Businesses on the Brink of Change: Is it Worth Accepting Crypto?
Modern businesses are built on technological developments. For any company to survive and succeed, it needs to be willing to adapt to change and optimize its business operations in line with advancements in technology.
Few modern technologies have had as much attention from both the media and society as crypto. The mysterious digital currencies seemed to appear overnight, coming from shadowy, insular internet forums and becoming household names in a matter of weeks. Stories of untold wealth and financial ruin only worked to fuel their legendary status, and many people poured their savings into these new and volatile digital assets.
More and more businesses have started incorporating crypto into their business practices. We’ll take a look at some of these companies, discuss what crypto can offer, and ask if it’s worth accepting the currency. Read on to find out more.
What industries use crypto?
Bitcoin, the very first cryptocurrency, was launched in 2009, and was relatively unknown for the first few years of its existence. However, some online gambling casinos and platforms began accepting Bitcoin as a payment method in 2012, which was to be the start of its adoption throughout a range of mainstream businesses and industries.
Today, Bitcoin and other cryptocurrencies can be used with a vast number of major companies, including Microsoft, Shopify, and Amazon, with more and more businesses looking to join them and take advantage of the unique benefits crypto can offer.
What does crypto offer?
There are a range of benefits that crypto can offer over traditional payment methods. It is an incredibly secure payment system and works to reduce the risk of fraud or other related crimes. It is seeing far more integration worldwide, with a range of specialized crypto banks available. Unlike with traditional methods, crypto streamlines the process behind cross-border payments, reducing costs and delay times significantly. Finally, the anonymity of crypto allows for far greater consumer privacy and protection, reducing the risks of data breaches and personal information leaks.
What is the future of crypto?
New cryptocurrencies appear almost daily, with current estimates predicting there are currently over 10,000 available currencies on the market. As the technology continues to develop and as it is further integrated into mainstream business and culture, we can expect to see even more uses for it further down the line. Related blockchain and NFT technologies have been adopted by major brands such as Starbucks, further indicating that this new payment system has established itself for the long-term.
New developments like the Ethereum Merge have promised to only improve the system, making it far more viable in terms of efficiency and environmental impact, two vital issues as we head into the future.
Crypto has gone from a little-understood, mysterious concept to a globally accepted payment method quicker than anyon could have imagined. As it sees further integration across industries and sectors, businesses would be wise to strongly consider adopting it into their operations.