Over the last ten years, we’ve seen the rise of cryptocurrency. From being created to being implemented into modern business studies. The finance giant continues to grow, affecting how all industries work in the future.
Examples Of Cryptocurrency
Whilst Bitcoin is the most popular type of cryptocurrency, there are in fact several other crypto out there. Cryptocurrency is defined as currency that takes the form of digital coins or tokens, which exists on a decentralized ledger. Once acquired, cryptocurrencies are stored in a digital wallet, such as OWNR Wallet, which is controlled only be the person who owns the coins, not an external bank.
The other most popular example, is Ethereum. It runs on its own crypto platform token, known as an ether. It’s been around since 2015, and is expected to continue rising in second place in the crypto world.
Litecoin is the third biggest example of cryptocurrency around. It launched in 2011, a few years after Bitcoin, and can be described as a crypto that exists on an open-source global payment method, which is free from central authority. It mainly uses something called scrypt, that proves the work and needs decoding, something that is similar to the Bitcoins blockchain.
Changing Business Trends
Many businesses themselves have started to invest into different cryptocurrencies. Most notable was Tesla, which has now paused their investment whilst they investigate the environmental impact of the industry. There are plenty of businesses that have not paused their investment, and are still looking for opportunities.
The housing market has started to innovate within the industry, with some lenders such as The Home Loan Expert will allow you to pay your mortgage with cryptocurrency. This has mainly begun with down payments, although the industry is looking to accept more sales further down the line.
Banks are also getting in on the trend, such as Goldman Sachs. Many banks have moved to digital only as it is, with many modern Americans not holding any sort of physical cash, meaning they don’t need to deposit it anywhere. This has made many people settle into cryptocurrency with ease, as they were already used to digital means of finance.
With banks, they are seen as the third party in transactions, which is an outdated process. Crypto allows for people to work with money directly, without the need for middlemen. Having the ability to transfer money directly between someone buying and someone selling makes many present methods of purchasing obsolete.
The Future Of Cryptocurrency
More businesses are investing into cryptocurrency every year, with some industries completely renovating themselves for this goal. PayPal for example have started allowing U.S. individuals to pay for goods and services via their product with cryptocurrency.
The blockchain is always innovating, with new leads and new methods of mining being introduced monthly. Some cryptocurrency companies have started to band together, forming the Crypto Council for Innovation, known as the CCI. This group are looking for ways to work with users and federal governments to enforce regulations for security reasons, as well as helping to find new ways to trade.
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