If you haven’t been paying attention to the world of cryptocurrencies like Bitcoin and Ethereum, you’ve been missing out on the excitement and advancements that will likely change the way we accept, bill, and pay for things. If you run a business, this news is especially important, as it’s very likely your competition is already using or considering such payment options.
In addition to all of the recent excitement around cryptocurrencies, it’s not just the massive rises and falls in the value of Bitcoin that have gotten attention; it’s also a discussion about blockchain—the technology that powers such digital currencies. Not only is blockchain associated with digital currencies like Bitcoin, it’s also being considered as a solution for better online data management and transactions.
The business model where crypto is king
Bitcoin is the most famous name in digital currency, but Ethereum is also gaining in popularity; other names like Litecoin, Zcash, Dash, and Ripple are quickly gaining attention and legitimacy as well.
With so many payment options and digital currencies now available, it has not only opened a world of opportunity for payments, but it has also brought a new wave of businesses and services to serve this flourishing market. One such example is CryptoPay, which has created a “contactless debit card” that allows users to make payments from their Bitcoin accounts. Such technology is also available for merchants to accept Bitcoin as a form of payment.
You would be correct in thinking it would be silly to carry an old school debit card in your wallet to pay with a digital currency. CryptoPay thought the same, which is why it decided to go with the contactless debit card; the debit card also acts as a Bitcoin wallet that’s accessible through mobile devices. There’s an option to pay for a physical card, and there are already more than 450,000 active users on the platform.
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Whether you are an entrepreneur, business owner, or consumer, what does this all mean? Simply that both sides of the party will soon need to adapt and make the eventual transition to accepting and using digital currencies.
Big money is investing in crypto technology solutions
Just like we’ve seen a boom in the early days of the internet, and then again with social media, we are now seeing the same with such crypto-technology based companies. What’s different this time around is the way these companies are “going public” and receiving funding.
With digital currency in play, it’s no longer about going public and being listed on the Nasdaq. Now it’s about the “ICO,” which stands for “initial coin offering.”
Again, in the case of CryptoPay, the company has created a legitimate solution and service catered to the world of Bitcoin—which investors are always looking to invest in. With its own ICO in the works, CryptoPay will be offering digital tokens (in limited supply) to investors or buyers who would like to invest in the company. Think crowdfunding, but with an investing twist. While the concept of ICO is still fairly new, there are many technologies and digital currency-based companies planning to go live with their own ICOs in the coming months. Such information and company evaluations can be found on ICO Alert.
The future of cryptocurrencies and blockchain
While the concept of a legitimate digital currency may seem crazy to some people, it’s already alive and well in many industries around the world—both online and offline. As more businesses and brands begin to accept Bitcoin, Ethereum, and other cryptocurrencies, we will see more people begin to accept and use them as well.
In addition to digital coins becoming part of our personal and business lives, we will also discover how blockchain continues to play a part in all of this. Not only will the technology play a huge role in how businesses accept digital currencies online, it likely will soon affect all aspects of the internet as we currently know it.
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The post Digital Currencies, Blockchain, and the Future of Business Transactions appeared first on AllBusiness.com. Click for more information about Zac Johnson.
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