How Much Importance Will Crypto Play In The Future Of Business?

How Much Importance Will Crypto Play In The Future Of Business?

Running a successful business involves keeping up with new technology. In the last decade, embracing tools like social media and cloud technology has proved vital for business owners. Alongside AI, could cryptocurrency be one of the big technologies worth embracing in business this decade? Or is it more likely to be a fad? This post delves into the future of crypto and can crypto play its way into potential usage in everyday business.

The financial sector is taking crypto more seriously

In the early days, many finance experts didn’t take cryptocurrency seriously, seeing it mostly as a toy or investment vehicle. But more recently, it has become clear that cryptocurrency can be a viable form of currency – and more people are adopting it every day. The likes of the Financial Service Committee have been exploring the need to legislate digital assets. This includes introducing security requirements involving the buying and selling of crypto. Legislation could help to make cryptocurrency a more safe and trusted option for businesses, but could also reduce some of its benefits. Of course, it’s uncertain as to how much legislation can be passed, considering that crypto is decentralized. 

The likes of PayPal already accept crypto

Popular payment gateways like PayPal have already started accepting cryptocurrency, and other payment gateways are likely to follow suit. This is making it more viable for eCommerce companies to accept cryptocurrency as a form of payment – potentially making it easier to sell to customers around the world without having to accept multiple currencies. 

Remote employees around the world could be paid in crypto

Cryptocurrency could also be a great currency for paying employees located around the world. It could greatly reduce exchange fees for employers, who currently have to pay in different currencies when taking on remote employees from other countries. Of course, there are many complications that could arise here such as having to alter monthly pay to match changing cryptocurrency values, calculating tax and finding employees willing to get paid in crypto. 

Crypto could also be a great form of business funding

It’s possible that crypto loans could increase funding avenues for many businesses. Crypto loans do not require a credit check and typically come with relatively low interest rates, which has made them a popular option among business owners who cannot afford to take out regular loans or have trouble getting approval. Taking out crypto loans could inevitably push more businesses into using cryptocurrency to pay for various business services.

Local independent stores may not commonly accept crypto any time soon

The volatility of cryptocurrency could make accepting it as a form of payment too risky for many local independent stores with smaller profit margins. If larger physical stores start encouraging crypto mobile payment, it may eventually push more smaller stores to do the same. But right now, few people would consider paying for their groceries or a coffee with crypto – people are more likely to have crypto stored on hard drives at home than in their smartphone digital wallet.

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