As your company grows and changes, it’s important to look into new technologies and advancements to expand your visibility, increase your sales, and tap into new markets. If you are not already aware, cryptocurrencies like Bitcoin and the technology that supports it, blockchain, have been making headlines for several years. Although it was once a topic reserved primarily for techies, it is impossible to utilize social media or listen to news reports without encountering references to blockchain technology and cryptocurrencies.
Whether you are thinking about the ways technology might help your company innovate as it has revolutionized industries with freight coin and mint health blockchain or looking to find a lawyer like Aaron Kelly to help your businesses navigate the world of tokens and smart contracts, the potential advancements offered by seriously considering blockchain and comparing cryptocurrencies are key to growing your business.
What is Blockchain? Blockchain is a public database that records digital transactions that are legitimized by computers. Bank transaction authorization comes from financial institutions controlled by governments, which are taxed and contracted by established, known parties. Blockchain, on the other hand, is decentralized, unregulated, and relatively anonymous.
Blockchain is a technology originally designed to be an accounting method for virtual currencies like Bitcoin and is presently used primarily to verify transactions. The technology can help business owners maintain autonomy and control over money and investments, with no restrictions over where and when they can send it. While Bitcoin is the oldest and best known, it is only one of many other cryptocurrencies available.
What is BITCOIN? For those of you unfamiliar, Bitcoin is a currency created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoin can be used to do everything from book hotels to order digital pets called “Crypto Kitties.” International payments are easy and affordable because cryptocurrencies are not subject to many regulations. The price of bitcoin skyrocketed into the thousands in 2017. While some people buy bitcoins as an investment, hoping they will increase in value, small businesses might like them because there are no associated credit card fees with its use.
What is DASH? DASH is a fast-rising cryptocurrency and one of the strongest worldwide. It is currently the leading anonymity-centric digital currency. While Bitcoin carries a degree of anonymity, these transactions can be publicly accessed on the blockchain, and even though there is no personal information associated with it, it may be linked to an IP address that can be traced by to the wallet owner through de-anonymizing the transaction. DASH allows users to make instantaneous transactions with lower fees than Bitcoin, making it a popular choice for businesses.
What is ETHEREUM? Ether is a type of crypto token that can be used to pay for transaction fees and services on the network, and it delivers nearly double the number of transactions per second. Ethereum is geared toward interactions between several parties as opposed to being used for consumer payments. It uses blockchain applications for contract negotiation and facilitation, thereby reducing associated costs in agreement completion. Because it is less susceptible to censorship and fraud, it provides greater security for businesses than more traditional contracts.
What is LITECOIN? Litecoin is a peer-to-peer medium of commerce that “enables instant, near-zero cost payments” to anyone around the world. It is fully a decentralized currency and provides a secure network and faster transaction confirmation times than other leading currencies. Litecoin blockchain is capable of handling higher transaction volume than Bitcoin. Wallet encryption secures your wallet and protects from viruses so that you can view your account balance and view transactions.
What is MONERO? Monero is a private and untraceable currency. Launched in 2014, the development of this cryptocurrency is completely donation-based and community-driven. It enables complete privacy by using a special technique called “ring signatures” that allows a group of cryptographic signatures, including at least one real participant, to be visible, but because they all appear valid, the real one is not able to be isolated. Monero boasts a superior mining algorithm and an automatically adaptive block size limit.
What is RIPPLE? Ripple emphasizes its asset as a tool for banks around the world. Its goal is to provide a high-speed and low-cost payment framework for financial institutions. Ripple coin offers benefits to the individual investor, cryptocurrency aficionado, and business owner. Because of its strong connection with established institutions, it may have greater stability and less volatility than other cryptocurrencies. Investors and business owners may see this fourth largest digital currency as a safer investment with long-term protection.
It’s worthwhile to become familiar with the strengths and weaknesses of the crypto assets listed here. Each has purposes and processes that can be appealing, whether you are an individual looking to invest or a business owner looking to update processes and payment options.
Which crypto asset seems like it would be the best fit for your business?