The cryptocurrency era started back in 2009 with Bitcoin, one of the most popular currencies to date. However, the dynamic revolution came to light after Covid-19 halted the world. Due to the pandemic, many people started to invest in crypto to secure their savings and gain profits.
Since then, the stance of cryptocurrencies has been immensely high, and it has already started to influence businesses globally. Currently, only 15% of Americans have invested in some sort of cryptocurrency. Whether you are one of those people, cryptocurrency will most likely affect you sooner than later if you are a part of any business organization.
Global Leaders Adopting Crypto Transactions
If you are familiar with the snowball effect, that is what happened when the publicly-traded company MicroStrategy invested in Bitcoin in August 2021. The company is known to have loads of excess capital reserves. Michael Saylor, CEO of MicroStrategy, endorsed Bitcoin as “Superior to cash,” shaking the value of Bitcoin and other cryptocurrencies alike; hence, more market leaders started to follow suit and began investing in cryptocurrencies.
$1.5 Million Investment by Tesla
The infamous billionaire Elon Musk made headlines in the latter half of 2021 by buying $1.5 billion worth of Bitcoin. From being a market leader in Dogecoin, Elon Musk introduced a renewed credibility to Bitcoin by updating his Twitter Bio to inform the world about the news. He also announced that his car manufacturing company, Tesla, will be accepting payments in Bitcoin, stating that the currency is capable of changing business dynamics.
PayPal Have Followed Suit
Before cryptocurrency, PayPal was the first model to allow a better and efficient flow of payments across borders. Though their model still involved cash, bringing cryptocurrencies on board allowed them to offer their services to a broader market with fewer regulations.
Recently, PayPal has allowed its user to trade transactions through cryptocurrencies. However, the number of currencies listed with their model is limited to a few popular ones such as Bitcoin, Litecoin, Ethereum, as it is only in the initial stages.
Convenient In Dispersing Payments
Imagine having to convert dollars into numerous currencies to pay your overseas employees. Cryptocurrencies allow you to distribute salaries in massive amounts within minutes to any corner of the world. You don’t need a bank; you don’t need to convert your currency nor pay the draining transaction fees. All you need is a phone with internet.
Bitcoin allows public transactions through which parties at both ends can immediately track the transaction. They can know all the details they need without having to deal with a central organization.
Transparent Crowdfunding and Capital Investments
Transparency is one of the most significant features of cryptocurrency. Fundraising campaigns can be done publicly with crypto and allow them to ask for donations openly. It will enable the donators to transfer their respective contributions without giving too much in transaction fees. However, due to blockchain being available publicly, the number of donations and details will remain transparent to the public.
Similarly, funds for capital raising can be done through crypto and therefore be viable for public viewing. It is an attractive business proposition for many investors as they want to raise money but want to avoid the hassle of doing it traditionally.
Despite being present for over a decade and showing promising growth in recent times, we are yet to see what the full potential of cryptocurrency can do for the future of businesses across the globe. While it is widely believed that digital currencies are the revolutionary medium that will change the dynamics of the financial and business world, the possibility of it going south remains. If you’re looking for more information on the future of businesses due to the influence of cryptocurrency, check out https://crypto-profit.io/