Cryptocurrencies have been around since 2009 and represent a decentralised form of digital currency. They are not backed by any government, but instead rely on cryptography to process transactions securely. The idea is that they provide a way for people to trade money as quickly as sending an email, with no need for banks or other third parties to be involved in the transaction. This is why cryptocurrencies are often called “digital cash” rather than just cryptocurrency.
Cryptocurrency markets were once dominated by bitcoin, but now there are over 1,500 different types of coins available and more coming online every day. In fact most countries around the world already have at least one type of cryptocurrency being used in their economy!
What is cryptocurrency?
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. The most well-known cryptocurrency so far is Bitcoin. Examples of other cryptocurrencies are Litecoin, Ripple and Dogecoin.
Why trade cryptocurrency?
In the past decade, online trading has become an increasingly popular way to buy and sell stocks, ETFs and options in developed countries. Today, there have been booming market prices for cryptocurrencies such as Bitcoin, Litecoin and Ripple. For example, Bitcoin peaked at more than $1000 per coin back in 2013 (Source: Investopedia). Today, it sits around the $200 mark. The cryptocurrency market is growing rapidly which presents a huge opportunity for businesses to establish themselves in an ever-growing market.
When you trade crypto as currencies as a company it provides many advantages including cheaper transactions and faster transaction times because there is no middleman processing your funds like banks would have. The market for cryptocurrencies is projected to grow significantly in the coming years which means it’s important for companies to start considering this new business model now!
We hope this article has helped give you some insight into the benefits for companies to offer crypto to their customers. Get in touch with our team of experts for more information about incorporating cryptocurrency into your business.