Home Business Insights & Advice Why businesses shouldn’t ignore the evolution of cryptocurrency

Why businesses shouldn’t ignore the evolution of cryptocurrency

by John Saunders
8th Jul 22 1:16 pm

Cryptocurrency is spreading fast, and businesses are showing their confidence in crypto. The speed at which cryptocurrency is progressing suggests that it is going to be the prominant mode of payment in the very near future.

If you are to invest in Cryptocurrency, you could look to get help from leading technology providers like crypto boom. The widespread use of cryptocurrency is due to its inherent features.

If you are a business considering investing in the use of cryptocurrency, then below is a list of reasons why.

Facts and stats on cryptocurrency

There are certain facts and stats that highlight the importance of cryptocurrency. These stats and facts give a clear understanding of why businesses can’t afford to avoid Cryptocurrency.

  • The entire crypto market cap is at $1.79 Trillion.
  • The confidence in cryptocurrency is almost 100 percent.
  • The daily tradition of cryptocurrency accounts to a value of around $93.4 billion.

However, cryptocurrency has also come regularly under constant threat from malicious elements trying to beat the system. So far the majorty have failed considerably, and cryptocurrency emerges as the winner here.

Advantages of cryptocurrency

Cryptocurrency has plenty of advantages. So why can’t businesses ignore cryptocurrency? Let’s discuss the advantages of cryptocurrency.

1. Easy transactions

It takes a few minutes to process payments under cryptocurrency. Now, if you want to keep your accounts of transactions private, you can bank on cryptocurrency. Some cryptocurrencies like Litecoin and Ethereum can even be bought with cash.

There were hundreds of crypto ATMs opened in the past year to help facilitate crypto trading. This makes crypto trading easier for business people. Plus it gives their employees and customers an additional competitive advantage.

2. Incredible security

All the transactions made in cryptocurrency are backed by blockchain security.  These are decentralised, and there is no fear that some third entity like the government overseeing your details.

3. Short settlement price and low fees

When you are using a third party payment processing system such as a mobile bank to accept dollar payments, it charges around 4% of the entire transaction.

And the processing might take some time to complete. On the other hand, if you go via Bitcoin and Ethereum, you have to pay a negligible fee for the processing of payments.

4. Exponential future growth

You will be amazed to know that the total value of cryptocurrency was around close to around $1.6 billion in the year 2015. But by June 2021, it rose to around $1.4 trillion!

Quite simply, the exponential growth and future growth is one of the main reasons that businesses should not avoid cryptocurrency in the the near future.

5. Returns

When Bitcoin initiated its journey, it did not have much value. And although it has had a bit of a rollercoaster ride recently it is still one of the better investments.

Conclusion

In conclusion, it can be said that cryptocurrency has turned out to be business-friendly and is literally growing at such a pace that it outpaces all other traditional modes of payment.

Now that the acceptance of cryptocurrency is growing, businesses are starting to look towards cryptocurrency with high hopes.

 

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.

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