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Monday, May 25, 2020
Home Money Cryptocurrencies and Business: A Symbiotic Relationship

Cryptocurrencies and Business: A Symbiotic Relationship

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We live in the age of digital currencies – the more popular they are becoming (which they are), the more they are changing how business transactions are handled. Interestingly enough, people are still trying to understand the impact that cryptocurrencies are leaving on the business market and, even though many consider them the digital gold of this age, others are still pretty reluctant in the field. Regardless of which of the two groups you belong to, you should be aware of how digital currencies affect business; for an entrepreneur, ignorance is never a smart option.



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E-Commerce

In all reality, it is obvious that we live in the world of eCommerce – people love the option of ordering stuff online and not having to physically visit stores; in fact, I personally just ordered a couple of items, not half an hour ago! So, it’s more than clear that eCommerce is the future of retail businesses.

But how does this relate to digital currencies? Well, it pretty much all boils down to credit card fraud that plagues the modern eCommerce business. Cryptocurrency transactions, on the other hand, cannot be undone, which allows a paranoia-free experience for internet merchants.

From the customer’s point of view, the entire shopping experience is much smoother and more enjoyable – with the majority of extra security measures rendered unnecessary, everything is much more pleasant.

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Fast and cheap bank transfers

Waiting for a money transfer can be more than annoying – the fact that international bank transfers can even take up to a week reflects upon how business is done, and let me tell you: if things were smoother and quicker, everything would be different.

On the other hand, digital currencies such as the popular bitcoin can make bank transfers not only quicker, but instantaneous, much cheaper and, most importantly, safer.

The way banks operate is turning archaic – if they don’t find a way to function with cryptocurrencies, they might become a thing of the past sooner than you might think.

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Programmable money

One of the main benefits of digital money is that it is susceptible to tweaking; for example, the cryptocurrencies are programmable. Okay, so what does this mean? Well, it means that they can be moved in automated ways. For example, escrow accounts are used in large transactions, for example, property deals, and here’s how they work: the buyer puts money into escrow, meaning that it doesn’t go to the seller until they actually hand over the title to the property.

Now, the issue of trust, as we know, is a substantial impediment for making transactions at arm’s length, which is a perfect reason for the escrow system to be used even for smaller sums.



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Alternative currencies

The famous bitcoin has been on the top of the digital currency world for a long time, but it isn’t the best option in all departments. For example, Dash is a cryptocurrency that has surpassed the majority of its competitors, and even bitcoin in certain fields, which means that it would make a lot of sense to buy dash at the moment. Researching digital currencies with strong infrastructures that people have invested a lot of time and money into is an excellent way to get into this world.

It is fairly obvious that digital currencies have already changed how the world of business works and it’s going to be a long time until everything settles. Cryptocurrencies are now game-changers in eCommerce, bank transfers, and many other fields, and they offer a ton of benefits; the mere fact that they are basically programmable money means safe transactions, no matter the amount. Finally, always think outside the box: bitcoin isn’t the only answer.

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