Cryptocurrency: Don't Look Now But It's Becoming Mainstream

Cryptocurrency received its name because it uses?encryption?to verify transactions.

This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers.

The aim of encryption is to provide security and safety.

The first cryptocurrency was?Bitcoin, which was founded in 2009 and remains the best known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.

Businesses adopting cryptocurrency can potentially improve their financial liquidity, attract new customers, ensure transaction transparency, reduce fraud and align with Web 3.0.

An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives.?

Roughly 2,352 US businesses accept bitcoin, according to one estimate from late 2022, and that doesn’t include bitcoin ATMs.?

?Based on a survey polling a sample of 2,000 senior executives at US consumer businesses, merchants are embracing digital currency payments with the hope of gaining a competitive advantage in the market and in the belief that the use of digital currency will continue to expand

Many companies have recently or are seriously considering jumping into Cryptocurrency feeling that cryptocurrency may provide access to new demographic groups. Users often represent a more cutting-edge and tech-savvy clientele with disposable income for luxury goods and services.

In fact, one recent survey found that 85% of surveyed merchants see crypto payments as a way to reach new customers, while 77% said they are accepting crypto because of its lower transaction fees.

The underlying blockchain technology of cryptocurrencies can potentially transform industries other than banking. Blockchain technology’s openness, immutability, and security can benefit supply chain management, identity verification, and data privacy.

Some analysts go so far as to call cryptocurrency the currency of the future.

That’s because cryptocurrencies have the potential to fundamentally alter the way we use money. Because of its decentralization, transparency, cheaper transaction fees, faster transactions, and global accessibility, it is a desired alternative to traditional currencies.

Want to learn more? Tonex offers Fundamentals of Bitcoin and Cryptocurrency, an interactive 2-day course that covers the fundamentals of Bitcoin, Cryptocurrency, Blockchain technology and more.

For more information, questions, comments, contact us.

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