Aug 29 (edited) • General discussion
Crypto - Why is it important to your business?
I think everyone has heard about Crypto, and the rise of coins like Bitcoin & Ethereum. But I’ve never heard anyone actually explain how it works. So I am going attempt to explain why its important for your business and the future of commerce
In my view Crypto is an online version of the current fiat monetary system.
Money is a store of value with specific qualities. It is easily transferable, fungible, and has agreed upon uniform value. I.e $1 is $1 is $1.
Based on this model the blockchain was developed. The blockchain linked computers around the world by incentivizing the calculation of cyphers which allowed the calculation of transaction lists against available tokens in circulation on the world wide web.
This created a decentralized system of currency exchange, whereby people could trade for goods and services without any single entity controlling who, or when the exchange takes place.
Given the increased control by governments and the ever decreasing supply of cash money in society, it was inevitable that this type of system would gain in popularity.
So whats the difference between Bitcoin & Ethereum? Don’t they both operate on a blockchain and transact their respective coins? Why are these two so popular in the crypto space?
Well Bitcoin was first to the party so thats in part why it’s popular. But I think Ethereum differentiated itself from just another Bitcoin copycat because it essentially transformed its blockchain into a world computer. With an operating system, brought to life by the interconnected web of the blockchain, finally you could build a decentralized censorship resistant application that anyone could use with an internet connection.
Why is this important?
Everyone should know by now that El Salvador has adopted Bitcoin as legal tender. And I think its silently becoming a valid form of payment here as well in the form of crypto debit cards.
Of course no business owner should be forced to accept bitcoin as payment, but should you be asked if you accept Crypto as payment. It may be worth considering.
So, would you accept crypto as payment?
If so, how would you transfer it into cash?
Would you use a crypto debit card?
Let me know your thoughts and if there’s anything I missed let me know in the comments.
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Crypto - Why is it important to your business?
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