In today’s world, technology keeps advancing, making things easier for us (supposedly). This includes the Internet, which allows for quick, almost instant, interaction between people and companies, as well as quick access to information and quick business dealings. There are so many things becoming digital or being done digitally today, including shopping, banking, and paying bills. We’re even able to use our phones to pay for some things. It’s really no surprise, then, that even money is becoming digitized, is it? The last few years has seen the advent of digital currency, known as cryptocurrency. The first and most well known type of this is Bitcoin, which has made the news often since it was started in 2009, including recently with the big computer hacking incident that spanned multiple countries and the hackers wanted ransom paid in Bitcoin.
But just what exactly is cryptocurrency? And if use of it is on the rise, what might it mean for the future of business?
Cryptocurrency is basically a medium of exchange just like any other type of currency, but it is designed for exchanging digital information through the use of cryptography, which is used to secure transactions and control the creation of new “coins”. In other words, it’s lines of code with monetary value. Also, cryptocurrency is fully decentralized, with no government control, unlike countries with centralized banking, like the US’s Federal Reserve. There are hundreds of types of cryptocurrencies, usually called Altcoins.
What effects might it have on the future of business?
For one, it makes it easy for people who don’t have ready access to financial services to make transactions. If they have a mobile phone or Internet connection, they can easily transfer funds with Bitcoins in their digital wallet. Sort of like how people can use their phones to make purchases at some businesses now.
It also has the potential to help poorer nations who have trouble with getting sufficient credit to develop. There is also the potential for cryptocurrency to help with creating new industries, and the decentralization of finance that is part of cryptocurrency is just a part of the growing trend of transformation within a variety of business sectors.
It’s pushing businesses and entrepreneurs to reevaluation innovation and to creating a sense of need to invent something truly meaningful and that can inspire to reach higher limits on invention. It is forcing a new look at what is truly valuable, which for many traditional businesses is money (specifically the US dollar), since their popularity can post a strong challenge to the dollar and force businesses to reconsider their view of it and other aspects.
The decentralization aspect of Bitcoin and cryptocurrency is also challenging the view of regulation by humans, who are prone to error and fallibility, by introducing the idea of regulation by mathematics, which doesn’t favor or discriminate against individuals or groups.
Cryptocurrency is still a fairly new invention, so it’s hard to say exactly what impacts it will have as it continues to develop, but there is no denying it holds the potential to disrupt. The decentralization of financial transactions aspect alone is just a part of growing trend towards a fairer and more transparent means of conducting business, and that can affect our overall understanding of the idea of trade, trust, and ownership. As the cryptocurrency trend continues to develop, businesses will need to innovate and evolved to keep up.
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