Cryptocurrency is still a new concept to many people around the world. It is a new form of digital currency that has quickly swept the internet by storm. However, many people believe it’s the future, and many businesses accept it as payment for their services. This article will explore several benefits of using Cryptocurrency in your business and some risks that may involve crypto in business. We’ll also go over steps on how you can use it in your business!
What is Cryptocurrency?
Cryptocurrency is a digital coin that can be used as a means of payment online. It is a form of digital currency that has quickly swept the payment method, specifically online payments, by storm. While it’s still a new concept, many people believe it’s the future, and many businesses accept it to receive payments for services. Bitcoin, Litecoin and Ethereum are the most popular cryptocurrencies today, but other cryptocurrencies are growing as well. It’s important to note that although Cryptocurrency has not been on the rise ever since its introduction in 2009, it doesn’t seem like the current hype about it will end anytime soon.
Cryptocurrency has existed for quite some time now, but it is only recently that the general public has started noticing. Bitcoin was the first Cryptocurrency ever made. Made by an anonymous group under Satoshi Nakamoto, Bitcoin was designed as a peer-to-peer cryptocurrency system. The goal of Bitcoin is to eliminate centralized control of money from a central authority and ensure the speedy processing of a transaction.
Cryptocurrency is changing how many businesses operate. Here are the main advantages of using Cryptocurrency in your business.
Benefits of Using Cryptocurrency in your Business.
Decentralization implies Cryptocurrency doesn’t rely on central banks or any other financial institutions. At the same time, it’s not bound by government regulations and can be transferred across the globe within seconds.
Cryptocurrency decentralized feature makes it an ideal currency for international business transactions because of its speed and security features. People who try to pay by Bitcoin transactions can guarantee a convenient and seamless method to make payments for products and services. This makes crypto payment a better payment alternative than a credit card because credit card payments take a while for the payment processing to complete.
Private and Anonymous
Cryptocurrency is known for its privacy and anonymity. While details such as the user’s name, physical address or bank account number are required when conducting regular business transactions, there isn’t any information attached to cryptocurrency transactions. Privacy and anonymity make it highly safe because people can send money online without revealing their identity in public records. Many businesses have been using Cryptocurrency to provide an avenue of privacy, which is something that fiat currency can’t offer.
In this day and age, many want to have privacy because of the issues on cybersecurity such as data breaches and identity theft. However, these issues can lead to a loss of finances. With Cryptocurrency transactions, there’s anonymity because the users decide which personal information they will provide. Hence, you can attract new customers if they know you accept crypto aside from cash.
Investment and Income
Cryptocurrency is volatile, which makes it an aggressive investing option. However, it can be one of the best investments you can make for your business today.
Another benefit of using crypto in your business is that it can provide your business with a steady source of income. Since Cryptocurrency is not bound by any government, its value may increase or decrease each day depending on the market’s demand for these digital currencies. However, know that this also means you need to be cautious when using cryptocurrencies in transactions since their values are subject to ongoing fluctuations like the stock market.
Low Transaction Fee
The good thing with cryptocurrency payments is you don’t have many fees involved when making online payments. This is because there are limited middlemen or intermediaries. Most companies and businesses accepting crypto can transact dealing directly with their customers or use an intermediary. If there’s no intermediary, there’s only a low transaction fee which can benefit small businesses.
Disadvantages of Crypto on Business
Of course, nothing is perfect. Although Cryptocurrency has many advantages for businesses, there are some disadvantages you need to be aware of.
Volatility and Unpredictability
As previously mentioned, the cryptocurrency market is known to be volatile. Therefore, consistent growth is not guaranteed. Furthermore, the currency’s value isn’t stable, which can make your business suffer losses if not dealt with properly.
Banks or financial institutions do not regulate cryptocurrencies. Because of that, it can be challenging to resolve issues like chargebacks.
How to Use Cryptocurrency in your Business
If you want to start using Cryptocurrency for your business, there are some steps that you must take to ensure a smooth transaction.
The first step is to choose the currency based on what’s best suited for your business and its customers. Several cryptocurrencies have been introduced to the public, so choosing one with a large following and reasonable transaction fees is essential.
Once you’ve chosen which currency you wish to use in your business, the next step is to set up a digital wallet where customers can pay for their services or products. You should also ensure that your digital wallet is secure and that you regularly update it to prevent any malware or computer viruses.
Once the transaction has been completed, ensure the funds have adequately transferred from one account to another by checking if they’re reflected in your bank’s statement. Otherwise, there could be issues with the transfer, and you should contact your financial institution about it.
Once you’ve identified which Cryptocurrency and wallet to use, you can decide on ways to use it in your business. For example, other than using crypto as customers’ mode of payment, you can pay your employees or your suppliers using crypto.
Cryptocurrency is changing the game for business owners because of its benefits; hence businesses should study how they can wisely use it in their business. However, there are still businesses that rely on fiat currencies over crypto payment because they don’t know its potential benefits or disadvantages. Therefore, every business owner must be aware of the risks before making any moves with cryptocurrencies in your business and payment processing.
How NFTs Are Revolutionizing the World of Gaming
Gaming might be the world’s favorite past time, but what if it became more profitable than working?
Time is money as they say, especially while enjoying your favorite online games. The time it takes to reach the highest level and acquire a top set of items in any MMORPG (World of Warcraft for example) carries value simply because there are people who would rather pay to skip months of grinding levels, gold, and gear. The value of digital items across popular online games further sparked an entire industry where workers are hired to play games all day with the specific goal of earning as much in-game currency as possible, so they can ultimately sell it in exchange for their own local currency. In fact, regions within multiple third-world countries have become entirely dependent on the billion-dollar business of what has become known as “gold farming”.
The challenge however is that these games all explicitly prohibit any “real life” monetary transactions in regards to your account, your characters, and your items. Discussing or soliciting the sale of your virtual property is immediate grounds for a permanent ban, in which case your account, characters, and items would be irreversibly inaccessible.
Because of these restrictions, selling your character or rare item generally requires you to have a private buyer lined up – otherwise your best option would typically be to find a 3rd party marketplace that connects buyers and sellers. This carries significant risks however, as scammers on both sides are prevalent. Most commonly, account sellers would contact the game’s support team to prove their identity as the original owner, thus resetting the account’s login credentials and returning the entirety of what was sold straight back to them.
What if you could secure, trade, and immortalize your character and all of their items on the blockchain? This is exactly what NFT powered games are now offering with immense success – under this structure, monetizing your character is not only allowed, it is showcased as the primary attraction.
In June of this year alone, NFT-based game Axie Infinity saw players make over $42 million in sales, going on to be the #1 most valuable NFT collection.
We are genuinely on the very cusp of this trend as there are not many NFT-based games in existence, with hardly any AAA developers publicly indicating interest let alone announcing such projects (although we will inevitably see this soon). Given the decentralized mindset of the cryptocurrency community, the NFT space is truly poised for creative and unique indie developers to thrive.
Among the most exciting of these independent gaming ventures is DashLeague.io, a Runescape-meets-Minecraft style MMORPG utilizing NFT tokenomics in completely new ways: players who conquer a town will then earn passive income on the town’s shops from all in-game item sales made by other players. In high-stakes PVP scenarios items can be taken from other players, transferring their NFT to your own wallet in real time.
Teaming up in “leagues” with other players allows you to split token rewards from defeating dungeons as well as pool conquered maps. DashLeague is intentionally structured for players to literally earn money while they sleep, which is hard to argue with considering the sole purpose of these games: to have fun while making money. What may prove to be their most brilliant move of all is their decision to theme the game around the same retro, pixelated style that resonates so strongly with the crypto community as shown through the wild success of NFT projects like cryptopunks and meebits.
As the NFT realm continues to grow in both awareness and application, one thing is for sure – the gaming industry has always been incredibly lucrative (out-earning both the movie and music industries combined), and with the adoption of these hyper-monetized NFT structures, will absolutely be stimulating real-life economies and jobs in a dramatic fashion.
Why Defi Is Hot Right Now and How Safemoon Will Dominate Crypto
There is a new wave of financing coming, and it is going to change the way money is handled. Have you ever considered the fact that you do not actually own the money in your bank account? If you have thought about this, then Decentralized Finance is right up your alley.
Decentralized Finance (DeFi) is the most recent evolution in cryptocurrency. Why is this an evolution? It is a system where software is coded to cut out the broker in the middle. (more…)
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