Keeping a business afloat takes a lot of hard work. It takes even more to successfully expand one, as it requires more resources like manpower and a sufficient budget to do so. How a business handles its money becomes a key factor here – deciding how and where to keep or spend it can make or break a company.
It’s no secret that managing funds is tricky, and it could very well be what’s stopping your business from mushrooming. Money, as we know it, moves slow from one location to another, and often gets misplaced or mismanaged among all the bureaucracy. Even worse, it can be stolen in a thousand different ways. All of this puts a strain on a company’s growth, so you might want to look for a different solution.
An exciting alternative to standard financing practices may lie in the realm of cryptocurrency.
Cryptocurrencies have made strides since they came about in 2009, with the birth of Bitcoin. Cryptocurrencies and the blockchain technology they run on have become the talk of the town, being championed by some as the invention that will change the world from the ground up. Almost every aspect of modern life is said to be in line for a huge makeover – everything from shopping and driving services to healthcare and government matters will be caught in their net.
You might be wondering what makes cryptos so special, and you certainly aren’t alone in this. What caused such enthusiasm and optimism about cryptos was how differently they approached the monetary system (as well as other fields). They function rather uniquely, exhibiting properties that allow them to do what standard currency can’t.
So, what are cryptocurrencies and how can they help advance your business?
In plain English, cryptocurrency is a digital medium through which transactions can take place. It functions more like a facilitator of trade, a sort of middleman, than a currency in the traditional sense. Nevertheless, it can be sent, received, and converted into other currencies just like regular money can. On its own that doesn’t sound like much, but the devil’s in the details. Its foundation, blockchain, gives it interesting characteristics whose utility is hard to deny.
For one, cryptocurrency is decentralized. In other words, you don’t have to wait for or rely on a third party, like a bank, to give the go-ahead for a transaction. Furthermore, since no single entity holds all the information about users and transactions, cryptos are significantly safer against cyber-attacks (but creative hackers can still do some damage).
A company not reliant on another body’s oversight needn’t deal with all of its red tape, and thus has its monetary assets moving with less effort in less time than it would with regular cash, which is an obvious edge.
Secondly, every action performed on a crypto platform is recorded and made public (although there are also private ones that work a bit differently). Besides making hackers’ lives even more difficult, all of your financial data can be tracked and accounted for with next to no effort, should the need to do so arise.
In addition, the chance of foul play or mistakes going unnoticed shrinks to almost zero. So when the numbers don’t stack up, it becomes a simple matter of checking the blocks to see from where the issue stems.
Thirdly, the information regarding a crypto-based transaction becomes carved in stone upon completion and cannot be altered afterwards, which is also called immutability. This also makes your financial data safer and easier to keep tabs on.
Finally, not all cryptocurrencies work the same way. Many have developed or added to the original concept Bitcoin laid out, and specialized to fulfil various niches. Something like Ethereum is far different than Bitcoin, for example. It can also function as a platform that facilitates the creation of smart contracts and other applications.
Others yet have simply refined Bitcoin’s design: Litecoin works very similarly to it, but has a faster transaction rate and around four times more of them can be produced overall. You can therefore take your pick from the group and choose which crypto suits your business model best, in order to ensure optimal growth.
In life, it’s always smart to be as informed as you can. Cryptocurrency is no different, and you should reach a deeper understanding of it before making the decision to incorporate it into your financial plans. That’s where the infographic comes in handy.
In this graph you will find everything you need to get started with learning about cryptos. It covers all the cryptos that are dominating the market and what makes them stand out among the rest. It makes for a great read if you are interested in investigating cryptocurrency as a tool for business expansion.
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