Business is dynamic, and innovation is important, but it's not always necessary to reinvent the wheel to be successful. A game-changer is not always the one that started the game. Innovation is simply creating something completely new to solve a problem while improving is about looking for problems within existing solutions and basically solving those problems found. Innovation and Improvement go hand in hand; success often stems from knowing the time for innovation and the time for improvement and strategically implementing accordingly. Enhancing existing solutions should not be underestimated. The most impactful advancements in technology are often built upon foundations laid by predecessors. Modern-day innovations like electric vehicle technology build upon and are reliant on the foundational principles introduced by Karl Benz in the initial invention of the automobile which is also reliant on other foundational innovations. Now, imagine enhancing a business with this strategy and a transformative force—cryptocurrency. In a landscape where change is the only thing that’s constant, hesitating on cryptocurrency adoption could mean missing out on transformative opportunities. Integrating crypto isn't just about staying relevant; it's seizing the chance to redefine your business's future and survive in the evolving digital economy. You can do this within your business and in competitors' business models to achieve a great amount of growth. And one of the best ways to do this is by adopting new progress in technology (cryptocurrency in this example). Advantages Of Improving on Existing Solutions: 1. Marketing becomes more straightforward as you can build on the familiarity of the existing solution and highlight specific improvements. Easier Marketing: 2. You can charge more from day 1. Your enhanced solution to something can never be cheaper than the prior solution. Immediate Revenue: 3. Enhancements can strengthen relationships with existing customers, fostering loyalty and repeat business. Customer Loyalty: 4. Addressing known issues in current solutions mitigates the risks associated with launching entirely new products. Reduced Risk: 5. Utilizing existing foundations speeds up the development process, resulting in a quicker time-to-market for improvements. Faster Time-to-Market: 6. Existing solutions offer a wealth of feedback that will provide you with valuable insights for targeted improvements. Feedback Utilization: 7. Leveraging existing tools, research, and knowledge will reduce the need for new investments. Resource Optimization: 8. Incremental enhancements make it easier for customers to adapt. Building completely new solutions comes with the challenge of trying to make users understand, believe, and trust your solution. Adaptability: Improving Has a Simple Recipe Pick an existing solution you're interested in. Step 1: : Identify problems within the existing solution. Step 2 Look for existing technology/technologies that you can combine to solve the problem (this is an active and iterative process and isn't always instant) Step 3: Integrate the new technology/technologies to significantly improve the existing solution. Step 4: Hakuna matata 🚀 Step 5: Optimize for best results based on lessons learned. Step 6: It is important to continue improving the improvement. So, instead of brainstorming and validating and pivoting and all the other stress you'd normally go through. You're just taking two or more systems and combining them together to make a superior solution. You'll still have to use your expertise, best practices, and common sense to make sure that the business works well. Few Examples of Improvements Using the Simple Recipe: Stores/Supermarkets: Ingredient Example Need Shopping Convenience Technology Mobile Apps Improved Solution Using to create mobile apps Shopping Convenience Customer service: Ingredient Example Need Enhanced Communication with Customers Technology Chatbots Improved Solution Using to create chatbots enhanced communication with customers Interior Decoration: Ingredient Example Need Enhance Customer Satisfaction Technology Augmented Reality (AR) Improved Solution Using to Augmented Reality enhance customer satisfaction Practical Example: Enhance Existing Solutions With Crypto A similar opportunity arises with cryptocurrency. Integrating crypto into systems already excelling with conventional payment platforms can leverage the unique benefits of crypto to make a profit. Before we proceed: It's important to make sure that the new improvement is significantly better the pre-existing solution in order to provide better value and make more money. It's not advisable to build your own  𝕏 (Twitter), just because you had the idea that when someone posts images, it should be horizontally scrollable instead of clicking in one at a time. So, I'll share some benefits that cryptocurrency can bring into the business; this will help you determine whether your business is a good fit for integrating and accepting crypto payments or not. Benefits of Accepting Crypto Payments: Privacy Enhancement: In industries where customer privacy is paramount (e.g., healthcare, legal), crypto transactions can offer heightened confidentiality. Benefits: The integration of crypto payments fosters a heightened level of trust between businesses and their clientele. Knowing that their sensitive information is safeguarded enhances customer confidence. Increased Trust: Customers, especially in sensitive fields like healthcare and legal services, often hesitate to share personal information during payment transactions. With crypto transactions, this reluctance diminishes, leading to smoother and more efficient transactions. Reduced Reluctance: 2. Global Accessibility: Traditional payment methods often pose challenges for businesses aiming to cater to a global audience. Cryptocurrency, with its borderless nature, overcomes this limitation. Benefits: Businesses can tap into a global customer base without the constraints of geographical limitations. Crypto payments facilitate cross-border transactions, opening up opportunities for unprecedented market expansion. Expanded Market Reach: Cryptocurrencies transcend national currencies, eliminating the complexities associated with currency conversions. This simplification in transactions benefits both businesses and customers, fostering a more seamless global trade environment. Currency Freedom: 3. Enhanced Security: Conventional payment systems are susceptible to fraud and security breaches. Cryptocurrency transactions leverage blockchain technology to provide secure and tamper-resistant transactions. Benefits: The blockchain ledger ensures transparent and secure transactions, minimizing the risks of fraud and unauthorized activities. Reduced Fraud Risks: Transactions recorded on the blockchain are immutable, creating an incorruptible record of financial activities. This feature enhances the overall security of financial transactions. Tamper-Resistant Records: 4. Lower Transaction Costs: Traditional payment systems often involve intermediary fees, resulting in higher transaction costs for businesses. Crypto payments offer a solution to reduce these expenses through decentralized payments. Benefits: Cryptocurrency transactions generally involve lower processing fees compared to traditional payment methods, contributing to cost savings for businesses. Cost-Efficient Transactions: The absence of intermediaries streamlines the payment process, minimizing additional costs associated with third-party involvement. Direct Transactions: 5. Financial Inclusion: A significant portion of the global population lacks access to traditional banking services. Cryptocurrency provides a means for financial inclusion, allowing individuals without bank accounts to participate in economic activities. Benefits: Cryptocurrency enables individuals without access to traditional banking to engage in financial transactions, fostering a more inclusive global economy. Broadened Financial Participation: Businesses can reach a broader customer base by accommodating those who prefer or are limited to cryptocurrency transactions, reducing reliance on traditional banking systems. Reduced Dependency on Banks: 6. Increased Payment Speed: Traditional banking transactions often involve delays, especially in cross-border payments. Crypto transactions offer a swift and efficient alternative. Benefits: : Cryptocurrency transactions are processed swiftly, reducing the typical delays associated with traditional banking systems. Rapid Transaction Processing Businesses can enjoy near-instantaneous settlements, contributing to faster cash flow and improved liquidity. Real-Time Settlements: 7. Innovation and Adaptability: Industries constantly evolve, requiring businesses to adapt to changing market trends and customer preferences. Cryptocurrency integration allows for innovation and adaptability. Benefits: Cryptocurrency integration positions businesses at the forefront of technological innovation, showcasing adaptability to emerging trends. Agility in Technology Adoption: Readiness for Future Technologies: By embracing crypto payments, businesses are better prepared to incorporate future advancements in blockchain and financial technologies. These benefits collectively contribute to a transformative impact on businesses, unlocking new possibilities and ensuring a competitive edge in a landscape where change is the only constant. There are more benefits, but it's just so you can compare the strengths of accepting cryptocurrency to see if they solve some significant weaknesses to existing solutions. For example, if the system is slow, it's a good business opportunity because crypto is fast; if there's less financial inclusion, it's a good opportunity because crypto is inclusive. And so on. Example Crypto Payments Ideas Across Industries: 1. Users purchase web hosting services using cryptocurrencies, providing a secure and efficient payment option. Web Hosting: Benefits: Faster transactions Lower fees Enhanced security 2. Customers buy event tickets using cryptocurrencies, and transactions are recorded on the blockchain for transparency. Event Ticketing: Benefits: Secure ticket sales, Global accessibility Reduced fraud risks. Transparent transactions recorded on Blockchain 3. An Online store sets up products, integrates crypto payment options, and customers pay with cryptocurrencies. E-commerce Store: Benefits: Global reach Decentralized payments Attraction of a tech-savvy customer base. 4. Patients pay for health consultations using cryptocurrencies, ensuring confidential and secure transactions. Private Health Consultation Service: Benefits: Enhanced privacy for patients Transparent payment records Reduced reliance on traditional banking. 5. Travel services are booked and paid for using cryptocurrencies, providing quick and secure cross-border transactions. Travel Agency: Benefits: Reduced dependence on traditional banking Attraction of crypto-savvy travelers Global accessibility. 6. In-game purchases or gambling bets are made with cryptocurrencies, ensuring faster and more secure transactions. Online Gaming and Gambling: Benefits: Enhanced privacy for users Global audience reach without currency restrictions Lower transaction costs. Viewers pay for content subscriptions using cryptocurrencies, facilitating direct and transparent payment distribution to creators. Content Streaming: Benefits: Reduced dependence on intermediaries Lower fees Engagement of cryptocurrency enthusiasts in content consumption. 8. Users pay for cloud storage services with cryptocurrencies, ensuring decentralized and secure payment options. Cloud Storage: Benefits: Lower transaction costs Secure and decentralized storage payments Increased user privacy. 9. Subscribers pay for app services using cryptocurrencies, benefiting from seamless global subscription payments. App Subscription: Benefits: Lower transaction fees for recurring payments Global accessibility Appeal to users that value privacy 10. Freelancers and clients use cryptocurrencies for secure escrow services, reducing payment processing time. Freelance Marketplace: Benefits: Secure transactions through smart contracts Reduced fees Attraction of freelancers and clients in the crypto space. 11. Donors contribute to charities using cryptocurrencies, ensuring transparent and secure donation records on the blockchain. Charity and Donations: Benefits: Lower fees Transparent donation records Appeal to privacy-conscious donors. 12. Affiliates receive commission payments in cryptocurrencies, benefiting from faster and more secure cross-border transactions. Affiliate Marketing: Benefits: Transparent commission. Lower transaction fees Appeal to affiliates in the crypto community. These are just some examples of business ideas where accepting crypto payments can potentially make an impact. It's important to do your own research and apply your expertise, skills, and common sense. You don't have to exactly copy them–but can use them to create or improve your own ideas. If you'd love to learn more about the tech and arts of developing money printing systems and earning more with creativity, subscribe to my newsletter by clicking on the button below my bio, where I share it weekly. Don't sleep on this; adopting these things with the right strategies is what keeps big companies ahead: Microsoft, AT&T, Wikipedia, Burger King, KFC, ExpressVPN, and more are reap benefits of adopting the acceptance of crypto payments early. In summary, we've seen the importance of looking for problems within existing solutions and solving them, and how an example of crypto can solve problems within your solution or the solution of competitors. Remember the cheatcode: Take an existing model that works and plug it into your niche. If you have questions, you can connect with me personally through my newsletter to access my free consultation as well, click on the button below my bio to get started.

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

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