Trends In Cryptocurrency that Entrepreneurs Need to Know

Unless you have been hiding under a rock, you would have noticed that cryptocurrency is becoming increasingly popular.  Even though there are concerns when it comes to illegal undertakings and security, organisations from around the world are diving in and taking the opportunity and creating their own form of cryptocurrency to stay ahead of the competition.

With all this happening, there are certain factors that entrepreneurs should be aware of …

Governments are starting to focus on cryptocurrencies.

Currently, Cryptocurrencies are currently being managed by the average man and are operating outside of the control of the government, which is one of the main reasons people are having concerns about the legality and security of this technology.  With the skyrocketing popularity of this technology, governments are starting to jump on the bandwagon.  This means the entire industry and process of this technology will be changing dramatically in future.  For entrepreneurs, it means that the time is now to get involved to capitalise on the long list of benefits that cryptocurrencies have to offer.

Blockchain opportunities.

Blockchain was a technology that was invented to power Bitcoin and is now being used for so much more.  This is the area of the technology where cryptocurrency like Bitcoin and Academy coin are based.  

While its initial purpose was to make international payments for simple, it is now being used to make digital currencies more accessible to anyone who wishes to have it.  Along with this, blockchain technology takes out the middleman during the purchasing process, taking out the middleman completely, making all transactions easier.  

A new way to gather data.

In the entrepreneur’s world, information is gold.  Data that allows you to identify areas for improvement, customer’s purchasing habits, as well as discovering your target audience’s wants when it comes to your brand and industry. The bad news is, cryptocurrencies may make it more difficult for you to gather this kind of information.   

However, there is good news, instead of using third-party platforms such as Facebook insights for information, you will be able to pay consumers to gather data in respect to their preferences, wants and needs, once again cutting out the middleman and saving you time.  

No more hidden fees and delayed payments.

When it comes to dealing with international, or even national purchases and payments, there are always those hidden fees that you tend to forget about.  There is also the fact that international payments do tend to take a bit longer to reflect in your bank account.  This is where you will fall in love with cryptocurrency.  There are no fees attached to these digital currencies because they are not owned by anyone.  Cryptocurrencies were invented by people, for people!  

There are still some people out there that feel that cryptocurrency technology is just a phase and won’t be around for much longer.  But the more we investigate, with all the benefits and attention it is getting, it seems like they are here to stay.

As each week passes, another company has launched their own kind of cryptocurrency, offering huge money and time-saving benefits for their customers.  So, we suggest that entrepreneurs strike while the iron is hot, within reason, to capitalise on all the benefits this technology will present in future.

Want to learn more? Join us for the Workshop on designing a workable Identity Model for a blockchain powered World Wide Web on the 21st of February. RSVP here today or miss out!