A Guide to All Thing’s Cryptocurrency: Business Edition
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Published on: 22 July 2021
Last Updated on: 15 November 2024
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Cryptocurrency. A term we feel confident that many people reading this and beyond are familiar with in some capacity. From the point of inception to its recent record-highs across the board, this once unknown phenomenon has undoubtedly taken the world by storm.
As someone who has only heard of the word but not looked into it all that much, we recognize that something like this can be confusing to wrap your head around. But, at the same time, it is even more challenging to imagine how something like Cryptocurrency would play a role in the business world, no matter the capacity.
If you are in a position where you know nothing about this concept and are interested in expanding your knowledge to do so, you are in the right place. Detailed here, you will find the ultimate guide to all thing’s Cryptocurrency, but when relating to the role it plays in the business world.
Whether you intend to learn more about this form of currency, to then go forth and invest yourself, or simply want to know more about it as a means of furthering your knowledge, read on for more!
First Things First
When getting into this concept in full, we naturally need to take things back to basics. To understand the role that Cryptocurrency plays in the business world, you first need to have an understanding of what it is.
Cryptocurrency is just that; it is a digital currency entirely independent of any centralized governing bodies. As a result, governing bodies, including the likes of banks and governments, do not influence the value of transactions that are done by using Cryptocurrency.
Cryptocurrency is considered increasingly secure to use as a form of payment, for it is near impossible to duplicate or double-spend. The name itself was derived from the encryption techniques that are used to secure the overall network that Crypto uses.
How It Has Grown
Bitcoin, often referred to as the largest and most successful Cryptocurrency out there, was first founded in 2009, by an anonymous person or persons, under the pseudonym Satoshi Nakamoto.
Created with the purpose of being a ‘peer-to-peer electronic cash system,’ this once unknown form of currency has grown to be used by some of the leading corporations across the world.
With the continued development and growth of technology, there is no doubt that Bitcoin and Cryptocurrency as a whole will continue to grow. When first created, the idea that it could once be used by some of the largest companies across the world might have seemed unobtainable, but this is the picture nowadays.
While it is indeed used and begun to be implemented as a form of payment by some larger corporations, it still has some way to go as a currency. However, concerning how these larger companies have begun using and accepting Bitcoin and Cryptocurrency as a form of payment, this leads us to the next point.
Where It Is Being Used
Some of the world’s big names have begun accepting Cryptocurrency as a form of payment. Naturally, as the name suggests, which has been the case since its creation, these transactions would need to be completed online only.
You cannot pay for goods, products, or services in a physical store using Cryptocurrency. But, who knows, this could very well be the case as we
move further into the future and as the interest in Crypto continues to grow and thrive.
Businesses who currently – at the time of writing – accept Bitcoin and other forms of Cryptocurrency as a form of payment include the following:
- Lush: One of the biggest cosmetics retailers in the UK and US, and one of the leading names in its industry that accepts cryptocurrency payments on its website. Customers can purchase animal cruelty-free products using an innovative form of payment. Pretty neat, if you ask us!
- Tesla: Owned by entrepreneur Elon Musk, Tesla was one of the first outwardly spoken companies who were open about accepting Cryptocurrency for their vehicles. Tesla is currently looking at other forms of Cryptocurrency as a form of payment other than just Bitcoin; they could well begin to open this up to other Cryptos as well, which is worth noting when considering making an investment yourself.
- Microsoft: Arguably one of the world leaders in all thing’s software, Microsoft offers their users the opportunity to make adjustments to their user accounts through Cryptocurrency. This can include topping up a balance on an Xbox Live account or purchasing something through Microsoft 365.
Suppose you are at this point in our piece. Whether you are someone who works in business or not, you might be wondering how you could go about accessing or investing in Cryptocurrency yourself.
With the value of Bitcoin reaching an all-time high throughout the first few months of the year, there is no surprise that so many people have high hopes for it.
If you are interested in beating the crowds and investing in Crypto yourself, stick around, for this takes us to our next section.
How To Invest
While it might appear straightforward at first glance, try not to take it at face value. Investing is challenging and can take a lot of time and effort to get right. From monitoring any market changes and projecting the value of your investment daily, it certainly takes some getting used to!
If you are new to the investment world, you will want to accept any help you can, to get the most out of your money. For example, businesses could invest in Cryptocurrency to protect themselves and any assets in the future, something that many have been doing throughout the pandemic.
At the same time, when investing in anything, you want to be making some sort of profit off your decision. Keeping track of monetary changes on the markets can be challenging, mainly if you have other professional responsibilities to juggle.
Unagii provides interested parties like yourself, whether within the business world or beyond, with the opportunity to invest in growth vaults. Those who choose to invest in something like this should expect to find yields that are on autopilot; there is no need to eagerly and anxiously monitor any changes relating to your investment.
Investing in something like this as a business may very well pay off in the future. For example, you could use any profit from your investments to reinvest or to invest back into your business as a means of improving elements of your company moving forward.
Crypto and the Future
When considering the position of Cryptocurrency in the future, there are various things to consider. Following the increased interest in digital currency at the beginning of this year, there is no doubt that this interest is sure to continue growing over time.
Concerning how businesses will use Crypto in the future, this is also open to interpretation by all those reading this and beyond. However, with more companies worldwide jumping on the bandwagon when accepting Crypto as a form of payment, this also seems like something that could also increase over time.
We hope you have enjoyed reading this piece and have found it insightful in some way. While Crypto in the business world may still have some way to go, we feel confident it will continue to grow and develop in the coming months and years.
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