If you haven’t noticed yet, we are living in an entirely different world thanks to the advent of cryptocurrencies. There are many individuals around the world who believe in not only the value of cryptocurrencies but the ethos behind them as well. Every single day more and more people around the globe are being turned on to cryptocurrencies and realizing their true potential and stepping further into the new world we are now living in. A world where our relationship with money is vastly different than any other time in human history and therefore, naturally, our relationship with business must evolve to meet and compete in a wholly unfamiliar financial landscape. So what exactly is the role of business in this new world and why should existing businesses accept cryptocurrencies?
For starters, we can fairly assume that physical currency, that is cash and coins, is quickly coming to an end. Even before the creation of Bitcoin (BTC) and blockchain technologies, the world was already heading in the direction of predominantly digital currencies. Our money has been represented by little more than numbers on a computer screen for quite some time now. While its true that the number on the screen could be converted for physical currency whenever one desired, the fact is that the very act of using cash has been on the decline for the past decade or more. Credit and debit cards marked the beginning of the end for physical currency but the prevalence of online shopping has all but sealed its fate. Paper money is in decline partly because there is a far lesser need for its use in today’s dot-com retail and service spaces, but there is another reason to do away with physical money that many have really considered until now: the cost. Printing money requires resources, machines, and employees all of which cost a fair amount of money in and of themselves.
Having taken this obvious issue into consideration, what benefits can a business expect by accepting cryptocurrency? Well, you may be surprised to find that, in theory, there are many reasons for a business to accept cryptocurrencies, but even more surprising may be the benefits already enjoyed by those companies who have boldly taken the leap. Overstock.com and Tigerdirect.com were among the early adopters of cryptocurrency as a form of payment. Both companies were able to profit from bitcoin transactions not once, but twice. The first profit came in the form of the sale itself and the second profit came when bitcoin jumped significantly in price, increasing the value of the original sale. This has been the most obvious benefit with companies lining up eager to accept payment in a currency that is not only potentially, but most likely, going to go up in value over time. It almost seems like a no-brainer.
Another attractive benefit to businesses should be saving money. Every company, everywhere, regardless of what they have to offer is trying to figure out how to lower overhead costs. What if you could eliminate all fees associated with centralized banking systems, credit card companies, and other financial middlemen? This exactly what you get with almost any cryptocurrency you can think of. The decentralized nature of these currencies means that payments are confirmed and processed in almost real time due to the incentives available to “crypto miners” who effectively create the blockchain ledger in a social and shared context. This means lower transaction fees, which is an obvious plus to businesses — but also faster transaction times which benefit not only the business but the customers as well. Less confusion and more direct control of personal funds mean that consumers are both less likely to make costly mistakes but also that they will ultimately use their money more freely since there are fewer pitfalls to be wary of.
The next benefit to businesses who accept crypto comes by way of the stock market. In order to fully appreciate this benefit, you should have at least a very basic understanding of blockchain technology. Blockchain, as many have heard, is a ledger. It’s really not very complicated when it comes down to it. Blockchain simply records every and all transaction that happens in whichever currency is based on it. The defining difference between blockchain and traditional financial ledgers is a question of control aka centralization. When a system is centralized it is subject to error and fraud. Blockchain didn’t change the way we use money as much as it changed the way we trust using our money in the first place. So why does impact businesses who implement blockchain technology and accept blockchain based currencies? Anyone who understands the level of trust associated with blockchain technology can easily understand the value of any company implementing this technology into the foundation of their business plan. This is why Kodak, for instance, had their stock skyrocket after only rumors of taking on blockchain elements. Starbucks is seeing the similar excitement as their CEO has been discussing the possibility of “cashless” storefronts with the acceptance of cryptocurrencies as an inevitable outcome.
The next step further
The majority of the world has still not awakened to the fact that not only has the world already fundamentally changed, but that money and our relationship with it will, in fact, never be the same. Cryptocurrencies were brought into existence without anyone’s permission with a few hundred lines of computer code. Since then they have become an irreversible part of our financial landscape. Many are finding financial freedom with this new technology in ways no one could have ever imagined. Mining cryptocurrencies have become a hot topic because of the sheer amount of people who have essentially built fortunes out of hat many views as “nothing”. Mining, however, is a fundamental part of the entire cryptocurrency ecosystem and therefore must offer incentives to those willing to take part. While traditional mining can be overly complicated and may no longer even be profitable, other new and exciting options have emerged in this uncharted new world. The one that sticks out most in my mind is MinerGate.com. Not only have MinerGate solved accessibility issues surrounding mining, they have also made it exceedingly easy to mine the most popular cryptocurrencies. On top of the ease of access and complete autonomy, MinerGate has even taken the guesswork out of which currency mine by using the smart mining option to determine the most profitable currency for your system to mine.
Welcome to an interesting, novel, and game-changing new world. You now have the ability to control your own finances, your own economic growth, and your own wealth creation. There has never been another time like this in history and there will not likely be another such radical transformation of society in our time. In the midst of creating the future of this amazing new way life, MinerGate stands alone in the endeavor to bring cryptocurrency and the financial freedom associated with them to every single person around the globe, regardless of technical, financial or economic expertise.