Can Cryptocurrency Spark a Small Business Boom?

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In Brief
  • Younger Consumers Are Increasingly Attracted to Cryptocurrency Transactions

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As the digital landscape continues to expand, people are living their lives more digitally than ever.



Could cryptocurrency be the key to a huge economic power shift?

Times They Are A-Changin’

The past 10 to 20 years have a been quite a turbulent time for owners of small and large businesses.

During this time, the world has seen huge changes in financial and digital technology — so much so, that the two are changing the way businesses are structured and how they operate on a macroscopic level. Businesses that are able to adapt and keep an open mind to new ways of operating will have the most potential for success and survivability.



In the 1950s and 1960s, consumers and small businesses got the first taste of a new cashless system which allowed for a new option of payment that worked alongside cash. This led to more convenient purchases and, in turn, created a huge economic spark.

After credit and debit cards became integrated into the worldwide economy and the internet became widely available to the public, companies like PayPal, Square, and Stripe set the scene for online and mobile payment platforms tailored to small business and the average consumer.

 

It seems that cryptocurrency could just be the next big evolution in this progression.

The goal of cryptocurrencies and most of the people who own any is to create a cashless economic system where individuals can transact with each other without the taxation or facilitation of a centralized institution.

Show Me The Money

It is important to remember that cryptocurrencies and their underlying markets are still relatively young.

Most people have heard about cryptocurrency — Bitcoin being the most known — but may not quite understand how Bitcoin and blockchains actually work.

People fear what they do not know, and this is absolutely a big reason why companies and consumers are hesitant to jump into this new and maturing economy.

When it comes to cryptocurrency, most of the mainstream news outlets that people subscribe to often focus on the negative happenings in the space. They focus on the exchange hacks and darknet thieves hiding in the shadows, price crashes, volatility, regulations, and restrictions. And while all of those are real problems to keep in mind, the benefits of using and accepting cryptocurrency are not widely known by the public.

One of the most positive points cryptocurrency offers is the ability to ‘be your own bank.’ Only you control your funds and accounts as long as you keep your private keys confidential. No outside party can block the transaction from happening, and once the transaction is on the ledger, it becomes unchangeable and archived for easy record keeping.

Do you believe that cryptocurrencies will be heavily integrated into our daily economy in the near future? Let us know your thoughts in the comments below! 

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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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