Many people in the world are now aware of cryptocurrency. However, a couple of years ago, it was only used by a handful of people. Not many consider using this kind of currency for payments or investments. But with some social engineering, cryptocurrency is now one of the highest regarded payment and investments worldwide.
Consumer-related industries are now using Bitcoin as a mode of payment for products and services. In addition, small businesses are also now using cryptos, both as a payment and investment option. Although only a small percentage of small businesses in the U.S. use cryptos, experts believe it will grow in the coming years, as the advantages of using such a currency become more exposed to the public.
However, there is a particular industry that cryptos have not fully breached yet, and that is the realm of construction.
Cryptocurrency and Construction
Cryptocurrency might have taken control of consumer-related industries, but it is still yet seen in the construction industry. It’s such a different industry that it is struggling to penetrate. However, it has entered various industries before that aren’t entirely suited for cryptocurrency.
Take the dental industry, for example. The industry isn’t suited for cryptocurrency transactions, and yet, it has its crypto: Dentacoin. In Europe, Dentacoin is a big hit, and it’s taking the European market by storm. Almost every dental-related insurance services offer Dentacoin as a payment option. Moreover, people outside the industry are investing in this cryptocurrency.
The Dentacoin example shows how flexible cryptocurrency can be. The advantages of such a currency might be reason enough for the construction industry to adopt it at some point.
Benefits of Cryptocurrency
Decentralized Structure
One of the best benefits of cryptocurrency is its decentralized structure. It’s much harder to breach consumer transactions and data, making cryptocurrencies nigh impossible to hack. Moreover, various data chains work, which means that if one hacker gets one consumer transaction, the rest is safe.
Nowadays, we like our privacy, regardless of the business transaction we do. Cryptocurrency can make all consumer purchases anonymous. Sure, it’s not a big deal in the construction industry, but it is certainly a welcome benefit.
An International Currency
If there is one thing that most people are looking forward to when it comes to adopting cryptos into the construction industry, it can be a unified currency for industries worldwide. This means that it’s not affected by fluctuations in the physical market.
Moreover, it’s not affected by changes in foreign currencies. Cryptos can make certain services cheaper. For example, certain services such as installing sprinkler systems or interior painting can be made even more affordable to the public. More expensive renovations can now happen without any fears from clients. This is great for both consumers and small businesses.
An Easy Payment Option
Some clients are hassled by the payment options in construction projects. Traditional payment options in projects take too long before converting them to cash. Take the traditional paper checks, for example. Checks still need to go through an entire banking process before they are converted to cash. It can take between three to five days before they can go into the contractor’s account. This can be problematic if the contractor is using the same check to pay for materials needed for the renovation.
With cryptocurrency, that’s no longer the case. The payer only needs to transfer crypto funds into the contractor’s crypto wallet, and it’s done! It works pretty well and creates very little downtime for construction companies.
Should You Consider It in Your Business?
Now that we’ve talked about the advantages of cryptocurrency, it’s time to weigh whether it’s good for your business.
Startups have the most benefit here because they can easily integrate it into their system. They can start with cryptocurrency as a payment option, and no adoption has to be made. If you’re a starting construction company, we suggest you give this option to your consumers.
Another good way to integrate cryptos into your business is by making it an investment option. You can invest in various cryptos as an outside investor. So if your construction business struggles, you can pull funds out from your crypto investments and use that to keep yourself afloat.
There are many more advantages to integrating cryptocurrency into your business, so we suggest that you try it out. However, it’s important to take note that cryptocurrency is not yet a regulated form of currency. This means that you might be vulnerable to scams and other problems. Take caution when implementing it into your construction company, and take the necessary precautions.
