Cryptocurrency is the future of currencies and as such, many business are embracing the use of different coins in their everyday business transactions. Advantages associated with crypto such as immunity from geographical restrictions, as well immunity from government regulations are among the factors that are fueling the increasingly high penetration of cryptocurrencies’ use especially among entrepreneurs. Further, the high sense of security of the blockchain technology used in the development and management of cryptocurrency transactions propels the popularity of cryptocurrency.
One of the most important aspects of cryptocurrency implementation is that it minimizes problems associated with data validation in that once a transaction is conducted, all parties receive the same ledger detailing the transaction. As such, paying for goods and services for your business using cryptocurrency fosters transparency and efficiency in business transactions.
This checklist details the factors to consider when implementing cryptocurrency in your everyday business transactions.
Part 1 – Paying Salaries in Cryptocurrency
1 Provide cryptocurrency options to pay as salaries for workers
2 Select coins that suit your employees’ risk appetite/risk profile
3 Consult your workers on their preferred ratio of fiat-crypto to receive
4 Set a monthly date for the fiat-crypto conversion rate
5 Use the crypto’s market rate as the conversion rate
6 Consider tax rules associated with cryptocurrencies in your region
7 Evaluate the potential future limits on cryptocurrency usage
8 Introduce your workers to the appropriate tools for liquidating their crypto
Part 2 – Paying Suppliers in Cryptocurrency
9 Pay suppliers especially across-borders with crypto
10 Consider the associated liquidity levels
11 Determine if there are challenges in terms of limitations of crypto transactions from the supplier’s end
12 Evaluate scalability of cryptocurrency from your supplier’s end
Part 3 – Paying Dividends
13 Consider developing coins for your business
14 Use popular technology such as the Ethereum technology in the development of your crypto
15 Raise funds for your coin through Initial Coin Offering (ICOs)
16 Reward your investors with your cryptocurrency as a share of profits
17 Pay your investors’ dividends using your coin
Note:
- Paying for supplies with cryptocurrency is relatively faster especially across borders compared to credit card or bank payments that take a comparatively longer duration to process
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