THE FUTURE OF MONEY
Cryptocurrencies were big news in 2017 and this year they are gaining more attention as the currency of choice in the future due to the low fees and super fast transactions. There are still many businesses that are reluctant to adopt Cryptocurrency but in order to thrive in an ever changing environment, businesses need to adapt to the market changes that lie ahead.
Businesses should start preparing for this future by ensuring that they have the necessary infrastructure to support Cryptocurrency adoption. However, there are some businesses that are beginning to accept Bitcoin and other Altcoins. More and more small businesses are looking at cryptocurrency as a currency, not just an investment or commodity.
BENEFITS OF CRYPTOCURRENCY
Cryptocurrencies make it more cost-efficient for businesses to globalize. As businesses grow and become international, they are likely to engage in more cross-border financial transactions. Whether this be a foreign client that wants to make payment or your business that needs to pay an associate abroad. Traditional international payment methods require huge fees that can impact a company’s budget.
When a business uses Cryptocurrencies, the delays that come with international transactions can be eliminated which encourages more businesses to go international.
Cryptocurrencies have lower overall fees than other digital funding sources. When accepting or sending some coins , there are no transaction fees; the currency is very much like cash in this way. That said, converting the currency into a fiat currency can absolutely have fees; so can a digital wallet that holds your coins.
Cryptocurrency adoption allows businesses to save on costs. Businesses and their customers often use online payments due to the convenience they provide. However, traditional payment methods, such as PayPal or Stripe, come with transaction fees that range from 2.9 to 4.4 percent.
Cryptocurrencies enable businesses to process payment transactions faster. Unlike traditional ways of online payment that can take up to days because of the need to be processed by multiple banks & institutions, Cryptocurrencies allow for almost instant peer-to-peer payments to be made through the Blockchain ledger.
As more and more businesses adopt the use of Cryptocurrencies, those that fail to do so will certainly get left behind. As such, building the infrastructure to support cryptocurrency use now will enable a business to be at be at par, if not ahead, of its competitors ensuring that you are full prepared for the future of commerce.
Cryptocurrencies are more secure than traditional payment systems. Most Cryptocurrency wallets provide you with private keys that are fully protected. Since Cryptocurrencies run on a cryptographic system, the transactions made are kept fully secure and prevent fraud & theft.
Since Cryptocurrencies are a closed, peer-to-peer system, users are better protected from crimes like identity theft. They provide better protection for the consumers and businesses’ privacy compared to traditional methods of payment.
Since most Cryptocurrencies run on the Blockchain technology, its use provides businesses with a secure and accurate way of maintaining their records that can not be hacked or altered. All data transactions are stored on the ledger and can be accessed at any given time.
The transactions that are added to the ledger cannot be edited, they are time stamped & are publicly accessible making this ledger more reliable than spreadsheets and databases stored on servers that can be hacked, lost or stolen.
OUR VIEW ON CRYPTOCURRENCY
At Aligned Digital we are futurists and are always researching and looking for the next big move in the technology industry. For us cryptocurrency is part the biggest technological advancement since the internet. "The blockchain" (Simply put Blockchain is an algorithm and distributed data structure). We are fully supportive of the cryptocurrency industry and will accept bitcoin and the majority of altcoins.
If you would like to know more about the Blockchain or Cryptocurrency and how you can utilize the technology please get in touch.