What Will Cryptocurrency Mean for Business Owners?

The cryptocurrency market is growing more and more rapidly. It has been predicted that the cryptocurrency market will surpass the global GDP in numbers by 2030 (I personally would move that number sooner, 2025-2027). The question on most people’s minds is, what does this mean for business owners? How can they prepare their company to accept and get involved in cryptocurrency as a payment method? Are there other uses?

This article will give you insight into how business owners can prepare themselves for this new age of digital currency. I will give you a quick overview of setting up your digital wallet and touch on which currency you might accept and how you might decide to value your items.

First and foremost, cryptocurrency is like anything else digital you have dealt with in your life to this point. You must register for it and somehow gain ownership of an "account" in this case; it is a wallet. So follow along as we look at the steps to getting started:

1. Setting up a digital wallet to store your cryptocurrency and controlling the private keys. There are different types of hardware wallets and software wallets, but for your average business owner setting up a digital wallet isn’t really that hard to do and shouldn’t take very long at all. If you want details on how you can do this, I'll post a link: Click Here | Spencer Heckathorn - Plot Crypto

2. Deciding which currency you want to accept. For now, the two cryptocurrencies that are really making their mark on the world are Bitcoin and Etherium. Bitcoin is one of the oldest cryptocurrencies and was always seen as the equivalent of digital gold, but some experts doubt this claim, and others still stand behind it; I say learn the basics (link to Plot Crypto - What is Cryptocurrency). Etherium was created by Vitalik Buterin, who is considered one of the most important people in cryptocurrency.

With Bitcoin and Etherium, you need to decide what type of currency you want to accept. These currencies are different in the sense that they work differently than each other.

Bitcoin works like a currency where you spend your bitcoins, and in return, Bitcoin receives bitcoins from the merchant. Bitcoin was created to be anonymous but because it’s based on a public ledger system that anyone can see. This means these transactions are publically available through the internet. So achieving anonymity is more a matter of how you use it, and there are other choices if you would rather go fully down the anonymity path. One possible way to do this is to get a crypto domain (Learn about Crypto Domains - Plot Crypto).

Etherium has an interesting feature of contracts and smart contracts allowing other platforms to build on top of and from its new and exciting technologies.?

While this is not financial advice, I expect both coins to go up in the coming years and honestly see accepting both or even more as a win for the consumer and the merchant.?

Doge is another choice that many people laugh at but should be considered seriously as their community grows. The stability of the coin looks interesting with its inflationary model.

3. Deciding how to price your things or services might be the next challenge to figure out. You can set a price in your local currency and adjust the coin rate you're accepting for an item to match, or you can set it to a set number of coins.?

Both choices have different implications for the market as a whole and drive different results. Setting the price of goods to a coin number or fraction of a coin in a way stabilizes the coin's actual value. At some point, you might even be able to ditch the local currency. Maybe crypto is a good use case for paying for all online services.?

Only the future will tell.