What Can Cryptocurrency Do For Your Business?
- December 14, 2020
- Written by : Elizabeth Beall
My, how the years have changed.
One of the biggest evolutions and changes thus far? The way we, as individuals and business owners, pay for things.
Our form of currency was once trading physical items. For example gold and silver, and has now evolved into many forms of payment: cash, cards, loans, assets, etc.
With so many payment options presented to us today, most of us carry credit cards, opt into Apple Pay, or have digital payments set up through our Wallets on our phones. We as consumers actually have a choice in how we carry out transactions, save money, and even, capitalize on current finances.
However, just as silver and gold has evolved and is no longer the forefront of our system of money, our current payment options will eventually change and evolve as well.
For example, Kevin Mercandante, writer for Money Under 30, explains â€œfor some, cash is still something they use every day. For younger generations, cash is becoming more and more obsoleteâ€¦ thereâ€™s no question [that most of us like access to a variety of forms of payment], but thereâ€™s also no question there are forces at play that may ultimately result in a cashless society.â€
And what might the world be turning to instead? Cryptocurrency.Â
What is cryptocurrency?
Merriam Webster defines cryptocurrency as a â€œdigital or virtual currency that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units.â€
Simply put, cryptocurrency is a digital money system, with over 1,000 examples ranging from Bitcoin to Ripple.Â
According to Wall Street, â€œcryptocurrency is changing the financial face of businesses and even individuals. It is the revolution in the way we perform transactions, invest and raise capital. It is replacing the need for physical money, and in some cases, it is replacing the need for banks and high-interest loans.â€
Advantages of CryptocurrencyÂ
Just like with most things in life. We are learning to make money systems more efficient, hence the creation of cryptocurrency.
With the rise of this currency, we, as business owners are beginning to reap many benefits:
Central banks are creating their own digital currencies.
The pandemic is speeding up the shift to a cashless society.
According to WSJ, â€œcentral banks are exploring ways to create a digital version of cash: money that is trusted, convenient to use, and widely available to people, for making payments and getting paid. Digital currencies have the potential to make it easier, cheaper, and faster to move money around.â€
This means the same ease and simplicity for your customers payments and transactions.
Demand is changing and must be met by equip systems.
â€œThe payment industry of the future is shaped by a mobile device or a computer. It happens at home and on the go. The shop is open 24 hours a day, and customers are demanding more from their platforms than ever before,â€ says Forbes.
Customers are begging for convenience, and with such a high demand and e-commerce sales expected to rise to $5.69 trillion by 2022, thatâ€™s exactly what they are getting.
Security and confidence in transactions is key for strong customer-to-business relationships.Â
As business owners, our job is to make payment and processes as simple and secure as possible. Customers want to know and feel confident when making a purchase decision with your business.
According to Chetu, World Class Software Solutions, â€œbusinesses are able to provide this confidence and assurance [via cryptocurrency] by eliminating the risk of fraud, offering anonymity with transactions and also providing security of its funds. In terms of growth, businesses are able to capitalize on lower operation costs, receiving immediate transactions and providing access to a new customer base.â€
World exchange and a universal currency is on the rise.
According to WSJ, â€œbitcoin is called a digital currency, but it is nothing like the money you carry. It is a computer program that allows two people anywhere in the world to exchange value across the internet in minutes.â€
Could you imagine a world in which a countryâ€™s currency did not affect your transactions? Or one in which monetary exchange was no longer a limitation?
A universal currency would quite literally be life changing for everyone from individuals to small business owners to corporate leaders.
These advantages do not just impact small businesses. Clearly, this money system provides benefits worldwide. Also, it is changing the way in which we conduct business, handle transactions, and manage finances.
Needless to say, cryptocurrency is on the rise and here to stay.
How your business will benefit is up to you and what you decide to do with this system. Regardless, whether you decide to give it a try or not, your business will benefit because the economy will be benefitting as well.
If you need help during start up. Then we have a team of experts to assist you. Weâ€™ll answer any questions you may have on cryptocurrency, and if needed, lend funds to help get you started.