create value from this opportunity, so keep your eyes open.
Think customer management
In any business, you should know your customers. Cryptocurrency also implies knowing how and what your customers think. There are even great companies that can help you with customer thinking design. It is a commonly known practice in several companies. Having the design thinking in mind, you can easily contour your customer lifecycle.
The actual businesses should think about how blockchain will change their processes and see where they can improve for even more satisfied customers.
Don’t launch a business as a token
The apparition of many cryptocurrencies allowed Blockchain to grow, but these two are not so similar. As brief definitions, Blockchain is a database, while cryptocurrency is simply money.
A business should solve problems or satisfy needs, don’t start with the idea of making money not even literally. Digital tokens are part of blockchain businesses, not the business. Cryptocurrency is more of a feature for a business.
Companies that focus on solving only parts of the problem fail. You need the product in order to integrate the cryptocurrency as a feature.
What we see now is numerous entrepreneurs rushing to make money using blockchain. They forget that cash comes and go, but a real business is the one to keep it flowing. Money can be dangerous if the business owner doesn’t know much about blockchain and cryptocurrency.
Build a business with the token as a feature
As said above, focus on a problem you can solve using cryptocurrency. Integrate it into your business. You can test your idea using ICO (Initial Coin Offer), but most likely investors will tell you all the weaknesses your business has.
Instead of creating a new currency, build a business using an already existing one. Show the investors how you can solve a real problem using cryptocurrency and they will understand.
Blockchain technology can be used in many ways, one good example is the supply chain management, where the accuracy of information will erase a lot of errors about the products and the stock.
Don’t substitute raising a series A with an ICO
Initial Coin Offer is a way you can fundraise money for your business if you intend to use cryptocurrency as the coin for your product or service.
An ICO is not the same as a series A. If your blockchain business won’t work, if you used ICO for your funds, you will only get monopoly money. You can’t ignore Bitcoin and the way it grew, but it isn’t considered a business, but rather a protocol.
If you are at the beginning and you want to start a business on a blockchain, start with the innovation, not with the idea of creating new digital money. This way you won’t be raising any real cash.
Focus on a real business and less on the ICOs
It is true, ICO can help you implement your idea if it is a good one, but first, focus on your business and what you want to get out of it. When you are content with the plan and the way you will impact your customers, then it is time to focus on an ICO.
Starting a Blockchain business is not a bad thing and cryptocurrency, even though it is not tangible, can bring the success of your business. Having the DOs and DON’Ts in mind, now you can focus on what is important.
If you need any help with your cryptocurrency business, we at Team Extension can provide the professional help your business deserves. Give us a sign and let’s discuss your ideas!