In this blog, we will see How are businesses adopting cryptocurrencies in the Present and Future? Let’s check out.
How Cryptocurrency Will Transform The Future Business Forever?
The adoption of digital assets in businesses and financial institutions has been rising in the last few years. Along with it, interest in the digital asset has also been on the rise ever since bitcoin has shocked the market with astronomical growth.
Over the years, the digitization of businesses and processes has been happening at a rapid pace, and with evolving regulations, industries have observed the importance and potential of virtual currencies and that’s how crypto adoption is growing very effectively.
Also, to gain an edge in the business world, most of the corporates adapt to the latest trends. And cryptocurrency, being the hot topic it is, no evolving corporate can afford to lag behind in this field. This improves the scenario of a number of corporates promoting and accepting as a mode of payment, in the times to come.
The biggest advantage of using Cryptocurrency as a mode of payment is that it is universal. There is no limitation to the use of Cryptocurrency across any country. No exchange commissions to be paid and no permissions of Regulators before making the payment.
At the present time, many large companies and payment platforms are continuing to adopt bitcoin and other cryptocurrencies, and it clearly indicates that confidence in BTC and other cryptocurrencies is growing. These companies are accepting payments in cryptocurrencies.
Not just payment, there are also Companies like JPMorgan, Morgan Stanley, and Goldman Sachs that showed interest in this market. On the other hand, Tesla, one of the leading EV makers in the world, has invested around $1.5 billion in bitcoin.
There are also some well-known brands that are interested in becoming a part of this market by introducing their own cryptocurrency or crypto payment platform. The list of companies includes Air Asia (BigCoin), JPMorgan Chase, Mitsubishi UFJ Financial Group (MUFG Coin), Walmart (WalmartCoin), Tencent (QQ Coins), Google, Rakuten (Rakuten Coin), Arias Intel Corp (iNEO Coin or iNEO Token), NetCents Technology Inc (NCCO), BitBlox Technologies Inc, Meta (Diem), Amazon (Amazon Coin).
Many companies are using or planning to use crypto assets to gain a grip on the modern customer as well. It will also give a competitive edge to them in the market, whether it is using crypto for transactions or integrating them into business functions, or launching their own crypto.
Also, by accepting the payments in the form of cryptocurrencies, the corporates will be indirectly promoting their own currency.
This gives another economic angle to the business activity. If the underlying business is strong, the currency launched on the basis of such business automatically gains value. Also, people will hoard the currency on the basis of that particular business to gain an advantage in the purchase of the product. This shall automatically make the currency popular.
Future with Endless Hopes
Fundraising methods such as ICOs, IEOs, IDOs, STOs, etc. are popular right now, similar to the protocols such as ERC-20, BEP-20, and more. However, the future will unfold a completely new piece of this puzzle, which can be easily seen just by observing the growth of NFTs and reflection tokens.
Crypto payment will be new normal and from art to gaming, everything will deal in cryptocurrencies. With this hope, it seems like the future will be more rewarding to not just sellers but buyers as well.
There is an increasing number of opportunities for digital assets that will play their part in the future. Investing in cryptocurrencies opens marvelous opportunities generated by the use cases of decentralized technologies.
The commercial sector is rolling out digital currencies on its balance sheets to integrate with payroll, accounts payable and receivable, and other areas of business where heavy transactions are required.
The future of crypto adoption seems brighter if we dig deeper because there is a lot of development work going on that will make the transactions faster, quicker, straightforward, and will be inexpensive.
To stay up-to-date with the progress, you need a reliable source for all the updates and information. Coingabbar.com is one such platform that is aimed at keeping all visitors up-to-date with the latest happenings in the crypto market. The website provides real-time price detail of around 8500 cryptocurrencies along with coverage of all the latest events of the crypto world that will help you to make better investment decisions.
Concerns over using Cryptocurrency as a medium
But with the increasing affluence of Cryptocurrency, a number of concerns arise. We will have to deal with the Risks in using Cryptocurrency before we can safely adopt it as a mode of transaction.
Firstly, Cryptocurrency is not regulated by any Government or any other authority and is based on such a strong technology that it is almost impossible to find out the real owner or transactor of the Currency. This raises a number of doubts on the sanctity of any currency or a coin unless it is backed by a large corporate or group.
Secondly, there have been instances of exponential growth and downfall in the Cryptocurrency Value overnight. This raises strong concerns over holding the same and using it as a money equivalent because there is a change that all the value of the Cryptocurrency may be lost in a day as it happened in the case of Cryptocurrency based on Squid Games.
Thirdly, the Cryptocurrency market is too volatile and is highly sensitive to the influence of individuals. We saw what happened to the prices of Shiba Inu & Floki, just because of a tweet by Elon Musk. This led us to think that this type of currency is having a lot of influence on people rather than a strong economic foundation. This drives a strong caution that the small investors may be played by large groups for their profits, in the absence of a regulatory mechanism.
Fourth, there have been cases of theft of Cryptocurrency from the wallets of investors. And such cases cannot be reported to authorities nor can be resolved by any means because there is no regulatory mechanism for addressing the same.
Fifth, in case of a dispute arising between known parties, there is no specific Act or Regulation which can address the same. Hence, the transactions can be resolved only on the basis of the available legal framework, as there is no specific law governing the same.
There is no doubt that Cryptocurrency is sweeping the investor market and has become the talk of the town in the financial world. But, there is still some time before it is absolutely safe for an uninformed investor to jump into this market. Till such time the regulatory parameters are formed, it is best to take cautious steps and be careful before falling prey to false information irrelevant trends. Coin Gabbar addresses these concerns and provides investors with the relevant information inculcating the risk parameters, to enable the users to take a wise and safe call.