Business

Cashing In Your Microchips: How Digital Currency Will Revolutionise Business

Chloe Harwood
Written by Chloe Harwood

There is one factor that could revolutionise how we do business in every different facet. Money, as we know is the decider in every little thing we do in small businesses. Well, it’s what defines us as human, it is what society is built on, it is what separates us from the animal kingdom. Currency is what we deal in on one level or another. But what about digital currency? This is now making bigger waves with each financial year? The very notion of digital currency has come with its fair share of concerns, not least from banking institutions, mainly because it bypasses the control of the currency by them and surrenders it to the currency traders.

Digital currency is a form of currency that is without barriers. The most popular method of digital currency, Bitcoin, is rapidly being accepted as a “real currency.” It was invented in 2008 by an unknown programmer under the pseudonym Satoshi Nakamoto, and the currency is monitored by a ledger known as the Blockchain. The Bitcoins, as currency in the ledger is created as a reward to computer users who have offered their hardware or computer power to verify and record the transactions into the Blockchain, also known as “mining.” The concept of mining has boomed in recent years, and users have found ways to mine without the necessary hardware required, such as cloud bitcoin mining, which is done via cloud computing methods, reducing the need for expensive equipment.

So how can it revolutionise business? Well, going back to February 2015, the amount of merchants that accepted Bitcoin as currency exceeded 100,000. The high amount of businesses accepting Bitcoin is only going to increase, and the concept of digital currency, without the inordinate transaction fees that are imposed on by banks, has made it a way to achieve economic freedom. And the currency is in such an infancy, that it is in dire need of people who understand it and are willing to communicate their knowledge to prospective clients are likely to make a cleanup in the financial stakes. As so many businesses realise the power of digital currency and Bitcoin and the stability of the currency ensures a comfort to investors, it is looking like a very solid choice for up and coming online traders to dip their toe in.

And for people that are looking to start a business, using digital currency is a no-brainer, because of the sheer scope that is available to budding entrepreneurs. The ever-increasing stability of the currency makes it a good market to invest in, and you are in control of your finances, giving you the opportunity to build it up as much or as little as you want. The scope you can have as a company in terms of custom is worldwide, as the difficulty in accepting payments and the transaction fees that go with it are eradicated. Overall, the trend of digital currency and its potential to revolutionise business is one that needs to be observed with a keen eye.

About the author

Chloe Harwood

Chloe Harwood