6 Tips on How to Survive in Crypto Business

 

If nominating blockchain as a short-term bubble, you’ll have to eat your words, cause now it is more than just a gateway drug trend.
We consider 2018 to be the intrinsic blockchain development year, like the 90s with the Internet and dotcom booms, like “frenzy” AI in 2016, and like 2017 – skyrocket time for Bitcoin and Ethereum.

 

 


Source: https://coinmarketcap.com/currencies/bitcoin/#charts

 

 

Source: https://coinmarketcap.com/currencies/ethereum/

 

 

Entrepreneurs and large corporations don’t play a waiting game with blockchain and cryptocurrencies because they don’t want to fail in keeping up with unlimited technological possibilities.

 

 

71% of business leaders who are actively using blockchain believe it plays a key role in advancing the technology, suggesting widespread support for industry standards.

 

Why should you consider it for your business?

 

  • The 2017 crowdfunding process was obstructed by ICOs.
    Many of blockchain-based startups like Bancor, Tezos, and EOS became successful ICOs and raised millions of dollars.
  • Blockchain technology becomes helping hand in humanitarian applications.
    In 2017 the World Food Program employed Ethereum to donate 1.4 million food vouchers to 10,500 Syrian refugees in Jordan showing how database efficiency can help the most vulnerable.
  • In 2018 the blockchain ecosystem will change the way of understanding of an educational process.
    We will demand innovations in educational programs.
  • Blockchain is the growing trend in self-sovereign identity solution.
  • Blockchain boosts crypto economic layer to software engineering. From now you will be able to monetize your open source work.
  • A new wave of blockchain-based apps emerges.

 

 

We live in the digital era which changes every day. Undoubtedly, many of your customers and other clients use/will use cryptocurrency for different purposes. They deal with different types of currency and with more than 500 cryptocurrency exchanges throughout the world.

 

If you want to be an up-to-date entrepreneur and hold all the aces in the niche of your industry, you should be aware of some struggling points of cryptocurrency and exchanges.

 

 

Let’s reveal all the problems of implementation cryptocurrency technologies into business and find solutions to predict and overcome them.

 

Payment Methods and Longtime Transactions

 

Digital era requires applicable payment methods for users. If you are blockchain startup and besides fiat money, you decide to use cryptocurrency, you should make a huge research in payment methods and exchanges.

 

Make a list of FAQ for yourself:

  1. What payment methods will be OK for my users?
  2. What is the most convenient cryptocurrency exchange for my business?
  3. What payment methods are available on the exchange?
  4. What is the average time of getting an approval for the transaction?
  5. What is the response time of cryptocurrency exchange support team?
  6. What channels of communication do they support?

 

If the chosen exchange has limited payment options it may not be good for you and your customers.
Some of the exchanges become an irritation source for customers because of longtime currency transactions. To avoid it consider please the reputation level of chosen exchange.

 

Source: https://bitcointalk.org/index.php?topic=2688255.0

 

Verification Requirements

 

Using your credit card for purchasing cryptocurrency requires ID verification. The majority of cryptocurrency platforms in the US and the UK requires ID verification in order to gain trust, protect all kind of scam and money laundering, and to make clear deposits & withdrawals. For your customers, the verification process is sometimes painful because nobody wants to wait days or weeks in order to get the approval.
However, it does not mean that all of the exchanges don’t have room to remain anonymous. You can find out the exchange which requires ID verification only for specific transactions.

 

Source: https://bitcointalk.org/index.php?topic=2536816.0

 

 

Geographical Restrictions

 

Certain exchanges are applicable only in certain countries. Make sure that crypto purchase and sale transactions in your exchange are accessible and suitable for your target customers.

 

Fees and Exchange Rates

 

Before joining cryptocurrency exchanges make sure you know all the information about deposit, transaction and withdrawal fees, because they can differ like rates.

 

Source: https://bitcoinfees.info/

 

Reputation

 

This is the high-priority point. If you are going to thrive while using blockchain and cryptocurrency, you should be aware of several facts: the reputation of exchange and applied cryptocurrencies, customer support solutions, presence in social media, mobile app.

 

– The best way to find the information about your exchange and cryptocurrency is to make a search through comments and reviews on forums like BitcoinTalk, Quora, Reddit, Trustpilot, CryptoCompare.com etc.

 

– Presence in social media and announcement about an implementation of crypto innovations into your business will work for you as a word-of-mouth marketing.

 

– Mobile app with making crypto-transactions accessible for your users will be also your vested interest.

 

Customer service 

 

For most of the cryptocurrency exchange, customer support becomes an Achilles heel. Some of them use only email channel for support, they are slow and disregard all the customers’ requests. Another source of pain for customers is that the bulk of exchanges use chatbots which don’t have enough competency to efficiently resolve all the questions, they do not feel human.

 

 


Source: https://news.ycombinator.com/item?id=14587941

 

 

You know, customer service is the core process in every business which ensures customer satisfaction level, customer acquisition, and retention, influences reply rate and other processes. Make sure your customer care department will be able to assist your users.

 

In case you do not have an in-house customer service, or time to build and monitor it, outsourcing will help you to bear fruits. Outsourcing offers businesses various benefits, you can read about them in our article: How startups benefit from outsourced services? 

 

For about 12 years, WOW24-7 has been offering multilingual customer services globally and creating customized solutions to solve any problem related to customer care. Our primary clients are owners of small and medium-sized companies who want to facilitate their business development and lower operations costs.

 

While other services offer standard models of customer support, our company always creates the most effective strategies exclusively for every client. Besides, we make every effort to match the industry-specific needs of your business. Whether you work in the sphere of the blockchain, e-commerce, startups, or gaming, we have qualified specialists to handle front office as well as back office of your company.

 

Stay tuned with WOW24-7!

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