The way we pay for products and services has evolved over the years, with cash purchases becoming outdated due to the introduction of credit and debit cards, which then became antiquated through the introduction of contactless payments. This timeline of events has culminated in the present-day boom of cryptocurrency investors, in turn boosting popularity (and publicity), creating a name for itself on the global stage as the payment form for the future. It is possible that you are not familiar with crypto, and in short, cryptocurrency is the umbrella term for digital coins developed to be strongly encrypted and decentralised, securing the transactions taking place using them and having fluctuating values which makes them so attractive for investors. If you own a business, security of payment methods is key for both you and your clients, presenting crypto as a viable alternative for business, and in today’s article, we will explore some of the coins that should be competing for top spot on your watchlist.
Before we get into the three currencies we will discuss today, it is important to mention that cryptocurrency such as Bitcoin are already at very high prices and in headlines across global media often, hence why we will not be discussing it today. Another important point is that the market can be volatile, meaning prices are prone to fluctuation. Therefore, while we will be talking about some other alternatives you may not know of, this is not to say we are providing advice. This is merely intended as information to supplement your personal research for the potential future of transactions in your business.
Ethereum (ETH)
We will first touch on Ethereum, a cryptocurrency that is designed to be accessible to everyone and therefore make business available to people from across the globe despite their personal or country’s circumstances. This idea appears appealing as it would mean that your client base could expand further afield and create a market opportunity in different countries that previously would have been seen as impossible to reach. For some more background, the currency has been made with security in mind and serves as a good way to retain the integrity of transactions, which, as we mentioned before, is a must have in the world of business. Ethereum is also the second largest cryptocurrency behind Bitcoin, albeit by a long way, but nevertheless signifying the reputation that has been built up for it by investors the world over and perhaps also becoming a reason to make you consider it for the future of your business.
Litecoin (LTC)
Another of the key players in the crypto world, Litecoin is well established and popular amongst investors. Being a currency with roots extending back to 2011, there is something to be said for the fact that it has been able to steadily increase in value over the years, and become recognised by businesses in numerous industries, providing evidence for its viability as a form of commercial payment. You may be wondering, what is the benefit of using Litecoin? Simply, by having no governing authority monitoring or controlling it, as well as being extremely quick to be able to confirm a transaction has taken place, this cryptocurrency is certainly attractive, especially in a globalising world where the instantaneous nature of e-commerce makes speed key to success.
Dash (DASH)
This last option is an interesting one. Interesting in the sense that the aim of the Dash cryptocurrency is to become a mainstream platform for payment as with cash and credit/debit cards as we mentioned at the very beginning of this article. If your business involves regular transactions, for example retail, this option could be a good one for the future, as although compared to others it is newer, originally founded in 2014, there is real world evidence to suggest its practicability. Specifically, the introduction of the cryptocurrency to Venezuela for everyday purchases. This allowed citizens in an economically struggling country to use a comparatively more stable coin than their own currency at a fast pace and without incurring too many additional charges that could be detrimental to their personal situation. Therefore, if you are looking to replicate a similar situation within your business, keep an eye on the incorporation of Dash into other global economies!
So, if you are interested in finding out more about your options with regards to using cryptocurrency within your workplace, get in touch with us today. At Creimerman, our team of global citizens strive to help make your business ventures a success.